Arizona has long been associated with the Grand Canyon, one of the Seven Natural Wonders of the World. The state is known for its beautiful parks and monuments, breathtaking scenery, and premier spas. In fact, Arizona is home to three of the world’s best destination spas.
Aside from numerous options for hiking, bicycling, and relaxing, the state also boasts several busy cities, including Phoenix and Tucson. You’ll find people from all walks of life who are proud to call Arizona their home.
Many people are attracted to Arizona’s warm weather. The state is known for its nearly year-round sun and low humidity. While temperatures vary across the state, most regions offer moderate to hot temperatures and little precipitation.
Arizona has a lot to offer its residents, but it’s not the cheapest place to live. Individuals and families often struggle with Arizona debt. Rising housing costs, inflation, and increasing gas prices haven’t helped matters. Like other states around the country, residents of Arizona seek help with their debt.
The average household in Phoenix, Arizona, carries $10,502 in household debt. In contrast, the median household debt across the nation was $8,425 in the first quarter of 2022. Inflation, housing costs, and gas prices are likely to drive debt even higher in the following months.
In addition to rising debt, Arizona has a slightly higher cost of living than other states. It currently ranks as the 18th most expensive state to live in, and the cost of living index is 103.2. Housing in Arizona is more costly than other states, with an index of 107.7.
Despite the higher cost of living, salaries are lower in Arizona than the national average. According to the Bureau of Labor Statistics, average wages in Arizona were $55,170, compared with the national average of $58,260.
All of these factors combine to make it hard to get out of debt in Arizona. Use our interactive calculator provided below to see how long it will take you to pay off your credit cards, student loans, and medical debt. The calculator also indicates how much interest you will pay to your lenders.
The good news is that you don’t have to suffer with heavy debt forever. There are solutions available to help you pay off your debt. Americor offers several Arizona debt relief programs that can get you on the road to financial health. To explore our options, click on the links below: