Kentucky is world-renowned for its bourbon distilleries, horse racing scene, and bluegrass music, but that’s only scratching the surface of what the state has to offer. The Bluegrass State is home to the world’s longest cave system, more navigable miles of water than any state in the contiguous United States, and a unique local culture that incorporates Southern, Appalachian, and even Midwestern influences.
Another thing that Kentucky is home to? An average of over $5,000 in credit card debt per household. On its surface, this doesn’t appear too bad: Kentucky actually has the 4th lowest credit card debt in the country. However, when combined with other data the situation becomes grim. Kentucky has a median household income of $52,295 and a poverty rate of 16.3%, significantly above/below the national averages of $65,712 and 12.3% respectively. The state also has one of the lowest credit scores in the country.
The ongoing COVID-19 pandemic has already created a high degree of financial uncertainty and we are now seeing a significant price jump on just about everything – inflation has risen to its highest point in 40 years. The median credit card debt might only be $5,140, but many Kentuckians owe much more than that and are paying through the teeth just to make minimum payments. The good news: Debt relief in Kentucky doesn’t have to be complicated.
Though out-of-control debt can feel like an issue that’s going to last forever, there are many options for debt relief in Kentucky. Take a look at a few popular solutions below.