Colorado Debt Consolidation ServicesJuly 26, 2022
As a place to live, Colorado has a lot going for it. The Centennial State took third place in CNBC’s list of “Top States for Business 2010.” And for cost of living, Colorado comes in at position 34 out of 51, scoring 102.3 percent on the national index. Coloradoans pay 98.5 percent for groceries, 113.9 percent for housing, and 105 percent for healthcare costs compared to the nation as a whole.
Not a great story, but certainly not the worst in the country. According to the Census, the median household income of $65,685 was $8,068 higher than the US figures. The per capita personal income was $51,940, ranking Colorado 11th in the nation.
Regardless of the positive numbers on multiple levels, many Colorado residents still find themselves in debt—some in severe debt. Fortunately, there are solutions available. Debt consolidation could be an option, depending on the details of your situation.
Credit Card Debt and Debt Consolidation Loans
Credit card debt isn’t always a bad thing. Many Colorado consumers use their credit cards as often as they can with the goal of earning cash back and rewards. But the key to being successful at this kind of endeavor is to pay off the balances each month. However, the majority of credit account holders (71 percent) carry a balance and often pay high interest rates for the privilege.
If you happen to fall into this group, and your debt is growing, there are solutions out there. One option to consider is a debt consolidation loan. Colorado residents with high amounts of debt could be eligible for secure or unsecured loans from reputable lenders.
To qualify for a secure loan, you’ll need to put up high-value assets like your home or car, which will enable you to get a better interest rate and terms from the lender. The danger is that if you’re unable to pay back the loan, you could lose your asset. So this method should be considered only if you’re confident you can keep up with the payments.
If you get an unsecured loan (you’re not putting up any collateral), you’ll likely pay more on interest since the lender is taking more of a risk. But even with less favorable terms, meaning you’ll pay more in the end, this may be a better solution for you. If you’ve looked into debt consolidation and you’re unable to get decent payment terms and interest rates, there are other options that could work better for your circumstances.
Colorado residents can call Freedom Debt Relief at 800-910-0065 for a free debt evaluation to find a solution that’s right for them. Our Certified Debt Consultants will help you find the best solution for your particular situation—even if it means not using our company! During the free consultation, they’ll evaluate the details of your finances and if it looks like debt consolidation is the best method for you to clear your debt, you’ll be able to apply to Freedom Debt Relief or whichever Colorado company makes the most sense for you.
If it seems that another debt-clearing tactic like debt settlement or debt counseling would work better, you can look into the Freedom Debt Relief Program. It’s important to note that no matter which company and solution you ultimately choose, if you want to be successful, the key is to be consistent and keep your eye on the goal of becoming debt free.
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
Coloradoans and Debt
If you’re concerned about your levels of debt, you’re not alone. Many of your fellow residents are in the same position. In 2017, on average, Colorado residents held 2.5 credit cards with balances of $6,018 compared to the national average of 2.35 credit cards with average balances of $5,551. These figures mean that Colorado consumers are using only 29-30 percent of their available credit limits, which sounds positive.
But there are other types of debt in the equation too: Colorado homeowners with mortgages carried an average balance of $230,142 while those residents holding student, car, and other consumer loans were in debt to the tune of $41,770 on average.
In Colorado, credit card companies and other creditors have 6 years to sue customers who have fallen behind with payments. Rather than trying to wait out your creditors and having to deal with the stress of their efforts to collect on the debt, take control now.
Start looking into solutions today—whether it’s debt consolidation or another method to help you become debt free, you’ll gain peace of mind by knowing you’re headed in the right direction financially. It begins by simply making a call. Contact Freedom Debt Relief now at 800-910-0065 for a free debt consultation.