Debt Consolidation: Franklin Residents Have Options AvailableAugust 3, 2022
Franklin, Virginia’s economy features heavily on manufacturing. Other employers include the utilities, healthcare and social assistance, transportation and warehousing, agriculture, forestry, fishing and hunting sectors. Between 2015 and 2016, the employment rate grew at a rate of 1.72% from 3,249 employees to 3,448.
The median household income in the city is $38,333 with local men making an average income of 1.53 times more than the women in the area. The median income is less than the US average.
While the unemployment rates in Franklin (5.9%) are higher than the US average (5.2%) the city has seen a 1.6% increase in the job market since 2017. And future job growth, while still lower than the US average, is predicted to keep growing over the next 10 years
Regardless of your gender or the industry you’re employed in, you may be suffering from a growing debt problem. It’s a common problem for millions of Americans in this day and age. The credit card companies make it very easy to open accounts, and it’s also very easy to get behind with payments.
Here is one scenario that may be familiar to you: you’re humming along, managing your payments each month when you’re tempted to make a big purchase or pay for a special trip using your credit card. You assume you’ll be able to pay it off as you’ve been doing given your current incoming salary and outgoing expenditures.
Then, out of nowhere disaster strikes—you get laid off, or don’t get the bonus you were counting on. Or you incur a big unexpected expense like needing to replace your vehicle or paying for some unplanned dental work. Suddenly, your carefully orchestrated card re-payment schedules and saving plans are no longer possible.
This is when the card debt starts to mount as you’re only managing to make the minimum payments. If you keep using the cards, you’ll continue to amass debt and you’ll also be charged compound interest, which will put you further in the hole.
This may seem like a very worrying situation—and it can be if you don’t take action. But thankfully, there are ways out of the situation. The key is knowing which debt-clearing solution to adopt.
Debt Consolidation in Franklin
If you’re keen to reverse your debt situation, a debt consolidation loan could be a smart choice. And since this type of loan simplifies your payment schedule into one predictable payment each month, it could even help you keep your finances and due dates organized. But your ideal debt-clearing solution depends on several factors, including the type of debt you have, the amount of debt, and what kind of time frame you’re looking to resolve it in.
Debt consolidation loans are a popular solution for many Franklin residents. These loans can be used to consolidate debt from credit cards and medical bills or student loans. The loans can come from various places like traditional banks or reputable debt consolidation companies.
To qualify for a debt consolidation loan, you’ll need to have a good credit history and a good credit score. (If you can’t check this box, you may need to look at other options.) You’ll also need to have a good steady source of income with which to pay back the loan. After all, lenders are not going to give you free money if they fear they may not get it back with interest! They’ll also take your debt to income (DTI) ratio into account.
The DTI means that if your debt burden is too high compared to the amount you earn, it won’t be considered healthy and lenders may be wary of giving you a loan. If so, investigate the other options available like debt management or credit counseling.
There’s a lot of confusing information and disreputable companies around trying to get your business, so it’s important to do your research and use the right strategy and the right lender.
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
The Certified Debt Consultants at Freedom Debt Relief will consider the specific details of your situation and recommend the best solution for you—whether it is debt consolidation or debt settlement services. In fact, our employees are so committed to helping you, if our debt settlement program doesn’t work for you, they’ll even recommend other companies that may suit you better! Our goal is to help you deal with your debt once and for all—regardless of the method used or the company offering it.
If you’re stressing over your mounting debt, you can do something about it. Don’t wait any longer to take it in hand. Find out how by calling Freedom Debt Relief today at 800-910-0065 —you’ll be glad you did.