Debt Consolidation in Hawaii

August 3, 2022

Hawaii is the 50th state and the only one not located in North America. Its natural beauty, tropical climate, and sandy beaches make it a popular vacation destination. However, as visitors and residents alike know, food, gas, and other necessities are expensive since the state comprises a string of islands, and most goods need to be shipped in.

Cost of Living in Hawaii
  • Median income: $31,905

  • Average debt: $67,010

  • Debt-to-income ratio: 2:1

  • Average mortgage: $52,380

  • Credit card debt: $3,650

Residents of the Aloha State also pay the most per person in state taxes in the US. It’s no wonder that many residents struggle with debt. If the cost of living is unaffordable to you, you might need some form of credit card debt relief to put you back on track.

If you’re ready to tackle your debt, Freedom Debt Relief can help you find a solution. Get your free debt evaluation to find the strategy that best fits your circumstances. Call 800-910-0065 and speak with one of our Certified Debt Consultants who will be able to help guide you on the best way forward after asking you a few questions.

Debt Solutions

Luckily, there are different solutions available for different situations. The key is to choose the one that will work best for you. The factors that can influence it are:

  • The size of your debt

  • Your preferred length of time to pay the loan

  • Your income

  • Your other expenditures

  • Your spending habits

Here’s an overview of some of the options that may be available to you in Hawaii.

Debt Counseling

Debt counseling is a great place to start if you’re overwhelmed by all the choices and not sure how to proceed. This method is also good if you just need some budgeting tips and your debt isn’t that significant. The counselor can help you prioritize your income and expenditures so you’ll have enough left over to systematically reduce your debt.

Debt counselors can also introduce you to other services, such as debt consolidation or debt management plans. Be sure to research all your options before you enroll in any program to make sure you’re comfortable with their recommendations.

Debt Consolidation

Debt consolidation means that you place all your debts into one monthly payment, either through a consolidation loan, a personal loan or transferring to a single credit card. If you have more than $10,000 in debt and are finding it difficult to keep up with multiple monthly payments, you might be good candidate for debt consolidation. Find out more information about your debt consolidation options.

Most loans of this type are secure, meaning you have to put up something of value like a home or car as collateral. This is how you obtain the lower interest rates as the lender has a guarantee that the loan will be repaid. But of course, there is the risk of losing your asset if you’re unable to keep up with the payments.

The other option is to get an unsecured loan. These may be harder to come by and you’ll typically pay more interest since the lender has no guarantee that the loan will be repaid in full. An unsecured loan could help simplify your repayment process, but it could also lead to a greater amount of debt in the long run.

Debt Relief

Debt relief, also known as debt resolution or debt negotiation, is another type of debt-clearing program. It’s best suited for consumers struggling with a large amount of unsecured debt from credit cards, medical bills or student loans but won’t work for debt from auto loans or mortgages.

If you’re having trouble keeping up with your payments, credit card debt relief could work. Debt settlement companies negotiate with your creditors to settle for less than the overall balance of your debt, which is the amount you then pay off.

You could try negotiating with lending companies on your own, but unless you’re experienced in this type of discussion, it makes sense to go through a debt relief company. The Certified Debt Consultants who work for Freedom Debt Relief have years of negotiating experience, which enables them to get bigger savings for their clients.

Find out more about debt management strategies in our Debt Management guide, which takes you through five methods of dealing with debt.


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

Hawaii Statute of Limitations

Hawaii has a six-year statute of limitations on almost every type of account, from an open-ended account to credit card debt. Stronger consumer protection laws are in effect to prevent the re-aging of debt on credit cards by lenders in an effort to get around the statute of limitations.

Whether you decide that debt consolidation, credit counseling, or debt relief is the answer to your financial problem, you’re on the right path by researching the available options. Our Certified Debt Consultants can answer any questions you have about Freedom Debt Relief programs. Let us get you one step closer to finding the right debt solution for your budget and goals by giving us a call any time at 800-910-0065 .

End Your Debt

Find out how our program could help.

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    One low monthly program deposit
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    Settlements for less than owed
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    Debt could be resolved in 24-48 months

Hawaii Cities