Debt Consolidation: Oklahoma City Residents Have Options AvailableJuly 27, 2022
The state of Oklahoma may only have one pro sports team, but true to their name, seeing the NBA’s Oklahoma City Thunder play at the intimate confines of Chesapeake Energy Arena certainly elicits a buzz. The same can be said for the city’s economy, which has grown an astounding 33% since the early 2000s through various economic diversifications in livestock, oil, natural gas, petroleum, education and government.
The latter is because OKC is not only Oklahoma’s biggest urban enclave but also its capital city — a rarity in the U.S. The 27th-largest city in the nation carries a population of $638,311 and a median income of $52,915. But such objectively optimistic stats don’t change the spiral effect that high-interest-rate credit cards can have on consumers. Combine the city’s median rent of $802 with massive revolving balances, and it’s no wonder so many Oklahoma Cityans could use debt consolidation or debt relief services.
Call 800-910-0065 to speak with a Freedom Debt Relief specialist about your options, or get a high-level view of potential action plans below:
Choose the Best Debt-Relief Plan for Your Situation
It’s no fun being in debt. Having our lives dictated by what we owe has severe emotional side effects. It also prevents us from pursuing all sorts of life goals. To put yourself in the best mental and physical state going forward, you need to know your debt-relief options.
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
Enrolling in a debt management plan (DMP) is ideal for debtors who haven’t yet reached a critical level with their debt. DMPs are sometimes also referred to as credit counseling. These methods involve you making one monthly payment to a company, which then distributes that among your creditors in a way that pays back the most principal as possible. Most DMPs and credit counselors charge a fee for their service, but you’ll have the peace of mind knowing you’re on a track to pay off your debt. Other benefits include financial education and protection from creditor collections.
Struggling to pay back a hefty credit balance is one thing, but when that balance is actually several, and with varying interest rates, the process becomes much more difficult to handle. Thankfully, Oklahoma City debt consolidation strategies like a balance transfer, personal loan, or leveraging your existing mortgage could help you climb out of the hole. Let’s discuss these options briefly below:
A balance transfer condenses several debts into one credit card with an interest-friendly introductory period. Balance transfers carry a fee (usually 3 – 5%) but offer introductory periods ranging from six-to-18 months, allowing debtors to simplify their repayments and allocate more money toward their principal balance.
Also called a debt consolidation loan, a personal loan helps pay off all your credit balances and maintain only one repayment. However, unsecured personal loans can carry interest rates as little as 5% to as much as 36%! Explore personal loan offers from lenders whom you’re not already engaged with to get the best terms on your deal.
Home Equity Loan/ Cash-Out Refinance
The median home price in Oklahoma City is $157,100. If you have a considerable amount of equity in your home, you may want to use it to get out of debt. Your options are either a home equity loan, which entails taking a second mortgage on your home, often at a fixed rate, and for up to 30 years; or a cash-out refinance, which pays off your original mortgage and creates a new, larger mortgage with completely new terms.
However, a cash-out refinance usually carry closing costs and fees. But if you can negotiate favorable new terms (interest rates and repayment schedule) and have enough equity to wipe out your credit loans, paying the fees might make financial sense.
The above strategies are worth considering if your overall balance is within your control and you’re still armed with a decent credit score. However, many debtors are past that point. When management and consolidation plans are no longer in grasp, debt settlement — also known as debt relief or debt forgiveness — can positively alter a financial circumstance.
Freedom Debt Relief has successfully resolved thousands of debtors’ balances over the years through custom debt-relief plans and careful creditor negotiations. If you’re not only looking to get out of debt but also looking for outside help to relieve the emotional burden your debt has placed on you, engaging in debt settlement makes a lot of sense. Be advised that debt settlement carries a fee if you agree to pay the reduced debt sum, takes anywhere from two-to-four years to play out and will impact credit scores. But at the same time, debtors considering settlement likely already have decimated credit scores and limited options to explore.
Solving Your Debt in Oklahoma City
Ranked by WalletHub as a top city to start a business, Oklahoma City can still be the place to make all your dreams a reality. It was even rated by Forbes in 2008 as the most recession-proof city in America.
The State of Oklahoma is the city’s largest employer, supporting over 40,000 jobs, but the U.S. Federal Aviation Administration, Oklahoma State University and major operations by AT&T, Boeing, Hertz and Cox Communications employ thousands as well. And did we mention Fortune 500 companies like Chesapeake Energy and Devon Energy, or the 13th-largest private company in Love’s Travel Stops & Country Stores?
Such economic opportunities make OKC an attractive place to build a life, but you have to leave your debt behind before you forge a fresh financial path.