Debt Consolidation Services Available in AlaskaAugust 16, 2022
Updated July 31, 2022
Based on Freedom Debt Relief’s June 2022 Credit Card Utilization Data, the average credit card utilization of people looking for debt relief in Alaska is 67%. By comparison, per Experian, the average credit card utilization in the US in 2021 was 25%. High credit card utilization, in general, implies a greater likelihood of needing debt relief services. If you’re carrying debt, it’s possible to take care of it with debt relief solutions like debt consolidation so you can avoid having to resort to bankruptcy. Your ideal solution depends on the amount of debt you have, the kind of debt you have, and the time frame in which you have to resolve it. If you have more than $10,000 in debt, are willing to prolong your payment period, and want a simple monthly program payment, debt consolidation might be the solution for you.
Alaska Debt Consolidation Loans
Since Alaska has the highest unemployment rate in the country, it’s no surprise that thousands of its residents are in severe credit card debt. In Alaska, the average household carries $7,706 in debt. Alaska also holds one of the top spots—ranked 6th highest in the country—for cost of living due to the expense of having to transport food and other necessities. In addition to the inflated cost of living, the seasonal nature of much of the work means many of its denizens amass debt when their jobs end at the close of season.
If you’re ready to get your debt under control, there are several options available that could be effective in helping you achieve financial freedom. One popular method is debt consolidation. Alaska residents with severe debt could be eligible for secure loans from reputable lenders.
Secure loans are loans created using collateral — high-value assets like your home or car. The value of these assets is leveraged to attain a loan with a reasonable interest rate from a lender. If you can’t pay your loan, you are at risk of forfeiting those assets. There’s a risk/reward element to debt consolidation, but as long as you stay on top of your payments, the risk portion shouldn’t be an issue.
If you get an unsecured loan—where you’re not having to leverage any collateral—you’ll likely have to pay higher interest rates since the lender is taking more of a risk. But even with less favorable terms and higher interest, this may still be a better solution for you.
Alaska residents can call Freedom Debt Relief at 800-910-0065 for a free debt evaluation to find a solution that is right for them.
The good news is that residents of states with higher costs of living also tend to have higher incomes. According to the Census Reporter, the median household income in Alaska is higher at $57,617 than the national average of $53,657. The average individual income in Alaska is $31,981. The higher incomes are due, in part, to the Permanent Fund Dividend which basically incentivizes people to live in the state permanently.
The fund, paid from Alaskan mineral royalties, gives each qualifying resident a certain amount annually. The amount varies from year to year but in 2015, 637,014 residents got $2,072 each. Another reason that Alaska residents make higher salaries is that higher pay rates are needed to attract people willing to work in harsh conditions, ex. in the oil fields. Residents also enjoy lower taxes as a result of Federal subsidies.
However, even with the availability of high paying jobs, it’s still possible to carry significant debt. If this describes your situation, take heart. There are a number of relief solutions in your area, including debt consolidation. Alaska is home to a number of companies. To find your path to financial freedom, just follow these steps:
Call Freedom Debt Relief at 800-910-0065 You’ll receive a free debt evaluation. Our Certified Debt Consultants can help you find the right solution that fits your unique debt situation.
Choose a debt solution. The debt consultants will recommend a debt solution to you depending on the results of your free evaluation. If that recommendation is debt consolidation, Alaska companies may just be a phone call away.
Follow through to freedom. No matter whether you choose debt consolidation, debt settlement, or debt counseling, the most important part is that you follow through. There’s nothing easy about resolving massive debt. It takes time, commitment, and a willingness to work hard now, so you can have true freedom later.
Request a free debt evaluation to find out how we could help you:
- Resolve your debt faster
- Significantly reduce what you owe
- Make one low monthly program payment
Statute of Limitations on Debt in Alaska
The Statute of Limitations limits the amount of time a creditor has to sue you for unpaid debt. If you’ve heard about these statutes and wondered how they work, there are a few things to be aware of. It can be difficult to figure out if you’re responsible for paying your old debt because different rules apply depending on the type of debt, the state you live in, and the contract you signed.
Alaska’s Statute of Limitations for credit card debt is three years. Both written and verbal contracts are the same length of time. Three years is the shortest period in the nation—some states’ statutes take fifteen years to expire. But even if the Statute of Limitations has expired on your debt, it can still have an impact on your credit profile.
Moreover, debt collectors and creditors may still try to collect the debt or sue you. It’s key that if they do try to take you to court, you tell the court that your debt has expired, as your creditor won’t offer up this information. Another thing to remember is that if you admit to the debt in writing or put any money at all toward it, you could be in danger of re-setting the clock on the expiration period.
Since the Statute of Limitations can be complicated with so many different rules, the best way to ensure that your debt stays in the past is to pay it off. But that doesn’t mean you have to pay the entire amount owed. Freedom Debt Relief offers a debt settlement program that could help you resolve your debt faster and for less than you currently owe. If you qualify for our program, you can rest easy knowing that your old debt is gone for good. Find out how our program works here.
Don’t wait any longer. Avoid the statistics, don’t become another number. Look for a debt solution today, including debt consolidation. Debt relief programs are currently available to Alaska residents – Our Certified Debt Consultants are available to help. Start your journey toward financial freedom today. Call 800-910-0065 now for a free debt consultation.