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Pennsylvania is the 6th most populous state in the US, with many of their residents living in one of the three major cities, Philadelphia, Pittsburgh and Allentown. It was one of the 13 original founding states of the United States, and today it's citizens continue to be more financially responsible than the national average. Ranked 8th out of the all of the states for positive credit health, most residents of Pennsylvania are able to enjoy smaller mortgages, lower rates of credit card debt and generally more financial stability. However, as with all highs and success stories there will always be some lows or pitfalls, and Pennsylvania is not completely free from the burden of debt.
Credit card debt throughout the state has mimicked a roller coaster ride over recent years, but even so it has never reached or exceeded the national average of $2820. When reaching their peak balance on plastic spending at $3,350, the issue was quickly addressed and the total spending rapidly reduced over four years by 19%. Another debt that is lower in Pennsylvania than that of its national counterpart is household mortgage. This is a type of debt that can always be included in debt consolidation to great benefits and to further reduce the pressure of loan repayments. Statistics suggest that Pennsylvanians actually have a mortgage obligation that is lower than that of the average American by $9000. However, this significant sum may be a result of previous high foreclosure rates that could be marring the figures.
One of the earlier mentioned pitfalls of Pennsylvania's financial status is that of student loan debt. Where the average student debt across America is $3,750, the state norm is rather large at $4460, a massive 20% more. However, this significant difference can be explained by the higher percentage of young Pennsylvanians who hold college degrees, compared to the percentage of the same age people with similar qualifications across the nation. Residents of Pennsylvania may find that through combining their student loans with any other outstanding balances through debt consolidation, their burden can be reduced.
Debt Consolidation In The News
Secretary of Education Betsy DeVos was hit with another lawsuit Tuesday claiming she failed to cancel student debt owed by people whose for-profit colleges have been shut down. The new lawsuit ...
Published: Tue, 13 Nov 2018 13:37:00 GMT
The relief program, called borrower defense, became a popular way for students to seek debt forgiveness after several major for-profit schools went bust in recent years. During the Obama administratio...
Published: Mon, 12 Nov 2018 19:24:00 GMT
The lawsuit states DeVos hasn't implemented the protections since the ruling, preventing elligible borrowers who attended school on about 1,400 campuses between November 2013 and November 2015 from re...
Published: Tue, 13 Nov 2018 17:16:00 GMT
T.J. Donovan said Tuesday that his office, and colleagues around the country, have been hearing from borrowers who thought they were dealing with debt relief companies or paperwork completion provider...
Published: Tue, 13 Nov 2018 18:49:00 GMT
"It makes us competitive on deals we couldn't do before WesBanco. In fact, we've approved a loan that's more than triple our previous legal lending limit," said Geoff Sheils, Huntington market preside...
Published: Tue, 13 Nov 2018 21:42:00 GMT
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