Debt Consolidation and other Debt-Relief Strategies for Grants ResidentsAugust 3, 2022
The city of Grants began as an encampment alongside the tracks of the Atlantic and Pacific railroads and grew as a result of the logging industry. After logging declined in the 1930s, the New Mexico town then became known as the “carrot capital” of the US. In addition, its proximity to Route 66 meant that businesses sprang up to service the tourists and road trippers passing through.
But the most profitable surge to the local economy was when uranium ore was discovered. However, mining died out in the 1980s with the resulting in economic depression for the area. Lately, however, there has been a resurgence of interest in mining by nuclear power companies.
Households in Grants have a median annual income of $35,765 which is significantly lower than the the country as a whole at $62,175. In fact, a whopping 27.5 percent of Grants’ population live below the poverty line, which is almost double the national average.
Another statistic where Grants is higher than the national average is the unemployment rate. It is 8.9 percent where the US average is 5.2 percent. However, there is some good news for the area: Grants has seen the job market increase by 2.3 percent over the last year
Debt Consolidation in Grants
Because of the challenging financial statistics, many Grants residents find themselves dealing with growing debt. Even a certain percentage of those with decent jobs are carrying hefty credit card balances. If this describes your situation, and you’re tired of the worry and stress that can accompany steadily mounting debt, there are various solutions that could mitigate your problem
Of course, credit card debt isn’t always a bad thing. Many consumers in Grants and other New Mexico locations use their credit cards intentionally to earn cash back and rewards. But you need to pay off the entire balance each month for this strategy to make sense.
However, the majority of credit card holders end up carrying a balance forward on their accounts and end up paying compound interest as well. If you happen to fall into this group, and your debt burden is beginning to alarm you, it may be time to tackle the problem head on.
One option to consider is a debt consolidation loan. Grants residents with high amounts of debt could be eligible for secure or unsecure 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 home or car. So this method should be considered only if you’re confident you can keep up with the payments.
If you get an unsecure 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’re unable to get a loan with decent payment terms, there are other options that could work better for your circumstances. To discover your best way forward, follow these three simple steps:
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
1.Call Freedom Debt Relief
Call our Certified Debt Consultants at 800-910-0065 for a free evaluation to help you find the right solution that fits your unique situation.
2.Choose a debt solution
Our Certified Debt Consultants will recommend a debt solution to you depending on the results of your evaluation.
3.Get ready for financial freedom
Regardless of the strategy you choose—whether it’s debt consolidation, debt settlement, debt counseling or one of the others—the key is to follow through and stick to the program.
None of the solutions are quick fixes. Resolving massive debt takes time, commitment, and discipline, but the payoff is worth it.
Take your first step toward financial freedom today. Find out how Freedom Debt Relief can help you. Call 800-910-0065 now for a free debt consultation.