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Debt Consolidation in Oklahoma

American consumers owe in total the incomprehensible sum of $11.38 trillion, a debt that is an amalgamation of mortgages, student loans, credit card, and auto loans. Each of the different states owes different amounts and Oklahoma actually makes the top-ten list of states with the highest consumer or personal debt in the country. According to US consumer debt statistics, a shocking 25% of Americans have more credit card debt than money in their savings account and Oklahoma itself has a similar story.

Frequenting the top-ten list means that the average resident of Oklahoma owes a substantial amount of money via one or a combination of multiple types of debt. For many homeowners the mortgage is the main concern but others can find themselves owing in a whole range of areas including personal loans, auto loans and often student loans as well. The stress and pressure of staying on top of each individual debt and ensuring that payments are made on time each month can quickly and understandably become too overwhelming. Debt consolidation is one option that can help to provide some relief and reduce the overall cost of these monthly payments.

Despite these worrying facts and figures, Oklahoma has over the last few years experienced rapid growth of the economy, making it a potentially prosperous place to reside with an excellent standard of living. The main areas of industry that have and continue to contribute to the growth of local economy include aviation, telecommunications, biotechnology and energy. It is also an important producer of a range of products relating to agriculture as well as natural gas and oil. All of these factors have led to continued growth of the regions gross domestic product as well as personal income. Another advantage of living in the State of Oklahoma is the low tax burden, which is also one of the reasons that it was awarded the title of one of Americas most business friendly states.

Overall, Oklahoma was hit hard by the financial crisis but the growth in the economy is slowly easing the problem. As income increases and rates of unemployment continue to decrease, the issue relating to high levels of personal debt is sure to improve. Debt consolidation can for many be the reprieve that?s needed to help get on top of the situation and begin to work for the future instead of paying off the past.


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Debt Consolidation In The News

Student loan borrowers seek class status in lawsuit over debt relief

Borrowers accusing student loan servicer Navient of falsely telling them their loans were eligible for a debt relief program for public service workers have asked a federal judge in Tampa to certify t...

Published:  Mon, 17 Dec 2018 14:55:00 GMT

Who wants to be crippled by student debt

This is not the only competition that embraces the theme of graduate debt relief. It is now increasingly cropping up off the screens too, in the world of finance. Fifth Third Bank, headquartered ...

Published:  Mon, 17 Dec 2018 21:00:00 GMT

Assam approves Rs 600 cr farm loan waiver

The waiver will be for all the loans taken through Kisan Credit Card (KCC) and from PSU banks, he said. The government has also sanctioned an interest relief scheme which will enable around 19 lakh fa...

Published:  Tue, 18 Dec 2018 03:20:00 GMT

Buffalo firm helps national nonprofit pay off medical debt

Western New Yorkers are among those who have benefited already: Locally, the program has meant relief for 58 individuals who had $65,000 in debt wiped out. That came directly through the efforts of a ...

Published:  Mon, 17 Dec 2018 03:02:00 GMT

Obama-era rule leads to $150M in student loan forgiveness

The students are eligible for loan relief under an Obama-era rule that was intended to make it easier for defrauded students to get their loans cleared. Part of the rule granted automatic loan forgive...

Published:  Mon, 17 Dec 2018 04:10:00 GMT

Major Debt Buyer Reaches Settlement With 42 States and the District of Columbia

The company must also credit the outstanding judgment balances of certain customers, reducing or eliminating entirely their debt balances, which will likely total tens of millions of dollars in consum...

Published:  Mon, 17 Dec 2018 10:52:00 GMT

Education Department Announces Student Loan Debt Cancellation For Attendees Of Fraudulent Schools

"It's disappointing that it took a court order to get Secretary DeVos to begin providing debt relief to students left in the lurch by predatory for-profit colleges, but I am pleased the ...

Published:  Sun, 16 Dec 2018 10:20:00 GMT

Students from closed colleges could see their loans erased by U.S. Education Department

The update included a provision to grant automatic debt cancellation to borrowers whose schools closed ... but many thousands of students are still waiting for relief," said Julie Murray, an attorney ...

Published:  Mon, 17 Dec 2018 11:33:00 GMT

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