OKLAHOMA CITY (KFOR) – A startling variety of Oklahoma households rely on child support. Nationally, Oklahoma ranks in the top ten.
The common annual private earnings of parents who obtain child support right here at house is just below 37,500.
The common quantity of child support obtained is simply over 5,000.
Nationwide, that quantity is 11.6%.
As inflation makes life costlier, parents in Oklahoma are relying on child support greater than ever.
“What we found is that folks in Oklahoma who received child support are among the most reliant in the country on it. And really, I think that that’s a function of just the fact that the average income in Oklahoma is lower than the national average and lower than a lot of other states. So whatever money comes in through child support is going to make up a bigger portion of that income,” mentioned Matt Schulz, chief credit score analyst at LendingTree.
Chief credit score analyst with LendingTree, Matt Schulz mentioned inflation in Oklahoma has performed an enormous position in lots of parents relying on child support.
“It’s been a really, really difficult year for families who live paycheck to paycheck. On a tight budget. Inflation has just shrunk people’s financial margin for error down to zero. And if you are somebody who is receiving child support, chances are that money that you get in those child support payments isn’t going as far as it used to, and it just makes things all the more difficult,” mentioned Schulz.
Schulz mentioned should you’re a type of households, you need to take a more in-depth take a look at your price range.
(*10*) mentioned Schulz.
“A lot of things that you thought would cost a certain amount, probably cost a good bit more. So, it’s a good time around the holidays, around the first of the year to reassess that budget, to make sure that you know exactly where you stand financially, because it can make a really big difference,” mentioned Schulz.
Schulz expects this development to proceed and believes it received’t finish anytime quickly.
“Folks who are really reliant on child support payments need to be really, really cautious with their money. They need to create a budget. They need to pay attention to that so they can know exactly how much money they have and how they’re going to manage rising inflation, rising interest rates and just the cost of everything seemingly getting more expensive by the day,” mentioned Schulz.
Oklahoma can also be a top 10 state where the greatest share of earnings goes towards child support funds. It’s round 13.6% of earnings for individuals who obtain it.
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