Alabama Debt Relief Guide
Alabama, colloquially known as the “Cotton State”, has seen a resurgence since the onset of the COVID-19 pandemic in early 2020. Unemployment rates are close to their record lows, and the average credit card debt sits just around $5,000. Boasting some of the most affordable places to live in the country, new homeowners have still found it tough to find a new home, much like the rest of the country.
“Even though Alabamans have fared better than residents in other states in the wake of the pandemic, they’re not immune to the challenges we’re all facing with rising prices and interest rates,” says Gary Herman, President of Consolidated Credit. “As budgets get squeezed, it’s important to keep credit card balances low to stay on budget. That’s particularly important for people who are looking to buy a home to pay off debt so they can be successful in such a highly competitive housing market.