Boasting one of the highest civil labor forces in the Midwest, the “Hoosier State” has excelled at creating new employment opportunities for residents. The Indiana SBDC Agribusiness Initiative aims to help farmers grow and expand their businesses, which contributes $31.2 billion to the state’s economy every year. Though this has unfortunately not helped with the real estate market, which has seen a jump in sales prices recently.
“Inflation has had a big impact on Indiana’s economy,” says Gary Herman, President of Consolidated Credit. “Consumer inflation has jumped by 7.9%, the sharpest spike since 1982. This could be indicative of higher prices to come, so sticking to a budget and minimizing things like credit card debt are crucial, especially for anyone looking to buy a home.”
The latest available data says that the average household in Indiana has $9,150 in credit card debt. Citizens in this state collectively owe $22,145,919,314, an increase of $618,061,021 from the beginning of the year.
Consolidated Credit Helps Indiana Residents Reduce Their Total Credit Card Payments by Up to 50%
This chart shows a breakdown of average consumer debt in Indiana, based on the latest Household Debt report from the Federal Reserve.
In 2023, 14,681 Hoosiers filed for bankruptcy.
Income and employment in Indiana
The per capita (average per person) income in Indiana is $35,578. That’s lower than the national average of $41,261. Indiana has a median income of $67,173. And the minimum wage is equal to the federal minimum wage of $7.25 per hour.
Indiana is a right-to-work state, wherein employers, labor organizations, or any persons cannot require an individual to become or remain a member of a labor organization. This includes paying dues, fees, or assessments as a condition of employment, new or continued. So, you can’t get rejected on a job application or fired based on your union membership status.
In addition, Indiana is an employment-at-will state. Essentially, an employer can terminate employment at any given moment, for any given reason. The same can also be said for employees. You can quit at any time, without giving a reason.
These two things together give Indiana residents career choice and flexibility. However, they also mean less job security. So, it’s important to maintain good emergency savings in case of unemployment.
Indiana’s unemployment rate in 2024 stood at 4.3%, ever-so-slightly higher than the national average of 4.1%.
Indiana has a flat state income tax rate of 3.05%, meaning that all residents of Indiana pay the same percentage regardless of their income. Indiana Governor Eric Holcomb proposed to decrease the rate to 2.9%, citing the state’s strong financial position and surplus revenue. This would make Indiana’s individual tax income one of the lowest in the country.
The sales tax rate in Indiana has been 7% since 2008. But there are things that are taxed separately from that sales tax. The gasoline tax is $0.35 per gallon. Indiana’s cigarette tax is $0.99 (per 20-pack).
Indiana residents are just as likely to have a bank account as the average American, with an unbanked rate of 7.4%.
Indiana housing market
Indiana’s house prices rose through a combination of low market inventory, strong buyer demand, and rock-bottom mortgage rates. Price gains like these will assuredly push homeownership out of the reach of many Hoosiers. Home affordability in Indianapolis’ 11-county metro area, for example, has declined much more rapidly than the U.S. average.
The average price for a home in Indiana is $242,672.
73.3% of Hoosiers are homeowners
Median monthly owner cost including mortgage: $1,301
Median gross rent: $967
Indiana offers a homestead exemption for those who need it. For those seeking mortgage relief, Indiana Homeowner Assistance Fund (IHAF) can help. Hoosiers having trouble making rent payments can seek assistance through Indiana’s emergency rental assistance program.
Talk to a HUD-certified housing counselor to get help with the housing challenges you’re facing.
Indiana’s famed “Hoosier Hospitality” and many choices for a small town or metropolitan living, in addition to a low cost of living, make it a great choice for retirement.
CNBC reported in 2024 that the average Indiana resident would need about $52,253 a year to retire. A 20% comfort buffer ($10,451) is recommended. That means the target for a comfortable retirement in Indiana would be about $62,704.
Average Indiana insurance premiums
Indiana, much like the rest of the country, operates under an “at-fault” based system when it comes to automotive accidents. Holding an average rate for auto insurance premiums at $1,713, Indiana drivers typically pay $143 a month.
As for home insurance, citizens in Indiana pay an average of $1,724 for $300,000 of dwelling coverage. Health insurance tends to cost more, at an average of $6,618 annually.
According to the Census Bureau, Indiana is home to 352,716 veterans. These resources are available to help Veterans that are facing unemployment, homelessness, and other hardships.
Indiana Department of Veterans’ Affairs National Crisis Hotline: (800) 273-8255 Headquarters: 777 N Meridian St, Suite 300 Indianapolis, IN 46204 (317) 232-3910
How Consolidated Credit helps Indiana residents find debt relief
In 2024, Consolidated Credit provided free credit counseling to 3,048 Indiana residents. Of those, 158 went on to consolidate their debt with our help through a debt management program (the average amount of debt enrolled was $9,768). The others received a free debt analysis and complementary budget evaluation, and they were directed to the right solution for their situation to get out of debt as quickly as possible.
