Debt Consolidation: Erie Residents Have Options AvailableJuly 27, 2022
During the Industrial Revolution, Erie, Pennsylvania became an important city for iron and steel manufacturing and thrived well into the 20th century. But a more diverse mix of mid-sized industries has emerged since the decline of the large manufacturers in this century. In addition to smaller and more agile steel and plastic plants, this more diversified economy includes the health, insurance and tourism sectors.
Over four million people visited Presque Isle State Park and other attractions in 2017. The tax exemption on clothing also draws shoppers from Ohio, New York and Canada to the Millcreek Mall and Peach Street stores. Other major employers in the area include state and federal governments, and companies like Erie Insurance Group and General Electric.
Even with a great salary from working in the retail, tourism, or steel industries, it’s easy to see how residents of Erie could still end up in debt.
Discover Your Debt-Clearing Solution
If you’re growing debt instead of savings, there is a variety of methods that can take care of this situation and get you on the path to financial freedom. Depending on your personal financial details, like how much you earn and how much you owe, there are several solutions to choose from:
Debt Management Programs (DMP)
Erie residents with more than $10,000 in debt might be good candidates for debt consolidation. It involves getting a consolidation loan to cover your debts. Instead of paying several bills to several creditors, you pay one to a debt consolidation company or bank.
This is a popular solution because it makes sense for a wide range of consumers. It can be used to combine debt from credit cards, medical bills, payday, student, or tax loans. However, it’s typically used to pay off credit card debt. Debt consolidation is especially effective for paying off high interest rate cards, since the loans usually come with a lower interest rate.
Also known as debt resolution or debt negotiation, debt settlement could be a good choice if you’re struggling with a large amount of unsecured debt from credit cards, medical bills or personal loans. If you’re having trouble keeping up with the minimum payments on your cards and certain other loans, this could be a smart strategy.
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 Management Plans (DMP)
A DMP can be a smart debt-relief solution for certain consumers. If you speak with a credit counselor, they may propose a plan that will allow you to consolidate your debts into one monthly payment with a lower interest rate. If you enroll in a DMP, you can expect your debt to be cleared within three to five years.
Credit counseling can give you the tools you need to get your finances under control. It can also be effective for consumers unsure of how to approach their creditors about negotiating payment plans or settling their debts. Counseling can also help you put processes in place to ensure you make payments on time, while growing your savings as well.
Median household income: $35,205 (growth)
Poverty rate: 26.4 percent (growth)
Number of employees: 43,020 (decline)
Median property value: $86, 700 (growth)
Population: 100,157 (decline)
Whether your income is growing or declining, don’t wait any longer to tackle your debt. Discover whether debt consolidation or one of the other solutions is the answer. Freedom Debt Relief is always here to help you weigh the options. Contact our Certified Debt Consultants today at 800-910-0065 to find out which method makes the most sense for you.