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      July 16, 2018

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Debt Consolidation in Rhode Island

Rhode Island MapRhode Island's personal debt picture is very similar to that of the rest of the nation as a whole, and to put it simply, the state owes more that it owns. In fact recent figures have shown that more families are moving out of the area than are moving into it, as issues over the last few years concerning high tax burdens and public-employee pensions have weighed heavy on the finances of many. Economics experts predict that while the situation in Rhode Island isnít as quite as extreme as some other states, it's going to be a difficult road ahead for many of the local residents, largely due to the limited growth of the economy. Families facing personal financing problems may find some relief through debt consolidation, which allows all debt to be merged into one and typically results in lower monthly payments.

Rhode Island, known as the Ocean State, has an important role in American history as the first of the original thirteen colonies to declare independence from the British. Before the Great Depression, the state was a national leader in the textiles industry, as well as fishing with a number of additional important industries contributing to the early economy including tool making and silverware. Rhode Island's industrial past is still clearly evidenced today with the presence of many abandoned factories now being used for different purposes such as residencies and museums. Today the economy is supported by a combination of different industries with the services sector contributing the most, followed by tourism and then manufacturing. Tourism in the area is on the up, thanks to the states numerous tourist destinations including beautiful coastlines and historical landmarks.

On average, each resident owes $17,960 in Rhode Island. This is typically a combination of a mortgage, credit card debt and an auto loan, which can in some cases be combined into one easier to handle monthly payment through debt consolidation. Young adults are often also dealing with student loans on top of other household expenditures.

 

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