We’d also like to congratulate the 123 Indiana residents that got debt-free last year with the help of Consolidated Credit!
Relief options to consider if you’re in debt in Indiana
If you have good credit and need to pay off credit card debt and other non-secured debts, a debt consolidation loan is an excellent option for you. By having good credit, you can refinance your debt at a low-interest rate and enjoy one monthly payment. This will help you get out of debt faster, and you may wind up paying less each month. This is an excellent solution for Indiana residents with high debt and a good credit score.
Indiana homeowners may qualify for a home equity loan or a home equity loan of credit, sometimes called a (HELOC). These types of loans use the equity in your home. Due to rapid home value increases, many residents have equity in their homes. The loan allows you to borrow against the equity in your home and pay off credit cards and other debt. This is not a step to take lightly because you could lose your home in foreclosure if you can’t make the payments. If you are considering borrowing against your home, call 1-800-435-2261 to speak with a HUD-certified housing counselor to make sure this is a safe option for you.
Consolidated Credit helps Indiana residents with counseling programs that identify the best way to get out of debt after considering their situations. Indiana residents can get a confidential debt and budget evaluation from a certified credit counselor. Afterward, the counselor will go over the available options and which course of action best meets a person’s needs and goals.
In Indiana, as in other states, it’s best to avoid bankruptcy. If you can afford to repay all that you owe to avoid credit damage but can’t do it on your own, a debt management program can help. You enroll through a credit counseling agency. The agency will work with your creditors to reduce or eliminate interest and work out a payment schedule. Qualifying Hoosiers can get out of debt in 36-60 payments, on average.
Another option for Indiana residents is debt settlement. With debt settlement, you settle your debt independently or with the help of a debt settlement company. In this program, you agree to pay your creditors a portion of what is owed. This will damage your credit rating because you are not paying on the terms you first agreed to. Late payments, which are often part of this program, will hurt your credit rating for seven years. Even with those negatives, this can be an excellent program for Indiana residents with overwhelming debt. It can help you avoid bankruptcy.
If you’re curious how we can help you, below, you will find a few case studies from clients that we’ve helped in Indiana. If you’re facing challenges with debt, call us at (844) 276-1544to receive a free debt and budget evaluation from a certified credit counselor.
If you’re tired of making payments and getting nowhere, talk to a certified credit counselor to review your options for debt relief.
“I absolutely LOVE Consolidated Credit! They have helped me dig out of a debt hole!! Thank you!!!
”
Where
she
started:
Total unsecured debt: $10,585.00
Estimated interest charges: $5,500.56
Time to payoff: 9 years, 4 months
Total monthly payments: $430.80
After DMP enrollment:
Average negotiated interest rate: 1.41%
Total interest charges: $48.69
Time to payoff: 4 years, 4 months
Total monthly payment: $205.00
Time Saved
5 years
Monthly Savings
$225.80
Interest Saved
$5,451.87
Case Study
Patricia
from
Wadesville, IN
“Very knowledgeable and helpful. Excellent team! Creative with solutions. Thank you, thank you, thank you!!!
”
Where
she
started:
Total unsecured debt: $45,630.00
Estimated interest charges: $26,919.11
Time to payoff: 14 years, 11 months
Total monthly payments: $1,825.20
After DMP enrollment:
Average negotiated interest rate: 6.27%
Total interest charges: $3,650.30
Time to payoff: 4 years, 1 months
Total monthly payment: $1,006.00
Time Saved
10 years, 10 months
Monthly Savings
$819.20
Interest Saved
$22,968.81
Case Study
Sherron
from
Indianapolis, IN
“My experience with Consolidated Credit was wonderful. They were always helpful when I called and accommodated me if there was an issue. I would and have recommended them to my family and friends.
”
Where
she
started:
Total unsecured debt: $50,839.00
Estimated interest charges: $29,618.18
Time to payoff: 14 years, 6 months
Total monthly payments: $2,033.56
After DMP enrollment:
Average negotiated interest rate: 8.20%
Total interest charges: $7,513.52
Time to payoff: 4 years
Total monthly payment: $1,219.00
Time Saved
10 years, 6 months
Monthly Savings
$814.56
Interest Saved
$22,104.66
Get the debt relief you need! Talk with one of our certified credit counselors today to get a free debt and budget evaluation and find out if you qualify for a debt relief program.
This content is based on accredited financial data gathered from reputable sources, such as government websites, credit bureaus, and nonprofit organizations. All articles are written by certified credit counselors and fact checked by certified financial experts.
Our team strives to provide educational content that fully informs readers of all their options as they relate to debt, credit and personal finance. Our goal is to give readers the information they need to make informed financial decisions on their own.
This article contains references that provide sources for the financial data we used. The numbers in brackets [1,2,3] are clickable links to each data source or study referenced.
