Debt consolidation is a great option for people who are struggling to make multiple debt payments each month. With debt consolidation in New York, you can have one manageable monthly payment and fewer checks to write each month. Plus, debt consolidation may also come with lower interest rates. By consolidating your debt, you can potentially improve your credit score by lowering your utilization rate.
The pandemic has hit the retail and restaurant sectors the hardest, but they are slowly recovering. Before the pandemic, one in ten payroll jobs were in retail, and during the height of the pandemic, about 40% of restaurant jobs were lost.
As New Yorkers return to work, they face many challenges, especially in the retail and restaurant industries that have been hard hit by COVID. However, if we can keep the virus under control, employment will increase. According to the latest Federal Reserve data, the average debt-to-income ratio in New York is 93%. This means that for every dollar earned, the average resident owes $0.93 in debt.
The COVID-19 pandemic has impacted businesses and residents across New York State, with many small businesses struggling and unemployment numbers rising. However, conditions are slowly improving, according to Gary Herman, President of Consolidated Credit.
“Housing and rent increases statewide have put residents in difficult situations, and new home buyers are getting priced out,” Herman says. “But working from home has really hurt small businesses, and despite higher unemployment numbers, there is also a shortage of qualified employees.”
Despite the challenges faced by many during the pandemic, Herman remains optimistic about the future of New York State. “Conditions are getting better,” he says. “But it will take time for things to return to normal.”
Employment & Income Stats In New York
New York City is a competitive job market, but the number of job openings has decreased by almost 18% in recent years. Unemployment in New York is 7.70%. One of the conditions of employment in New York is that workers must pay union dues, even if they are not part of the union.
In New York, the average median household income is $68,486 and the per capita income is $75,548. This makes it one of the best places to find work. The state of New York also offers unemployment benefits to those who are out of work. The Pandemic Unemployment Assistance program (PUA) and other federal unemployment programs ended on Sept 4, 2021.
The state of New York has recently enacted a bill that provides financial assistance to underemployed individuals who have lost their full-time jobs during the pandemic. In the past, unemployment benefits were significantly reduced for those who returned to work on a part-time basis. However, the rules have been revised so that workers do not experience a drastic reduction in income when they return to work. The minimum wage in New York is relatively high, at $15 minimum wage in New York City.
Banking & Taxes In New York
New York has some of the highest taxes in the country. Residents pay a state income tax that ranges from 4-8.2%, as well as a sales tax of 4%. New York City residents also have to pay an additional sales tax of 4%, for a minimum combined sales tax rate of 8%. There are also local income taxes, such as in New York City, starting at 3.078%. The average sales tax rate in New York (including local taxes) is around 8.229%. Unlike many other states, New York does not have any tax-free holidays or periods.
In the United States, the average percentage of unbanked residents is 7.7%. In New York, however, that number is much lower at just 5.6%.
The housing market in New York City has seen a surge in prices due to the pandemic, making it one of the most expensive places to live. This has caused affordability to plummet, as people are priced out of the market. Outside of the city, housing is typically more affordable and plentiful, but due to the increase in demand, even these properties are commanding premiums above market value.
New York offers a homestead exemption worth up to $150,000 for individuals and $300,000 for couples. This exemption can help protect your home’s value in case of a lawsuit or financial hardship.
- 53.9% of NY residents are homeowners
- Median mortgage payment: $2,114
- Median rent payment: $1,280
Retire in New York
New York may have the reputation of being a tough place to make it, but that doesn’t necessarily mean it’s a great place to stay. In fact, retirees are leaving in droves, as are many other citizens. The reasons for the exodus include high taxes, crime rates, and unfavorable weather. New York ranks seventh among states with the highest income tax rate and sixth for the highest crime rate.
Retiring & doing debt consolidation in New York City is an expensive proposition. According to a recent study, you’ll need an average of $1.4 million dollars to retire comfortably here. That’s nearly four times the average retirement savings of $362,468. Other states offer a much lower tax structure, less expensive housing, and a better climate – not to mention the fact that the average New Yorker retires at age 64, leaving plenty of time to enjoy life. About 21% of retirees rely upon Social Security for at least 90% of their income.
New Yorkers have to pay more for health insurance than residents of most other states. In fact, the average health insurance premium in New York is $8,413 per year. This is significantly higher than the national average of $6,896.
Auto insurance rates are also relatively high in New York. The average premium is $1,163 per year, which is slightly above the national average of $1,009. However, New York is a no-fault state for auto insurance, which means that drivers are not held liable for accidents.
Doing Debt Consolidation In New York
Debt consolidation is a great option for people who are struggling to make multiple debt payments each month. With debt consolidation in New York, you can have one manageable monthly payment and fewer checks to write each month. Plus, debt consolidation in Colorado may also come with lower interest rates. By consolidating your debt, you can potentially improve your credit score by lowering your utilization rate.
However, debt consolidation loans are not right for everyone. You may end up paying more in interest and fees if you have poor credit. Also, keep in mind that while consolidation works well for some types of debt, it may not be the best option for others, such as auto or student loans.
New York Cities
- New York
- Staten Island
- North Hempstead
- New Rochelle
- Mount Vernon