The rumblings about one or another flyover state unseating California as the new favorite destination for working-age adults in the Sun Belt have only been getting louder since the COVID-19 pandemic tempted us with the possibility of continuing to work at our high-paying jobs. Every time you open a news app or social media feed, you see more aspirational content about how the sunshine is brighter in Texas, that it is the obvious destination for rain-averse folks who want to have some money left in their bank accounts on payday.
Content creators with truly wild imaginations might even try to sell you on the idea that the future is in Alabama or South Carolina. Yes, some things may be less expensive in places where the sidewalk cafes are full of former sorority sisters celebrating their bachelorette parties rather than movie stars celebrating the wrap of another day of filming, but that does not mean that people in the less glamorous corners of the Sun Belt have an overall better financial situation than we do here, in the land where all that glitters might not be gold but is at least bright enough to light the way to In-N-Out Burger. In fact, a new report on household debt paints a downright encouraging picture of California. For help putting your debt situation in perspective and finding realistic solutions, contact an Oakland lawsuits, collections, and creditor harassment lawyer.
New Data on Non-Mortgage Debt in Metropolitan Areas Paints a Rosy Picture of the Golden State
Every year, the Lending Tree website publishes a report on consumer debt in the most populous metropolitan areas in the United States. This year’s report gives the impression that the people of California should count our blessings. The report ranked the country’s biggest metro areas according to the average non-mortgage consumer debt per household. The top three metro areas were in Texas, and Miami is in fourth place. The only California metro area in the top 15 was Riverside, which placed ninth. When they say that everything is bigger in Texas, perhaps they are also talking about debts.
In all of the most debt-burdened metro areas, the biggest source of non-mortgage debt was car loans, followed by student loans, credit card debt, and personal loans. The average auto loan debt nationwide exceeds $14,000 per household. This is because car prices have remained high since the pandemic, and used cars are scarce, since hardly anyone can afford to trade in their old one, only to see it add up to a down payment that barely makes a dent in a new car loan. These days, seven-year car loans are increasingly common, whereas they were almost unheard of ten years ago.
Contact the Law Office of Melanie Tavare About Getting Out of Car Loan Debt
A debt relief lawyer can help you if you are among the many consumers for whom car loans are your most troublesome debt problem. Contact the Law Office of Melanie Tavare in Oakland, California, or call (510)255-4646 for a case evaluation.
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