North Carolina Debt Consolidation ServicesAugust 17, 2022
In addition to being the third largest banking center in the US, North Carolina leads the nation in tobacco, textiles, and furniture production. The trifecta of hydroelectric power, an agreeable climate, and a wide variety of soil types enable a diverse economy.
Based on Freedom Debt Relief’s June Credit Card Utilization Data, the average credit card utilization of people looking for debt relief in North Carolina is 76%. 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.
Debt Consolidation Loans
If you’ve amassed a substantial amount of debt and you’ve decided it’s time to tackle it, there are a number of ways to go about it. If your debt is more than $10,000, you could pay it off with a loan.
Debt consolidation could help you save on interest and simplify your payment schedule. Instead of paying multiple bills to multiple creditors, you make one payment a month to a debt consolidation company.
If you can secure a debt consolidation loan at a reasonable interest rate, you could make debt resolution less stressful. To get a decent interest rate, you’ll need to put up high-value collateral, such as your house or your car. If you don’t have assets or don’t want to use them, you may be able to get an unsecured loan. It’s less risky, but it could lead to greater debt in the long run due to higher interest rates.
A debt consolidation loan is simply a loan that allows you to consolidate or combine your debts (usually from credit cards) into one loan. If you decide to go this route and find a reputable lender, you can look forward to paying a lower interest rate than your current rates.
Also, you’ll have one monthly payment to the lender instead of multiple payments to multiple cards. You’ll also have an end date to the program, which can help you stay motivated to keep going as opposed to open ended credit card payments.
Debt Consolidation Loan Timing
If consolidating your debt makes sense for your unique situation, and you’ve been able to check all the boxes, the time to apply is now. If you’re currently paying compound interest and late fees, the longer you wait to find a reputable debt consolidation company, the deeper you’ll be in debt.
Freedom Debt Relief has Certified Debt Consultants available to advise you on the various types of debt-clearing strategies. Call 800-910-0065 for a free debt evaluation and find out if debt consolidation would work for you.
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 in America
Around 80 percent of US residents are in debt today from mortgages, medical bills, student debt, car loans, and credit cards.
North Carolina statistics:
Average of $7,225 in credit card debt
Average total debt is $47,251
Average mortgage debt is $37,495
Look into debt consolidation today and find out whether it’s the answer to your problem. The Certified Debt Consultants at Freedom Debt Relief will be able to give you an expert evaluation after asking you just a few questions about your situation.
Get ready to change your economic outlook, call 800-910-0065 now for a free debt consultation.