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In a recent report from the U.S Census Bureau, it was suggested that Utah has the second fastest growing population out of all of the states in America and a flourishing economy to match. Unfortunately, this increase in population and economy doesn't mean that the residents of Utah are free from personal debt, and in fact levels of consumer debt remain as prevalent today as ever. The recession is largely to blame with the sudden and unexpected financial crisis having an ongoing and long-term affect on the majority of typical Utah households.
Statistics provided by USA Today suggest that the average personal debt in Utah is actually higher than the national average at $62,969. This is nearly $10,000 above the American norm, but the significant difference is balanced out somewhat by higher than standard household incomes. A large percentage of this figure is likely to be the mortgage and according to the same source, the median price of a home in Utah is $202, 616. Naturally, a mortgage isn't the only way in which residents of Utah borrow money and credit card debt, student loans and auto loans also play a significant part. Combining all borrowed money through debt consolidation has been a popular method of regaining control over monthly repayments since the recession and continues to be widely beneficial today.
The economy of Utah is fairly diverse with a number of varying industries contributing to the GSP and wealth of the state. Tourism is a huge industry in Utah and is particularly popular for its recreational outdoor activities. The state is home to five impressive national parks and seven national monuments, all of which have a great deal to offer tourists and local residents alike. Outdoor sports and activities are abundant throughout the year with winter sports including skiing and snowboarding and summer sports such as camping, hiking and mountain biking. Mining and farming also play essential roles in the regions economy with the bulk of agricultural income coming from livestock.
Debt Consolidation In The News
(ANSA) - Rome, November 16 - European Central Bank President Mario Draghi said Friday that countries with a high public debt should not increase it further and should respect the EU's budget rules. "L...
Published: Fri, 16 Nov 2018 02:45:00 GMT
Attorney General Mark Herring announced Thursday that he won $50 million in debt relief and ordered civil penalties in a lawsuit against Future Income Payments, LLC; FIP, LLC; and their owner ...
Published: Thu, 15 Nov 2018 13:51:00 GMT
A Hampton judge has ordered a Nevada firm accused of targeting elderly Virginia veterans with deceptive loans to pay $31.7 million in civil penalties and forgive $20 million in debt. Virginia ...
Published: Thu, 15 Nov 2018 14:36:00 GMT
RICHMOND, Va. (AP) - Virginia's attorney general has ordered civil penalties and debt relief totaling $50 million against a loan company in light of a lawsuit accusing it of making illegal, high-inter...
Published: Thu, 15 Nov 2018 23:29:00 GMT
... (HERA), alleges that the Education Department is ignoring a federal judge's ruling last month to begin student loan debt relief for certain borrowers affected by the Borrower Defense Rule. Those i...
Published: Thu, 15 Nov 2018 04:32:00 GMT
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