Debt Consolidation: Baltimore Residents Have Options AvailableAugust 3, 2022
Statistics don’t always tell the whole story, but in Baltimore, Maryland they do reveal that some of its residents may be struggling financially. In 2009, the median household income of $42,241 and median income per capita of $25,707 were below the national figures of $53,889 per household and $28,930 per capita. In fact, compared to the nationwide figure of 13.5 percent, a whopping 23.7 percent of the Baltimore population lives below the poverty line.
Your situation may not be as dire, but if you’re in debt and having a difficult time getting it under control, it may be worrying you. But there is good news—there are proven methods available to help you. It just depends on your personal situation as to which one will be most effective. Make a phone call to 800-910-0065 and see whether debt settlement, debt counseling or debt consolidation would work best for you.
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
What Debt Solution Should You Choose?
There are a many debt solutions available to those burdened by massive debt. While there may not be one solution that works for everyone, there are options that fits your specific debt situation better. Here’s an overview of what may be available to you in Baltimore.
Baltimore residents with over $10,000 in debt might qualify for debt consolidation. The process involves getting a consolidation loan from a debt consolidation company or bank to cover your debts. Most consolidation loans require collateral — like a home or a car — that you must leverage in order to receive the loan. A secured loan is a bit of a double-edged sword: on the one hand it can help you get a lower interest rate, which means you pay less over time. On the other hand, if you do fall behind or can’t make your payments, you’re in danger of losing your house or your car.
The other option is to get an unsecured loan. These require good credit and usually carry much higher interest rates because the lender doesn’t have any guarantee that you’ll pay back the entire loan outside of a binding signature. An unsecured loan could help simplify your repayment process, but it could also lead to a greater amount of debt in the long run.
If you don’t have massive debt and want to learn more about budgeting, credit counseling could be right for you. A credit counseling agency may help you build a budget so that you can pay down debt. They’ll also give you tips on how to avoid additional debt. Debt counselors can help with budgeting, but they often refer you to other services, such as debt consolidation. Research debt counseling services in the Baltimore area for a comprehensive list of services.
If you have a lot of debt, debt resolution could be a good choice. With debt resolution, you work with a company to resolve debt for less than you owe. The company negotiates with your creditors on your behalf while you put money into a account they set up for you and you control. When the debt settlement company reaches an agreement with a creditor, you can use the moeny you saved in the account to settle the debt. The process continues with each enrolled debt until all the debt balances are resolved.
There are other options besides debt counseling, resolution and debt consolidation. Baltimore residents can also look into minimum payment plans and bankruptcy, though both options may be less favorable than those listed above.
Sticking with minimum payments will most likely lead to you paying more over time thanks to compounding interest. As for bankruptcy, it may be right for some, but it is typically viewed as a last resort, especially since it may have a negative, long-term effect on your credit score. That’s why it’s important to call 800-910-0065 today for a free debt evaluation — find the right solution for you.
Debt Consolidation in Baltimore
Since housing in Baltimore or “Charm City” as it’s fondly called, is relatively inexpensive for a coastal city, you may be one of the fortunate Baltimoreans who is a homeowner. But owning your abode doesn’t mean you’re in the clear financially. In fact, it can be easier to amass significant credit card debt when you also have a mortgage and property taxes to pay. Regardless of your status—whether you own a home or rent an apartment–you can rest assured you’re not alone when it comes to needing help getting your debt under control.
If you have over $10,000 in debt, debt consolidation in Baltimore could be worth looking into. Debt consolidation may simplify the debt repayment process and make debt resolution less stressful. Whether it’s resolution, counseling or debt consolidation, however, you have options to get out of debt. It’s time to take care of your debt and live a life of freedom.