Columbia, Missouri’s economy is fueled mainly by the education, healthcare and insurance industries. The University of Missouri, the university’s healthcare system, and Columbia public schools are the top three employers. Companies headquartered in Columbia include Shelter Insurance, the Columbia Insurance Group, Socket, Carfax, and MBS Textbook Exchange.
The job market in Columbia is on the upswing with a 3.3 percent increase from 2017 to 2018. And future job growth over the next ten years is predicted to be 42.7 percent, which is higher than the US average of 38.0 percent. Moreover, the unemployment rate is 3.9 percent, which is lower than the US average of 5.2 percent. However, the average annual income for Columbia residents of $26,203 is lower than the US average of $28,555, as is the median household income: the US average is $53,482 while the average for Columbia residents is $43,776 a year.
Cost of Living Statistics
|Median Home Cost||100||100||$216,200|
Low incomes combined with a higher cost of living than in other Missouri cities or the nation overall mean that some Columbia residents face financial challenges.
If you’re in debt and wondering how you’re going to deal with it, the good news is that there are solutions. Thousands of consumers have been helped by Freedom Debt Relief. We can help you sort through the options to find the smartest solution for you. Call 800-910-0065 today and speak with one of our Certified Debt Consultants.
Request a free debt evaluation to find out how we could help you:
- Resolve your debt faster
- Significantly reduce what you owe
- Make one low monthly program payment
Debt Relief Solutions
Here’s an overview of some of the options:
This method is used by a great many consumers since it’s so simple. And it’s relatively easy to get a loan if you can check all the boxes and your debt is over $10,000. Basically, you apply for a loan from a bank or consolidation loan company and use it to pay off all your debt. Then you make regular monthly payments to the lender until your loan is paid off. This type of loan can simplify your personal financial administration and keep you from missing due dates since you now only have one payment to keep track of.
If you just need some help with budgeting and you don’t have a huge amount of debt, this could be a good solution for you. A counselor can help you set up a workable budget and a system for paying back what you owe. The counselor may also educate you about other programs like debt management plans or debt consolidation.
If your debt is more significant, debt resolution could be a good strategy. The debt resolution company will negotiate with your creditors on your behalf to reduce the amount of your debt you need to pay. At the same time, you put money into a special savings account which you then use to pay each creditor off in turn.
There are other methods too. You could try to pay down your credit cards on your own by using your extra income after living expenses are taken care of to pay extra each month. This method takes discipline and of course, you need to be earning enough that you have extra each month. You could also try just paying the minimum payments each month, but that will cost you a lot more in the long run because of the compound interest and could take years to pay off.
Bankruptcy is another method that some consumers choose but considered a last resort by many because of the far-reaching consequences to credit history and borrowing capabilities.
Debt in Missouri
Many folks in Columbia, and all over Missouri, struggle with debt and worry how to repay it while making enough to cover their living expenses.
- Credit card debt: 6491
- Student loan debt: $29,813
- Mortgage debt: $134,760
In spite of these statistics, however, the average credit score for Missouri residents’ falls into the “good” category at 674.
Get Help from the Experts
If you’re ready to deal with your debt and remove the worry and stress it can cause, call Freedom Debt Relief at 800-910-0065 to get started. Ask for your no-obligation evaluation and take the first step toward living debt free.