Utah’s scenic deserts, ski-ready mountains and strong economic opportunities have drawn in many new residents in recent years. Utah’s inhabitants are also familiar with debt and financial hardship; the Beehive State was recently ranked as having the 10th most household debt in the United States. If you find yourself struggling with debt and considering bankruptcy, read on to learn more about your debt relief options.
Utah Money Statistics
- Utah's debt-to-income ratio is 1.637.
- The average Utahn has a credit card balance of $7,727 and a median annual household income of $68,358.
- Utah’s home prices have skyrocketed in recent years, making it more difficult for people to become homeowners in the Beehive State. A recent study revealed that 53.7% of Salt Lake City’s homeowners would not be able to repurchase their homes in the current market.
Ways to Get Out of Debt
Finding your way out of debt alone can be extremely difficult. If you are reading this page, chances are you’ve tried to work your way out of debt before. With the right amount of guidance, dedication and life changes, becoming debt-free is possible.
The four main debt relief programs are as follows:
- Bankruptcy - This is usually seen as a last resort option, as it requires filing through the court system and limits your financial stability and credit score.
- Debt Consolidation - If you have multiple debts and are working with multiple creditors, this option may be right for you. Debt consolidation allows you to combine your multiple debts into one debt, which eliminates the need to keep track of varying payments and due dates.
- Debt Management - With this option, clients work with a credit counselor to review your financial options, build budgeting plans, review your credit reports and learn about additional financial resources.
- Debt Settlement - Debt settlement companies work directly with creditors to negotiate legal settlements and reach an agreement on the client’s debt repayment. Debt settlement organizations can often negotiate settlements that are lower than what their clients owe, which helps them pay off debts faster.
If you are struggling with overwhelming debt, remember that you have options. Accredited debt relief companies can review your finances, discuss your options, and help you take your first steps towards financial freedom.
Utah Debt Relief
Accredited Debt Relief, a BBB accredited company, is proudly providing debt relief to residents of Utah. Whether you’re in the Salt Lake City region, Bluff, Logan, St. George or somewhere in between, our team is happy to provide you with a free consultation to see if our programs are right for your unique situation. Contact us today to learn more about our services and take your first steps towards a debt-free future.
Chamber of Commerce: https://www.chamberofcommerce.org/credit-card-debt-by-state
Federal Reserve State Level Debt-to-Income Ratio, 1999 - 2018: https://www.federalreserve.gov/releases/z1/dataviz/household_debt/state/map/#year:2018
KSL News Radio: https://kslnewsradio.com/1897102/housing-prices-unaffordable-utah/
KSL TV: https://ksltv.com/411432/unaffordable-utah-beehbive-state-ranks-10-household-debt/