It is a story that many Americans are familiar with by now: Since the official end of the recent recession in 2009, families have continued to struggle under debt. And even though the economy is improving, with lowering unemployment rates and reduced amounts of credit card debt, a large number of Americans are still struggling to pay all of their bills on time.
There is currently over $1 trillion in outstanding federal student loans. The average tuition to gain a bachelor’s degree has tripled over the past 30 years, and the current average graduate now leaves school with almost $30,000 in debt.
Most financial advisors, in Oklahoma and elsewhere around the country, will probably tell you that it is not a good idea to carry a large amount of credit card debt. Credit cards are one of the least desirable types of consumer lending due to high interest rates and expensive fees for late payments, as well as annual membership fees in some instances.
Many Oklahoma residents have faced financial struggles whether the hardships stemmed from credit card debt, unemployment, student debt or medical bills. Even players in the NBA and NFL, earning six figures or more, struggle with managing finances.