Indiana Debt-Relief Options: Is Debt Consolidation Right for You?August 16, 2022
Based on Freedom Debt Relief’s June 2022 Credit Card Utilization Data, the average credit card utilization of people looking for debt relief in Indiana is 79%. By comparison, per Experian, the average credit card utilization in the US in 2021 was 25%. High credit card utilization, in general, implies a greater likelihood of needing debt relief services. Even with a healthy economy and low unemployment rates, thousands of Indiana residents still find themselves with massive debt to their name. If you’re one of them, there are several credit card debt relief solutions available to help you get your personal finances into shape.
Indiana Debt Consolidation Loans
It may not yet be clear which tactic to use to get you started on the road to financial freedom, but what is clear is that it’s time to take control of your debt. You may want to consider debt consolidation or one of the other methods—it just depends on the details of your situation.
Indiana residents can visit Freedom Debt Relief or call 800-910-0065 for a free debt evaluation to discover the best way forward.
Find Your Solution
When you decide it’s time to get your debt under control, there are several options to choose from. You may have heard of some debt relief solutions like debt settlement or debt consolidation and wondered what the terms mean. A debt consolidation loan, as the name suggests, allows you to consolidate or combine your debts into one loan. This is a popular choice for many Indiana residents as it makes it much easier to keep track of one monthly payment instead of multiple payments with varying due dates.
A debt consolidation loan should have two things going for it: A lower interest rate than the rates on your cards, and a predictable, regular payment to the lender each month. Another benefit of a debt consolidation program is that you’ll have a specific end date. This will help you to budget more effectively, and hopefully motivate and enable you to keep going with the payment plan.
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
Dealing with Debt
One of the worse aspects of being in debt can be the feeling that you’re on your own with no way out. But people all over Indiana—in fact, all over the country—are struggling with debt. Even those making decent money aren’t immune because it appears that households with higher incomes also have higher credit card debt. US households in the top earning brackets have an average of $11,200 in credit card debt, which is nearly four times as much as households in the lower brackets. However, those on the lower end do carry more debt if you compare it to their income.
Take a look at some of the statewide debt statistics.
The average household is $7,030 in debt.
The average consumer has 1.91 credit cards.
Residents owe 13.63 percent of their income to credit card companies.
Approximately 2.5 million US consumers (some of whom live in Indiana) seek debt relief services each year for heavy debt burdens. Why wait any longer? Start researching the most suitable debt-clearing solution for you now. Find out if debt consolidation or one of the other programs is the best way forward for you. Visit Freedom Debt Relief or call 800-910-0065 and speak with a Certified Debt Consultant. Start your journey toward financial freedom today.