Turbo Takeaways
- Many Ohioans rely on credit cards and loans to manage rising expenses and inflation.
- Debt relief programs like management plans, consolidation, and settlement help reduce balances and simplify repayment.
- With professional support, Buckeye State residents can rebuild confidence and move toward lasting debt freedom.
Your Options To Get Out of Debt in Ohio
Consumer debt is rising to unprecedented levels, outpacing wage growth and leaving many Ohio residents struggling to meet monthly expenses amidst an inflationary economy.
Using credit cards and loans to stay afloat, Ohio consumers need options to overcome interest charges and other fees and to help them pay down huge debt balances if they’re stuck in a cycle of late or missed payments.
Thankfully, there are options for debt relief in Ohio. Read on to learn more about how Buckeye State residents can reset their financial situations through the best debt relief programs available today.
Credit Counseling
Credit counseling programs offer advice on overcoming debt and managing your credit history.
How It Works
Certified credit counselors operate throughout the state of Ohio, working with nonprofit and private organizations.
Pros
- Provides sound financial advice from an unbiased source
- Builds budgeting and money management habits
- Connect clients to structured repayment programs
Cons
- Doesn’t directly eliminate debt
- Some agencies may charge modest setup or session fees
- Progress depends on consistent follow-through
Cost
Credit counseling often costs less than any other program offering debt relief. Low-income residents may even qualify for reduced or no-cost services.
Stats
- Although credit counseling can help mitigate financial hardship by teaching you better money management techniques, more consumers in serious debt opt for debt settlement as a solution.
Resources
Use the Financial Counseling Association of America’s search tool to look for credit counselors in Ohio.
Debt Management
Buckeye State residents with multiple debt balances, such as student and personal loans, may benefit from reorganizing their payments through debt management.
How It Works
Ohio residents can choose to create a debt management plan (DMP) with a nonprofit credit counseling organization or a private debt relief company.
Pros
- One fixed monthly payment replaces multiple bills
- Potential for reduced interest rates and waived late fees
- Predictable timeline to become debt-free
Cons
- Must close most credit card accounts during program
- Missed payments can cancel negotiated benefits
- Service fees may apply monthly
Cost
Ohio’s Debt Adjusters Act of 2004 stipulates that debt adjusters may not accept more than $75 for initial consultation fees. It also regulates the amount a debtor pays each month to no more than 8.5% of a DMP participant’s total monthly payments or $30 (whichever is greater).
Stats
- In 2023, Ohio residents carried an average consumer debt of $75,243.
Resources
Read more about the benefits and drawbacks of debt management programs and how they compare to other Ohio debt relief programs.
Debt Consolidation
Consolidating your debt allows you to pay off your balances and reorganize payments through a lower-interest consolidation loan or a balance transfer credit card, which offers a low or 0% interest promotion for the first 12 to 18+ months the card is open.
How It Works
Buckeye State residents with “fair” to “good” credit (670+) are more likely to qualify for debt consolidation loans at a lower interest rate.
Ohioans choosing to open a zero-interest balance transfer credit card should plan to pay off debts within the introductory period to avoid the credit card’s terms resetting to its much higher interest rate.
Pros
- Simplifies repayment under one account or card
- Balance transfer credit cards provide a quick solution for paying off small balances with no interest charges.
- Debt consolidation loans often offer a fixed loan term and lower fixed interest rates
Cons
- Requires good credit to access best loan terms
- After the promotional period expires, balance transfer cards can cause to pay more debt overall
- Balance transfer fees of 3–5% reduce total savings
Cost
Balance transfer cards can cost a lot in interest if you don’t pay your balance in full within the zero-interest period. Some cards charge a standard interest rate of up to 29.99% APR on any amount carried forward into the next billing cycle.
Since debt consolidation loans take longer to pay off, it’s important to determine your total cost by calculating the length of your loan, your monthly payment, and your interest rate to see how much you’ll pay in total.
Stats
- Ohioans have an average credit score of 706, putting many residents in a good position to secure lower interest rates.
Resources
Brad Reichert, founder and managing director of Reichert Asset Management LLC, offers some advice about determining interest rates on your credit card. “To more easily find these standard purchase and cash advance interest rates that will apply to your balance, you can refer to a legally required summary of the terms, interest rate(s), and relevant account fees and charges that will apply to your new credit card,” he explains.
“This summary of terms and conditions will be provided in a neatly organized and highlighted section of your application and your new credit card’s account documents once you open an account,” Reichert adds.
To find out more about a traditional consolidation loan, read our list of the 5 best debt consolidation loans in 2025.
Debt Settlement
With many Buckeye State residents struggling to pay off high credit card balances and other unsecured debts, debt settlement can save Ohioans an average of 55% of their total debt when settling with a trusted debt relief company.
