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, there are still major challenges.
“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 many individuals turned to their credit cards for relief. So, minimizing or eliminating debt is essential for Oklahoma residents, especially those who are looking to buy a home.”
The latest available data says that the average Oklahoma household has $10,523 in credit card debt. Citizens in this state collectively owe $14,614,466,047, an increase of $407,868,903 from the beginning of the year.
Consolidated Credit Helps Oklahoma Residents Reduce Their Total Credit Card Payments by Up to 50%
This chart shows a breakdown of average consumer debt in Oklahoma based on the latest Household Debt report from the Federal Reserve.
In 2023, 6,004 Oklahomans filed for bankruptcy.
Income and employment in Oklahoma
The per capita, or average per person, income in Oklahoma is $33,630, which is about $8,000 less than the national average. They also have a median household income of $61,364. 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.
Oklahoma has an income tax rate that ranges between 0.25-4.75% and a state sales tax of 4.0%. The average combined state and local sales tax rate is 8.99%. For example, Savanna has the highest combined sales tax in the state at 11%.
Banking is relatively uncommon compared to most states as residents without a checking or savings account represent 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.
The median cost of a home in Oklahoma City is $200,587, which is up 2% from last year.
Oklahoma City, the state’s largest metropolitan area, is usually a seller’s market. Why? Because more people are trying to buy homes than there currently are available homes on the market. However, there has been a slow down as of 2024. Norada Real Estate Investments assures that it’s nothing out of the ordinary.
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.
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.
CNBC reported in 2024 that the average Oklahoma resident would need about $49,996 a year to retire. A 20% comfort buffer ($9,999) is recommended. That means the target for a comfortable retirement in Oklahoma would be about $59,995.
With its warm climates and its affordability, Oklahoma continues to turn people’s heads when they are ready for retirement. And for the one in seven 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
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 $2,681 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 $5,049. And when it comes to average health insurance premiums, expect to fork out an average of $6,411 annually. These factors sometimes keep retirees from moving to Oklahoma.
According to the Census Bureau, Oklahoma is home to 270,775 Veterans. These resources are available to help Veterans that are facing unemployment, homelessness, and other hardships.
How Consolidated Credit helps Oklahoma residents find debt relief
In 2024, Consolidated Credit provided free credit counseling to 1,998 Oklahoma residents. Of those, 304 went on to consolidate their debt with our help through a debt management program (the average amount of debt enrolled was $12,178). 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 104 Oklahoma residents who 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?
“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.
