Washington state, located in the Pacific Northwest, is known as the home of Mt. Rainier, craft beer, the Space Needle, and Starbucks. For those who enjoy fresh fruits and vegetables, Seattle has you covered with the Pike Place Market. It’s Central Library is visually stimulating and home to 10 floors of books available for check-out. Washington is also the home of several large companies, including Amazon, Nordstrom, Microsoft, and Costco.
While Washington is known as a hub for young, smart, and ambitious individuals, it isn’t cheap. Its attractions come at a price, as Washingtonians have realized. It is ranked as the 13th most expensive state to live in, right behind Vermont. While some places in Washington are cheaper than others, Seattle is the 5th most expensive city to live in, ranked just behind Honolulu.
An expensive cost of living combined with increasing inflation, housing costs, and winter heating bills can leave the average Washington resident with an increasing amount of debt that they struggle to surmount. Thus, it’s no surprise that Washington residents are seeking to overcome their debt to have more money for daily expenses and savings.
The average resident has $4,238 in credit card debt — Washington state is notably above the national median of $3,706. This amount can be hard for anyone to overcome, but high costs of living make it especially difficult for those living in Washington. Inflation is up across the nation, but in the Pacific Northwest region, it’s an astronomical 8.1%. Home prices have skyrocketed by 9.5% from a year ago, and rentals are the 5th most expensive in the country.
With the cost of living so high, people are struggling just to put food on the table and keep a roof over their heads. Most are able to only make the minimum payments on their credit card debt if they can do so at all. This limit leads to a constant battle of earning money, paying for a place to stay, and trying to keep costs down for regular expenses.
However, by just making minimum payments towards debt, many will never realize what it’s like to be credit-card-debt-free as an adult. To find out how long it will take to pay off your credit cards by making minimum payments and how much in interest you will owe, use our calculator below.
If you’d like to learn about getting out of credit card debt — Washington state is home to several programs that Americor provides. Check out the links provided below to learn more about your various options: