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Oklahoma Debt Relief Guide

Home to one of the largest livestock markets and often ranked as one of the friendliest states in the country, Oklahoma attracts people from all walks of life. Whether you are getting an exceptional education at one of their top-ranking schools, or if you are a free spirit exploring the art scenes, Oklahoma has a place for you. However, much like the rest of the U.S., Oklahoma has been heavily affected by the pandemic. It ranked 18th in 2020 with an average credit card balance of $5,217.

“Oklahoma City continues to see an increase in demand for housing while facing property shortages, which is causing yearly increases in pricing,” says Gary Herman, President of Consolidated Credit. “And since the pandemic many individuals turned to their credit cards for relief. So, minimizing or eliminating debt is essential for Oklahoman residents, especially those who are looking to buy a home.”

Consolidated Credit Helps Oklahoma Residents Reduce Their Total Credit Card Payments by Up to 50%

Consumer debt in Oklahoma

This chart shows a breakdown of average consumer debt in Oklahoma based on the latest Household Debt report from the Federal Reserve.

In 2020, 7,189 Oklahomans filed for bankruptcy compared to the previous year’s filing total of 9,552.

Income and employment in Oklahoma

The per capita, or average per person, income in Oklahoma is $49,249, which is $10,000 less than the national average. They also have a median household income of $52,919. And their minimum wage is equal to the federal minimum wage of $7.25.

Since Oklahoma is a right-to-work state, individuals are guaranteed by law the right to decline union membership and avoid paying any dues. If an individual is already a member and wants to resign, they would not be laid off due to the result of the union resignation.

Additionally, Oklahoma is an employment-at-will state. This means employment acts as a contract that may be severed at any given moment for any reason. Therefore, neither employer nor employee guarantees they will uphold employment and may terminate their relationship in the same vein.

Both these factors give Oklahoman workers flexibility and opportunity. However, they are afforded less job and salary security. Hence, it’s important workers be proactive about securing raises and protections in case they are let go.

Unlike other parts of the country that saw job loss spike during the pandemic, Oklahoma maintained low unemployment rates of 3.7 percent in 2020, and by September 2021 the percentage dropped to 3.0 percent (1.8 points below the national average). Additionally, Oklahoma currently sits in 7th place when it comes to unemployment rates.

Apply for unemployment benefits in Oklahoma »

Banking and taxes in Oklahoma

Oklahoma has an income tax rate that ranges between 0.5-5% and a state sales tax of 4.5%. However, with local taxes, sales tax can range anywhere between 4.5-11%. For example, Savanna has the highest sales tax in the state of 11% while Marshall County has the lowest sales tax of 6.5%.  

Banking is relatively uncommon compared to most states as residents without a checking or savings account represent 8.8% of the population.

Oklahoma housing market

Oklahoma City, Tulsa and Norman are the most populous and most sought-after cities in Oklahoma. Oklahoma City, the 27th largest city in the U.S., has seen a rise in demand for housing because of its affordable housing price ranges.

But those good prices ranges have led to increased demand. Demand for housing has jumped 7% since last year. On average, homes in Oklahoma City stay on the market for 6 days and sell for an average price of $230,000, according to Redfin.com.

In comparison, the average home in Oklahoma sells for $157,331, which is a 12.9% change from the prior year.

Oklahoma City, the state’s largest metropolitan area, is unsurprisingly a seller’s market. Why? Because more people are trying to buy homes than there currently are available homes on the market. Home values have gone up 13% in the Oklahoma City Metro area over the past year and it is forecasted to increase by 10.2% over the next year.  

Oklahoma offers one of the most generous homestead exemptions in the country. Residents can exempt an unlimited amount of equity from their homes, a manufactured home if it is used as a primary residence, or other property covered by the homestead exemption. However, the homestead cannot be larger than half an acre in a municipality, or 160 acres everywhere else.

  • 65.6% of Oklahomans are homeowners
  • Median mortgage payment: $1,214
  • Median rent payment: $810

If and when you are finding it challenging making rental payments, refer to Oklahoma’s emergency rental assistance program for support. For renters, you can seek assistance through Oklahoma’s Community Cares Partners (CCP) program. For those seeking mortgage relief, Oklahoma offers a lending hand through the Oklahoma Homeowner Assistance Fund.

Retirement in Oklahoma

Although there are no white sandy beaches in Oklahoma, it does still offer peace and quiet. According to Forbes’s list of the best places to retire in each state, Edmond is the best place to retire in the state.

Currently, the average Oklahoman has $340,389 saved for retirement. This is relatively low considering the average retiree will need $724,000 in savings to live comfortably in retirement.

