Debt Consolidation for Clearwater ResidentsAugust 3, 2022
Some of the numbers on employment and the economy in Clearwater, Florida look positive while others don’t look so good. From 2015 to 2016, employment grew at a rate of 1.84% from 49,434 to 50,345 workers. The dominant industries are healthcare, retail, professional, scientific and tech services, which all employ more residents than would be expected for a city of its size. But the highest paying sectors are utilities, finance and insurance, and professional, scientific and tech services.
While the median income in Clearwater households has grown 0.84% to $45,469, the average individual wage of $50,990 is still lower than other Florida cities or the US as a whole. Property values have also seen an increase of 4.54% to an average of $163,500 and home ownership rates have increased as well to 57.4%. However, another statistic that’s higher than other places is the poverty rate. The percentage of Clearwater residents considered below the poverty line is 21.5% compared to 20% for the rest of the state.
Debt Relief Solutions
Even if you are employed in one of the industries mentioned above and don’t fall below the poverty line, it can be hard to get ahead when there are so many bills to take care of. Often, hardworking people fall behind and resort to using their credit cards to cover the basics. It’s a fact of modern life. But if you’re not able to pay off the full balances each month, and you use the card regularly, the debt is going to grow and then you’ll be paying more in compound interest as well.
Fortunately, there are actions you can take to get this stressful situation under control. But knowing which strategy to use can be hard to determine on your own. Freedom Debt Relief has experienced Certified Debt Consultants who understand all the strategies and can help show you the best way forward for your unique financial situation. Call 800-910-0065 today to get started.
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
Debt-Relief Solutions in Clearwater
There are several smart strategies for clearing debt: many consumers choose to get a debt consolidation loan, while others go for debt settlement or a debt management program if their debt burden is more severe. Consolidating your debt into one loan—which is then used to pay off all your creditors—removes the confusion of having to keep track of multiple payments with different due dates. Then you have only one payment to remember each month. This can help avoid late payments and the related penalties, so your credit score doesn’t get dinged. Moreover, most consolidation loans will have lower interest rates than your cards, so you could end up saving money in the long run.
However, while debt consolidation works for many residents of Clearwater, it’s not the best strategy for everyone.
It’s a good choice if:
You have good-to-great credit
You can avoid getting into debt again
You have significant debt and it’s growing
You’re paying high interest rates on your cards
There may be better choices if:
You have poor or bad credit
Your credit score’s too low
Your debt-to-income ratio is too high
You’re unable to change your spending habits
You’re still dealing with a debt-causing situation
Regardless of which approach you choose, you’ve taken a step in the right direction by looking into the options. There’s a custom solution out there that will fit your situation. The Certified Debt Consultants at Freedom Debt Relief can walk you through the various options to help you decide if debt consolidation is a viable option for you.
Consumer Debt in Clearwater
Residents of Clearwater and other Florida cities had some of the highest credit issues and bankruptcy rates during the recession but are now making a comeback. However, residents still have higher credit card debt and lower credit scores than the national average. (The Sunshine State is third in the nation for the most credit card debt.) According to a study, Florida consumers amassed $59.2 billion in credit card debt by the end of 2017.
Make today the day you begin to get your debt under control. Whether it’s debt consolidation or one of the other methods, you’ll be less stressed knowing you’re headed toward financial freedom. Contact Freedom Debt Relief now at 800-910-0065 for a no-obligation debt consultation.