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The capital city and largest city in Oklahoma, Oklahoma City is home to 650,000 people with a metro area exceeding 1.3 million people. The top employers include the state of Oklahoma, The FAA, and a variety of health providers. While energy technology was a major force, only two Fortune 500 companies in the energy sector call OKC home.
It is not particularly expensive to live in OKC, but the minimum wage makes it hard to live without going into credit card debt. If you live in Oklahoma City and may need debt relief, read on.
Income in Oklahoma City
The median household income in Oklahoma City is $53,973. As of 2020, the minimum wage is $7.25 per hour. Roughly 21.5% of Oklahoma children live in poverty. For residents overall, 17.1% of all people in Oklahoma City live under the poverty level. This poverty rate is higher than the state average of 16.2%.
- Median household income: $53,973
- Minimum wage: $7.25/hour
- Children living in poverty: 21.5% (statewide)
- People in poverty: 17.1% (2019)
Home Ownership in Oklahoma City
Over half (58.4%) of people in the metro area hold a mortgage. The median home price in the Oklahoma City metro area is $156,886 (2020). Oklahoma City is an expensive city. The average rent within 10 miles of Oklahoma City is $835 a month.
Oklahoma City has around 1,273 homeless people based on recent counts.
- Homeowner rate: 58.4%
- Median home price: $156,886
- Average rent: $835
Employment in Oklahoma City
As of December 2019, the unemployment rate was 3.1%, compared to a state unemployment rate of 3.3%. The state estimates that 7.7% of Oklahoma City workers are underemployed. Underemployment is the percentage of civilian workers who are unemployed, employed part-time or are not seeking employment.
- Unemployment: 3.1% (2019)
- Underemployment: 7.7% (2019)
Oklahoma City Debt Statistics
It takes a monthly income of more $1,803 for a single person to live in Oklahoma City. Oklahoma City residents have an average credit card debt of $8,409 (2019). Twenty-six percent of Oklahomans have medical debt. The average student loan debt is $30,131.
- Avg credit card debt: $8,409 (statewide 2019)
- Avg mortgage debt: $134,244 (2019 statewide average)
- Avg student loan debt: $30,131 (2019)
Debt consolidation and debt settlement are options in Oklahoma City. You’ll find more information in the next few sections.
Who Can Help With Debt Relief in Oklahoma City?
If you are one of the many people in Oklahoma City that need help with debt, there are a number of options. Debt relief in Oklahoma City is available from both non-profit and for-profit agencies.
Oklahoma City Area Credit Counseling
- DebtWave Credit Counseling (858-654-2141): DebtWave.org is a certified non profit credit counseling organization that maintains an A+ rating with the BBB and has been in business more than 16 years.
If you need more help, consider calling Pacific Debt, Inc for more information. Pacific Debt Inc is one of the leading debt settlement companies in the US and we have consistently been named one of the best for years. This year, we earned two #1 rankings for our customer service. We help you understand your options and whether or not debt settlement is your best option. If it is not, we can refer you to a trusted partner who may be more appropriate for your situation.
If you’d like more information on debt settlement or have more than $10,000 in credit card debt that you can’t repay, contact Pacific Debt, Inc . We may be able to help you become debt free in 2 to 4 years and we’ve settled over $300 million in debt for our customers since 2002.
Once you’ve completed our debt settlement program , your financial situation should start to improve. You’ll then be able to take the money you once had to pay towards your debt, and be able to use it for other purposes like saving, investing, retirement, etc.
Pacific Debt, Inc is accredited with the Consumer Debt Relief Initiative (CDRI) and is an A+ member of the Better Business Bureau . We rate very highly in Top Consumer Reviews, Top Ten Reviews, Consumers Advocate, Consumer Affairs, Trust Pilot, and US News and World Report.
For more information, contact one of our debt specialists today. The initial consultation is free, and our debt experts will explain to you all your options.
More Information about Debt and Collections
Oklahoma Statute of Limitations
Oklahoma’s statute of limitations lays out maximum time periods that debt collectors can take action against a delinquent debt. These statutes of limitations begin on the date that your debt goes delinquent.