With its warm climates and its affordability, Oklahoma continues to draw turn people’s heads when they are ready for retirement. And for the 28% of retirees relying on their Social Security for at least 90% of their income, the fact that Social Security income is not taxed remains a huge draw to the retiring in the state. 

Talk to a HUD-certified housing counselor to get help with the housing challenges you’re facing

Average Oklahoma insurance premiums

As is the case with most states across the U.S., Oklahoma operates under a fault-based system when it comes to car accidents. For this reason, along with an average of $1,393 yearly for auto insurance premiums, it is essential for injury and property damage victims to have proof of liability so they may be compensated for their losses.

Comparatively average annual home insurance premiums are fairly high at $4,053. And when it comes to average health insurance premiums, expect to fork out no less than $6,464 annually. These factors sometimes keep retirees from moving to Oklahoma.

Helpful resources for Oklahomans facing hardship

Food Insecurity

City/RegionFood BankPhone NumberAddress
Oklahoma CityRegional Food Bank of Oklahoma404-972-11113355 S. Purdue, Oklahoma City, OK 73179
TulsaCommunity Food Bank of Eastern Oklahoma918-585-28001304 N. Kenosha Ave., Tulsa, OK 74106
SmithRiver Valley Regional Food Bank479-785-05821617 South Zero Street, Ft. Smith, AR 72918
Wichita FallsWichita Falls Area Food Bank940-766-23221230 Midwestern Parkway, Wichita Falls, TX 76307

Veterans

As of 2019, Oklahoma was home to 270,775 Veterans. These resources are available to help Veterans that are facing unemployment, homelessness, and other hardships.

https://oklahoma.gov/veterans.html

https://www.va.gov/directory/guide/fac_list_by_state.cfm?State=OK&dnum=All

Helpful employment resources for Veterans:

How Consolidated Credit helps Oklahoma residents find debt relief

In 2021, Consolidated Credit provided free credit counseling to 1,998 Oklahoma residents. Of those, 88 went on to consolidate their debt with our help through a debt management program (the average amount of debt enrolled was $12,070). 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 65 Oklahoma residents that got debt-free last year with the help of Consolidated Credit!

Relief options to consider if you’re in debt in Oklahoma

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’ll get a low-interest rate for a loan that refinances all of your debt with 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 Oklahoma residents with high debt and a good credit score.

Oklahoman 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 Oklahoma residents with counseling programs that identify the best way to get out of debt after considering their situations. Oklahoma 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 Oklahoma, 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 Oklahomans can get out of debt in 36-60 payments, on average.

Another option for Oklahoma 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 Oklahoma 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 Oklahoma. 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.

Other Oklahomans have contacted us to start getting out of debt. Will you?

Case Study

Latoya from Tulsa, OK

“These services have been a blessing to me because it’s take a load off my shoulders. ”

Where she started:
  • Total unsecured debt: $6,842.00
  • Estimated interest charges: $3,220.00
  • Time to payoff: 6 years, 10 months
  • Total monthly payments: $273.68
After DMP enrollment:
  • Average negotiated interest rate: 9.26%
  • Total interest charges: $1,300.67
  • Time to payoff: 3 years
  • Total monthly payment: $224.00
Time Saved

3 years, 10 months

Monthly Savings

$49.68

Interest Saved

$1,919.33

Case Study

Michael from Norman, OK

“I don’t think I could have gotten with a better company for the job I needed done. My experience with Consolidated has made me so much more comfortable with my debt situation. ”

Where he started:
  • Total unsecured debt: $8,515.00
  • Estimated interest charges: $4,350.11
  • Time to payoff: 9 years, 3 months
  • Total monthly payments: $340.60
After DMP enrollment:
  • Average negotiated interest rate: 11.47%
  • Total interest charges: $1,705.92
  • Time to payoff: 3 years, 4 months
  • Total monthly payment: $255.00
Time Saved

5 years, 11 months

Monthly Savings

$85.60

Interest Saved

$2,644.91

Case Study

Suzanne from Broken Arrow, OK

“We struggled for a long time and realized there was just no way to get out of this mess without help. My call to Consolidated was a last-ditch effort to figure out a solution and now we have a plan that’s making headway on getting rid of this debt. ”

Where she started:
  • Total unsecured debt: $103,452.00
  • Estimated interest charges: $61,565.00
  • Time to payoff: 17 years, 11 months
  • Total monthly payments: $4,138.08
After DMP enrollment:
  • Average negotiated interest rate: 6.69%
  • Total interest charges: $18,541.81
  • Time to payoff: 4 years, 8 months
  • Total monthly payment: $2,180.00
Time Saved

13 years, 3 months

Monthly Savings

$1,958.08

Interest Saved

$43,023.19

Ready to have a life free of debt? Contact us today to get a free budget and debt evaluation from a certified credit counselor.