Colorado, which is known as being the most active state in the country, has a host of features to offer those who enjoy the great outdoors, including mountains, arid deserts, and canyons. It has a great craft beer scene and a number of sports teams to cheer for, including the Denver Broncos.
The people of Colorado appreciate high salaries, with the median annual household income of $58,244. Families can expect quality education for their children and a laid-back approach to everyday life. However, all of the benefits of Colorado come with a price tag. Denver, Colorado, is the 20th most expensive place to live in the country.
Considering these factors, it’s no wonder that many people living in Colorado are seeking Colorado debt relief. A high cost of living combined with the expenses of raising a family can lead anyone to struggle with making payments towards credit card debt or any other type of debt. Thus, many Coloradans wonder if they will ever be able to experience what it’s like to be debt-free.
Those living in Colorado experience a cost of living index of 105.6, just above the national median of 104.63. However, those who reside in the larger cities of Denver and Boulder have much higher costs than their suburban counterparts. While the state boasts several Fortune 500 companies, including Arrow Electronics, Molson Coors Brewery, and DISH Network, the average Coloradan must balance income with rising expenses.
The average household debt in Colorado of $2,849 falls below the national median of $3,706. However, with inflation raging across the country and home prices at an all-time high, debt is expected to rise. In Colorado, inflation is at 7.9% year over year, leading households to struggle with rising costs of food, everyday items, and energy. In addition, home prices are up a staggering 20.4% over the prior year.
To afford the higher living costs, many Coloradans find themselves making only the minimum payments towards their credit card bills and wondering how to obtain Colorado debt relief. However, they are spending extra money on interest that could be used towards more worthwhile causes, such as paying down their mortgage or saving for retirement.
To determine how much you’ll pay in interest and how long it will take you to pay off your credit cards by making only the minimum payments, use our calculator below.
If you are currently caught in a cycle of earning income, meeting basic living expenses, and making only minimum payments towards your credit card debt, it may be time to explore other options. Americor offers several programs designed to provide Colorado debt relief. Find out more below!