How It Works
Often viewed as the best program for reducing debt quickly and effectively, debt settlement involves working with creditors to reduce a large portion of your total balance when you agree to pay a negotiated lump sum.
Once enrolled in a program, Ohio residents will save up for this payment over several months, either on their own or with the help of a debt settlement organization.
Pros
- Can reduce unsecured debt by up to half before fees
- Shorter payoff period compared to other methods
- Stops most collection calls after agreements are reached
Cons
- May temporarily hurt credit score
- Creditors aren’t required to accept offers
- Risk of scams from unaccredited companies
Cost
The settlement process can cause your credit score to drop significantly while you’re going through it because it typically involves stopping payments to your creditors while you save up for your lump-sum payment.
Stats
- Ohioans carry an average credit card debt of $6,300, making debt relief solutions essential for many residents.
Resources
Discover debt settlement and how it can help alleviate substantial unsecured balances.
Bankruptcy
Filing for bankruptcy involves taking legal action to repay and reorganize debts through one of Ohio’s regional bankruptcy courts.
How It Works
As a last resort, Ohio consumers can file for Chapter 7 or Chapter 13 bankruptcy to alleviate debt burdens.
Pros
- Provides a legal reset for severe financial hardship
- Chapter 13 bankruptcy can help pay off debts through a court-structured plan without selling assets
- In Chapter 7, some debts may be forgiven through the court after selling off non-exempt assets to repay creditors
Cons
- Bankruptcy severely impacts your credit history for up to 10 years
- Legal and attorney costs can be significant
- Some debts, such as student loans, remain ineligible
Cost
Filing for bankruptcy can cost up to $5,000 in attorney fees, plus court costs for the various documentation processing and procedures involved.
Stats
- In 2024, Buckeye State residents filed 23,448 bankruptcy cases.
Resources
Learn how to save money when you file for bankruptcy.
What You Need To Know About Debt in Ohio
Statute of Limitations on Debt Collections in Ohio
Although debts don’t disappear after Ohio’s Statute of Limitations on debt collection expires, creditors can no longer pursue legal action against residents once this period is up. Here’s a look at the amount of time collectible for each type of debt:
| Type of Debt Agreement | Length of Time Collectible |
|---|---|
| Written Contracts | 6 years |
| Promissory Notes | 6 years |
| Open-Ended Accounts (including credit cards) | 6 years |
| Oral Agreements | 6 years |
Statute of Limitations on Medical Debt in Ohio
The Statute of Limitations on medical debt also lasts six years in Ohio. However, unpaid medical bills can still cause financial hardship for many individuals and families in the Buckeye State. This is why Ohio consumers seek debt relief options like settlement, consolidation, or DMPs to overcome large balances and start fresh financially.
Student Loan Forgiveness in Ohio
Ohio residents carry an average student loan debt of $35,033,. With consumer debt soaring, many Buckeye State citizens find it challenging to repay debts that even bankruptcy can’t resolve. Ohio’s Student Loan Center offers a resource for student borrowers to calculate repayments after graduation.
While Ohio doesn’t offer a state-funded student loan forgiveness program, graduates may still qualify for federal assistance programs.
Resources for Financial Assistance in Ohio
Government and state-level debt relief programs in Ohio involve cash and food assistance, plus other resources for low-income residents or those struggling financially.
Here are some of the top financial assistance programs facilitated by the Buckeye State:
- Unemployment Benefits: Ohio provides temporary wage assistance for residents who’ve lost their jobs and are seeking work.
- Food Assistance Program: Ohio administers the federal SNAP program to needy families through state-run food assistance services.
- Home Energy Assistance Program: This one-time benefit helps residents keep their homes cool during the summer months.
- Cash Assistance: The Ohio Works First Program offers cash assistance to residents through the federal TANF program.
Even though Ohio stimulus checks are a thing of the past, you may still be able to get checks from the IRS issued during the COVID-19 pandemic. And if you’ve been expecting your Ohio state tax refund and haven’t gotten it yet, there are several ways of checking the status.
Get Professional Help Paying Off Your Debt
Qualifying for federal and state assistance programs may not be enough to overcome a huge debt load. While you may receive temporary assistance for emergencies, addressing the root of your debt problem is the only way to gain true financial freedom.
That’s why TurboDebt® offers Buckeye State residents solutions for unsecured debts. Thousands of Ohioans have already saved an average of 55% with our customized debt relief programs.
Read over 20,000 5-star TurboDebt reviews on Google and Trustpilot to see what our clients from Ohio and beyond have experienced.
Determining if you qualify for debt relief services only takes a few minutes. Contact us today for a free consultation and break free of the endless cycle of debt!