Known as the Cornhusker State, Nebraska has a combination of farmland and vibrant cities that make it attractive to its residents and visitors. Its college football team, the Nebraska Cornhuskers, is a source of pride for those who live in the state. Wherever you go, you’re likely to encounter someone wearing a tee-shirt, jacket, or sweatshirt supporting the team.
Nebraska is also home to the city of Omaha. Omaha is full of exciting restaurants, a burgeoning nightlife scene, and plenty of shopping opportunities. The CEO of Berkshire Hathaway, Warren Buffett, one of the world’s richest billionaires, has lived in Omaha since he was born. Known as the Oracle of Omaha, he still lives in the same house that he purchased in 1958 for $31,500.
When people think of Nebraska, they often associate it with small-town America, full of mom and pop stores, friendly people, and classic hamburger and milkshake restaurants. While this remains partly true today (it is the home of carb-friendly classic Don & Millie’s Restaurant), Nebraskans do feel the pinch when it comes to costs of living, rising inflation, and increasing debt. This pinch leads many residents to seek out Nebraska debt relief solutions.
The average Nebraska household carries only $1,027 in credit card debt, well below the national median average of $3,706. The state has a cost of living index of 89.1, below the national average of 100. This makes it one of the least expensive states to live in the United States. However, alongside a lower cost of living comes smaller salaries and fewer career opportunities.
Inflation and rising home costs have impacted Nebraska just as they have other states across the nation. The price of a new home in Nebraska has been up 14.7% over the past year. It’s no wonder that new homebuyers are being priced out of the market and forced to continue renting, making the sought-after dream of homeownership far from realistic.
Many Nebraskans become caught in a cycle of making minimum payments on their debt and covering the costs of basic living expenses. Saving for the future is pushed to the side, making retirement and investing afterthoughts. To find out how long it will take you to pay off your debt by making minimum payments (and how much interest you’ll pay to your lenders), use our calculator provided below.
No one should have to suffer the effects of debt over the long term. Americor offers solutions for those seeking to get out of debt and build financial freedom. To learn about our options for debt relief, check the resources provided below: