Illinois is so much more than fields and farms. From the midwestern warmth of its citizens to its strong sports presence, the Prairie State is a wonderful place to call home. With no shortage of shopping or dining options in Chicago and plenty of outdoor adventures to be had in one of its 300+ state parks, Illinois residents always have something to look forward to.
Unfortunately, the financial future isn’t so bright for many in the Land of Lincoln. Because of inflation, Illinoisans are paying thousands of dollars more per year on basic necessities like utilities, groceries, and rent. And with some areas of the state seeing a 10% increase in housing prices, Illinoisans are left distressed and debt-ridden.
With the prices of essential items increasing every day, Illinois families are scampering to make ends meet. Many are increasing their debt by charging food, medicine, and clothing on their credit cards. The average household in Chicago has $10,670 in credit card debt. Households in Aurora are also deep in debt, with the average home owing $11,668 to credit companies. For many families that can only afford minimum monthly payments, there seems to be no way off the hamster wheel.
See how many minimum monthly payments you will need to make to considerably lower your debt, as well as the interest you’ll incur with our calculator.
If you want to significantly lower your debt, check out our valuable tools: