If you’re in over your head with credit card debt, you have many options to get your finances under control. One of them is doing debt consolidation in Oklahoma. This can help you reduce your monthly payments, lower your interest rates, and pay off your debts sooner.
Oklahoma is a state with a lot to offer. It has a thriving livestock market, some of the best schools in the country, and a vibrant art scene. It’s also a friendly place to live, which is why so many people from all walks of life are drawn to it. However, like the rest of the United States, Oklahoma has been hard hit by the pandemic. In 2020, it had an average credit card balance of $5,217, ranking it 18th in the nation. Despite these challenges, Oklahoma remains a great place to live and work.
According to the latest data, the average per-person income in Oklahoma is $49,249. This figure is $10,000 less than the national average. The median household income in Oklahoma is $52,919. And the minimum wage in Oklahoma is equal to the federal minimum wage of $7.25.
Unlike many other states, Oklahoma is a right-to-work state. This means that individuals are guaranteed by law the right to decline union membership and avoid paying any dues. If an individual is already a member and wants to resign, they would not be laid off due to the result of the union resignation.
Additionally, Oklahoma is an employment-at-will state. This means employment acts as a contract that may be severed at any given moment for any reason. Therefore, neither employer nor employee guarantees they will uphold employment and may terminate their relationship in the same vein.
Employment in Oklahoma remained steady throughout the pandemic, with unemployment rates remaining low at 3.7 percent in 2020. By September 2021, the percentage had dropped even further to 3.0 percent, 1.8 points below the national average. Oklahoma currently ranks 7th among all states in terms of unemployment rates. Despite this good news, workers in Oklahoma still lack job and salary security compared to other parts of the country. It is therefore important for workers to be proactive about securing raises and protections in case they are let go.
Taxes & Banking In Oklahoma
Compared to most states, banking is relatively uncommon in Oklahoma. 8.8% of the population does not have a checking or savings account. The state has an income tax rate that ranges between 0.5-5% and a state sales tax of 4.5%. However, with local taxes, sales tax can range anywhere between 4.5-11%. For example, Savanna has the highest sales tax in the state at 11% while Marshall County has the lowest sales tax at 6.5%.
Real Estate Market
In Oklahoma, the most popular cities are Oklahoma City, Tulsa, and Norman. These cities are especially sought-after because of their affordable housing price ranges. In fact, demand for housing has increased by 7% in Oklahoma City since last year. On average, homes there stay on the market for only 6 days and sell for an average price of $230,000.
In comparison, the average home in Oklahoma sells for $157,331, which is a 12.9% change from last year’s prices. Despite this increase, homes in Oklahoma are still relatively affordable compared to other parts of the country.
With more people trying to buy homes than there are currently available on the market, home values have gone up 13% in the Oklahoma City Metro area over the past year. And according to forecasts, they’re expected to increase by 10.2% over the next year.
One of the things that make Oklahoma so attractive to potential homeowners is the state’s generous homestead exemption. Residents can exempt an unlimited amount of equity from their homes, or a manufactured home if it is used as a primary residence. Other property covered by the homestead exemption includes up to half an acre in a municipality or 160 acres everywhere else.
- 65.6% of Oklahomans are homeowners
- Median mortgage payment: $1,214
- Median rent payment: $810
Retire In Oklahoma
When it comes to finding a retirement destination, Oklahoma may not be the first state that comes to mind. But with its affordable cost of living and warm climate, the Sooner State is increasingly becoming a popular choice for retirees.
According to Forbes’ list of the best places to retire in each state, Edmond is the top spot for retirees in Oklahoma. The average Oklahoman has $340,389 saved for retirement, which is relatively low compared to the $724,000 that is needed to live comfortably in retirement.
But what Oklahoma lacks in white sandy beaches, it makes up for in peace and quiet. For those retirees who are relying on Social Security for at least 90% of their income, the fact that Social Security income is not taxed remains a huge draw.
Insurance Premiums
Oklahoma, like most US states, operates under a fault-based system for car accidents. This means that injury and property damage victims need to have proof of liability in order to be compensated for their losses. On average, this costs $1,393 per year in auto insurance premiums.
Home insurance premiums are comparatively high in Oklahoma, averaging $4,053 per year. Health insurance is also expensive, with an average premium of $6,464 per year. These factors sometimes dissuade retirees from moving to Oklahoma.
Debt Consolidation
Doing debt consolidation in Oklahoma is a great way to get your finances under control. Taking out a personal loan to pay off all your outstanding debt can save you money on interest payments and make one monthly payment instead of several. Personal loan interest rates and terms vary based on your creditworthiness but often offer lower interest rates than credit cards. So consolidating your debt with a personal loan could help you get out of debt faster and save money in the long run.
If you’re having trouble keeping up with your debts, you might not be able to get a loan with low interest because your credit score has been affected. If this is the case, see if you can find someone to cosign the loan with you. Generally speaking, the higher your score, the lower your interest rate will be. But it’s important to remember that if you can’t make your loan payments, both your credit score and your cosigner’s will suffer.
