Located at the crossroads of several diverse cultural and geographic regions, Oklahoma borders 6 different states – Texas, Colorado, New Mexico, Arkansas, Kansas, and Missouri. As such, the Sooner State incorporates a unique blend of Southern, Southwestern, and Midwestern influences. It’s also home to the second highest population of Native Americans in the country, trailing only Alaska. The Cherokee Nation of Oklahoma has over 350,000 enrolled members, with over half living in the state itself.
Unfortunately, a vibrant culture and rich history don’t offset the impacts of inflation. The cost of groceries, gasoline, and other consumer goods is rising at the fastest rate in four decades, and ordinary American families are feeling the impact of this. In a low cost of living state like Oklahoma, where a family of four had a median income of $78,458 and a living wage of $86,333 before inflation went through the roof, the risk is even higher. Many families have turned to credit card debt to stay afloat.
Oklahoma’s average credit card debt of $5,848 is right around the national average of $6,194. This doesn’t seem like a problem until you realize that, for the most part, Oklahoma is ranked well below average in important financial health metrics. To give an example, the per capita income for Oklahoma in the 2020 census was $29,873, while the national number was $35,384. It’s harder to pay off $6,000 while working in Oklahoma than it would be in California, where the median income is $38,576, or Texas, where it is $32,177. No wonder Oklahoma debt relief is such a hot topic these days.
There are straightforward options for Oklahoma debt relief, you just have to know where to look. Here are a few ways to avoid the minimum payment trap and get out of debt.