Ohio workers are drowning in debt. We will fall behind without action.

This op-ed by Derrick R. Clay, President and CEO of the Columbus Chamber of Commerce, originally appeared in The Columbus Dispatch.

Ohio’s economic future depends on more than business attraction strategies and tax competitiveness. It depends on the financial stability of the people who power our workforce every day.

When working families are burdened by unsustainable debt, the consequences ripple across the entire economy, affecting productivity, consumer confidence and long-term regional growth.

That is why Senate Bill 256 and House Bill 534 deserve strong consideration and support.

At its core, this legislation provides a regulated framework for debt relief services in Ohio. While that may sound like a narrow policy issue, the implications are much broader. Financial strain is increasingly becoming a workforce issue, not just a household one.

Recent data from the Consumer Financial Protection Bureau shows that average credit card interest rates now exceed 25%, the highest level in nearly a decade. At the same time, the share of cardholders making only minimum payments has climbed to levels not seen since 2015. This is no longer limited to low-income households.

Financial pressure is spreading into the middle of the workforce, including skilled professionals, caregivers and essential employees who form the backbone of Ohio’s economy.

For employers, the impact is real

Financial stress contributes to absenteeism, reduced focus, higher turnover and delayed career mobility. For communities, it suppresses consumer spending, postpones homeownership and slows entrepreneurial activity. For the state, it creates a drag on economic momentum at precisely the time Ohio is competing nationally for talent and investment.

Ohio lawmakers have taken important steps in recent years to address tax policy and affordability challenges. Those efforts matter. But tax relief alone does not solve the problem of existing high-interest debt that many households are already carrying. Families need practical pathways to recover financially, not just future relief.

SB 256 and HB 534 offer that pathway.

Ohio risks falling behind

• First, the legislation helps preserve economic participation. Bankruptcy can carry long-term consequences that sideline individuals from financial systems and career opportunities for years. Responsible, regulated debt resolution allows households to stabilize without permanently disconnecting from the economy.
• Second, the bills modernize Ohio’s regulatory environment. Many peer states already provide structured oversight for debt relief services. Without modernization, Ohio risks falling behind in offering the financial resilience tools that professionals increasingly expect when deciding where to live and work.
• Third, improving household balance sheets strengthens consumer confidence. When families are not consumed by high-interest payments, discretionary income returns to local businesses. That spending fuels job creation, supports small enterprises and drives regional growth.

This conversation is not about encouraging borrowing. It is about acknowledging economic reality. Many Ohioans are carrying financial burdens shaped by inflation, health care costs, childcare expenses and interest rate increases beyond their control. Providing a responsible recovery framework is a pro-workforce, pro-business strategy.

A financially stable workforce is more productive, more mobile and more engaged. Employers benefit from reduced stress among employees. Communities benefit from stronger consumer activity. The state benefits from sustained economic growth.

Ohio has an opportunity to lead by recognizing that financial resilience is an essential component of workforce development.

Supporting SB 256 and HB 534 is not simply a consumer policy decision. It is an economic competitiveness decision. It is a workforce strategy. And it is an investment in the long-term prosperity of Ohio’s families, businesses and communities.

For those reasons, advancing this legislation is a step toward ensuring Ohio remains a place where people can recover, participate and thrive.

Derrick R. Clay
President and CEO
Columbus Chamber of Commerce

About the Columbus Chamber of Commerce: The Columbus Chamber of Commerce is a mission-driven nonprofit organization that serves more than 2,600 organizations across the Columbus Region. Founded in 1884, the Chamber serves as a strategic partner to the region’s businesses. We convene the community, advocate as the active voice for business, and navigate the insights, connections, and solutions that drive prosperity and growth. The Chamber provides an interconnected ecosystem where businesses collaborate to eliminate barriers to success, creating a vibrant environment for enterprises throughout the region. Together, we make our region an exceptional place to do business. Learn more: columbus.org.