The average household debt in Ohio for the fiscal third quarter is a staggering $104,282, the federal reserve concludes in new numbers that cover the three-month period of July 1 to Sept 30.
Where does that deficit come from?
According to the federal reserve, the amount is a combination of mortgages, student loans and credit card balances.
Locally, now is not the time to assume a mortgage, Curt Conley, vice president of retail, Monroe Federal Savings & Loan, said Thursday.
“With inflation in general, that has hurt people as far as putting people in debt,” Conley told News Center 7′s Taylor Robertson.
Mortgage rates are pushing about 8 percent, Conley said. Compared to a couple of years ago, [interest rates] were three or four percent.
“So that’s definitely hurting people,” Conley said.
The credit union works with anyone who comes in wanting to take out a loan, he said.
“We factor in everything. We look at the debt they have, what they’re paying [on that debt], you know, how they’ve been at their job, what their income is,” Conley said.
The longer customers can save for a down payment on a home, he said he tells customers, the lower their monthly mortgage will be.
When it comes to amassing credit card charges, Conley counsels that people should reduce spending.
“Whatever you’re spending it on, try to establish a budget,” he said.
If you can’t buy an item twice or pay it off by the end of the month, don’t buy it.
“We have too many people that use that [credit card] when they don’t have money to buy,” Conley said.
Reach out to your bank or credit union if you find yourself in serious debt.