Mississippi is used to flying under the radar. The Magnolia State’s most iconic native son is Elvis Presley…and he’s primarily associated with Memphis, Tennessee. Oprah Winfrey, Walter Payton, B.B King, William Faulkner, Jim Henson, Tennessee Williams, Jimmy Buffet. The list of iconic Mississippians includes some of the country’s most recognizable names and faces, yet the state is still constantly overlooked.
For decades, there’s been a silver lining to this. Mississippi regularly ranks as having the lowest cost of living nationwide, with expenses almost 17% cheaper than the national average. Unfortunately, this has also translated to low wages – even with low prices on housing, transportation, and groceries, 18.7% of Mississippians live in poverty. As the state grapples with skyrocketing inflation, ordinary families are paying the price.
The average Mississippi credit card holder currently has roughly $5,134 in outstanding debt. This is well below the nation’s median rate of $6,194, but that can be deceptive as a measuring stick. The difference is nowhere near enough to cover the gap. In a state where almost 20% of the population is living in poverty, $5,134 is a significant amount. For reference, the national poverty rate is just 11.4%. In other words, the debt is a little bit less than average, while income is much less and poverty is much higher. It’s little surprise that inquiries for Mississippi debt relief options have grown significantly over the last few months.
Don’t let high interest monthly minimum payments hold you hostage. Check out a few of our favorite Mississippi debt relief options below.