Hawaii, the only U.S. state consisting solely of islands, is known for its gorgeous shorelines and wildlife. Surfers come from all over the world to experience the tall and clean waves that break against the beaches. The island of Kauai has been the site of many movies that were filmed within its rainforests, including Jurassic Park. In addition to its fantastic opportunities for sunbathing, Hawaii also has gorgeous golf courses available for those who enjoy the sport.
Hawaii is also home to four active and two dormant volcanoes. Tourists come from all over the world to experience all of the natural wonders that Hawaii offers. In fact, tourism is Hawaii’s number one sector of employment, making up 21% of the state’s economy. It also contains bases for all five main branches of the U.S. Military, including the Air Force, Army, National Guard, Marines, and Coast Guard.
All of these features attract new residents and tourists each year, but Hawaii is also one of the most expensive states to live in within the U.S. High costs of living, expensive home prices, rising inflation, and soaring property tax rates are detrimental to residents who are seeking to save towards retirement or pay off debt.
Hawaii residents rank among the top states in the U.S. for household debt. The average resident of Hawaii holds $6,889 in credit card debt, well above the national median of $3,706. Cost of living is ranked at 170, significantly higher than the national average of 100. The cost of living is driven by high costs of housing and utilities, with an average home cost of $732,000.
With such high costs of living, it’s no surprise that the average resident of Hawaii is struggling. Just recently, the World Population Review ranked Hawaii as the most expensive state to live in. Sadly, half of Hawaii’s children live in homes that aren’t able to afford the basic costs of living, even though their parents may work hard and earn decent salaries.
These factors combine to make Hawaii a very difficult place to afford and maintain a decent quality of life. Average residents work hard to afford the cost of rent and food and support their children but often aren’t able to pay more than the minimums on their debt or put money towards savings.
To find out how long it will take you to pay off your credit cards by making the minimum payments — plus how much interest you’ll pay to your lenders — use our debt calculator provided below.
If you’re seeking Hawaii debt relief, you’ve come to the right place. Struggling to meet the daily costs of living while under the weight of significant debt is quite difficult for the average resident of Hawaii. To learn about Americor’s options for those seeking debt relief, check the links provided below: