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According to information and statistics provided by debt.org, Ohio's level of personal or consumer debt is actually lower than that of other residents of the United States. This is when looking at the issue as a whole. However, when you begin to break the numbers down it becomes apparent that certain areas of borrowing create bigger debt problems than others for residents of Ohio.
The two types of debt that stand out in the case of Ohio is credit card loans and student debt, as these are the areas in which the average Ohioan tends to build up the most debt. Combining different kinds of debt such as these through a process like debt consolidation can help to reduce the overall amount owed. According to the 'U.S. News and World Reports', Ohio is home to five of the countries top 115 schools, and unfortunately quality education doesn't come cheap. When disregarding mortgage debt, student loans actually move into first place as the largest type of debt on average, with $4,300 being the typical sum owed. This is higher than the national American average for student debt.
Credit card debt is the other big area for concern in Ohio, with many spenders owing an average of $2,800 on their credit cards. One study looking into the ratio of household income versus credit card debt revealed three cities located within the state to be in the national top ten of the guiltiest users of plastic. On the plus side and helping Ohioans come out better than the national average overall, is their lower than standard mortgage debt. With a state norm a massive 35% lower than the national one, homeowners also have a lower rate of late payments.
The typical person in Ohio has 26% less debt than the standard American. While this is a significant difference and leaves the locals with a smaller sum to payback, it certainly doesn't mean that they are completely debt free or have nothing to worry about. In fact debt consolidation remains to be an important and beneficial method for getting on top of debt as quickly as efficiently as possible.
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