For debts taken out in Oklahoma, the following are the statutes of limitations for different types of debt.
- Oral agreements: 3 years
- Written contracts: 5 years
- Promissory notes: 5 years
- Credit cards and other revolving loans: 5 years
Debt Collection Laws
Oklahomans are protected against unscrupulous debt collectors. The federal Fair Debt Collection Practices Act (FDCPA) prohibits debt collectors from using abusive or harassing bill collection practices. In addition, the Oklahoma Fair Debt Collection Practices Act (OFDCPA) adds protections against more types of collectors and actions. If you are a victim of any of these actions, you may take legal action against them.
Overall, debt collectors can NOT:
- Charges more than 10% interest
- Garnish more than 25% of wages
- Use/threaten physical force or criminal tactics to harm you, your property, or your reputation
- Accusing you of committing a crime for not paying the debt
- Make/threaten to make defamatory statements to someone else
- Threaten arrest, to seize assets, or garnish wages, unless actually planning to take such action
- Use obscene or profane language
- Cause you to spend money you wouldn’t otherwise have spent (ie long-distance telephone calls)
- Call you repeatedly or let your phone ring repeatedly
- Call frequently
- Contact your employer, except to verify employment or health insurance status, garnish wages or locate you
- Reveal information about debt to anyone except your spouse or your parents if a minor.
- Publicly publish your name for failing to pay
- Send a postcard or letter with revealing information on the envelope
- Claim to be someone other than a debt collector, including a governmental official
- Use stationary that appears to be from a law firm
- Charge you collection or attorney’s fees unless legally allowable
- Threaten to report you to a credit reporting agency if they have no intention of doing so
- Send a letter claiming to come from a claim, credit, audit, or legal department unless it actually is
Debt collectors must:
- Disclose caller identification
- May contact your family to locate you
- Must serve you with notice of a lawsuit if suing you
- Must sue you in the county where you first incurred the debt
Bankruptcy Court Information
Bankruptcy is a legal action that can erase most of your debt, and your credit history. It is not an action to take lightly. If you do, you must follow the following steps in Texas.
Persons filing for bankruptcy must:
- Complete credit counseling within six months before filing for bankruptcy.
- Complete a financial management instructional course after filing bankruptcy.
- Complete a Bankruptcy Act Means Test to determine if you are eligible for a Chapter 7 or 13 bankruptcy
- Itemize current income sources; major financial transactions; monthly living expenses; debts (secured and unsecured); and property (all assets and possessions, not just real estate).
- Collect last 2 years of tax returns, deeds to real estate you own, car titles, and loan documents
- File for bankruptcy
- Chapter 7 bankruptcy fee is $306
- Chapter 13 bankruptcy fee is $281
- Meet with court assigned bankruptcy trustee
- Attend a Meeting of Creditors
- Confirm plan if filing for Chapter 13 bankruptcy
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*Clients who make all their monthly program deposits pay approximately 50% of their enrolled balance before fees, or 65% to 85% including fees, over 24 to 48 months (some programs lengths can go higher). Not all clients are able to complete our program for various reasons, including their ability to save sufficient funds. Our estimates are based on prior results, which will vary depending on your specific circumstances. We do not guarantee that your debts will be resolved for a specific amount or percentage or within a specific period of time. We do not assume your debts, make monthly payments to creditors or provide tax, bankruptcy, accounting or legal advice or credit repair services. We are not a credit repair firm nor do we offer credit repair services. Our service is not available in all states and our fees may vary from state to state. Please contact a tax professional to discuss potential tax consequences of less than full balance debt resolution. Read and understand all program materials prior to enrollment. We are licensed where we engage in business. NMLS # 1250953. The use of our services will likely adversely affect your creditworthiness, may result in you being subject to collections or being sued by creditors or collectors and may increase the outstanding balances of your enrolled accounts due to the accrual of fees and interest. However, negotiated settlements we obtain on your behalf resolve the entire account, including all accrued fees and interest. C.P.D. Reg. No. T.S. 12-03825.