While Baton Rouge, or “Red Stick” as it’s known in French (and now as a nickname), is not the largest city in Louisiana, it serves as the political hub of the state. It can also boast about being one of the American South’s major economic centers. This is due to the emerging technology sector in addition to strong petrochemical, medical, research, and even motion picture industries.
This strong economy has helped the city gain top rankings in certain quarters. In 2009, CNN ranked Baton Rouge the ninth-best place in the country to start a new business, and Portfolio Magazine honored the city in its “Top 10 Places for Young Adults” list in 2010.
With all the economic advantages Baton Rouge has, it might be assumed that this Louisiana city and all its residents are prospering. A great many of its denizens may be, but just as many find themselves in a bind financially. For one reason or another, they’ve managed to get into a bit of debt. If this describes your predicament—you’re not the only Baton Rougean! And there are several ways to reverse the situation. The first step is to call 800-910-0065 and learn about the different methods available so you can figure out find which method is the best one for your situation.
Which Debt Relief Solution Is Right For You?
A variety of debt solutions are available to people struggling with massive debt. While there may not be a one-size-fits-all solution, there are options that could fit your particular debt situation better than others. Here’s an overview of what may be available to you in Baton Rouge.
Baton Rouge residents burdened with more than $10,000 in debt could qualify for debt consolidation. It involves getting a consolidation loan to cover your debts. Instead of paying multiple bills to different creditors, you make a single payment to a debt consolidation company or bank.
If you’re looking to pay off minor debt, credit counseling could be right for you. Credit counselors could help you budget so that you have more money left over to pay off debt each month. But beware that counselors may lead you to other services like debt consolidation. Baton Rouge residents should research credit counseling agencies in the area for a comprehensive list of services.
If you’re struggling with a high debt amount, debt relief could help. By enrolling in a debt relief program, you work with a company to resolve your debt for a smaller amount than you currently owe. These companies negotiate with creditors on your behalf while you put money aside into a program account you control. Once the debt settlement company reaches an agreement with your creditors, you can settle your debt using the funds you saved. The process continues with each creditor until your debt has been resolved.
Other Debt Solutions
There are other options besides debt counseling, resolution and debt consolidation. Baton Rouge residents can also look into minimum payment plans and bankruptcy. However, sticking with minimum payments will most likely lead to you paying more over time thanks to compounding interest. Bankruptcy may be right for some, but it is typically viewed as a last resort, especially since it usually has a lasting negative effect on your credit score.
That’s why it’s important to call today for a free debt evaluation. Our trained debt professionals can help you find the best debt solution for you: 800-910-0065
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 Consolidation in Baton Rouge
The Port of Greater Baton Rouge also benefits this South-Eastern city’s economy as it’s the farthest inland port on the Mississippi River that can accommodate ocean-going tankers and cargo carriers. The ships transfer their cargo of crude oil at Baton Rouge into pipelines. This would explain why of the many industries helping Baton Rouge’s economy, the largest is petrochemical production and manufacturing.
In addition, Dow Chemical and NanYa Technology Corporation have large facilities in the area. If you’re a native of Baton Rouge, you may even work at one of these companies. Or you may be without a job currently. Either way, your economic situation may not be a healthy as you’d like.
Many of your neighbors and many other Americans are also burdened by massive debt so you’re not alone. But there are ways to change your situation. Debt consolidation may simplify the debt repayment process and make debt resolution less stressful.
Most consolidation loans require collateral — a high-value asset such as a home or a car — that you must leverage in order to receive the loan. A secured loan is a bit of a double-edged sword: on the one hand it can help you get a lower interest rate, which means you pay less over time. On the other hand, if you do fall behind or can’t make your payments, you’re in danger of losing your leveraged asset. That means your house could be foreclosed on or your car seized.
The other option is to get an unsecured loan. These may be harder to come by and usually carry much higher interest rates because the lending company doesn’t have any guarantee that you’ll repay the entire loan outside of a binding signature. An unsecured loan could help simplify your repayment process, but it could also lead to a greater amount of debt in the long run.
Whether it’s resolution, counseling or debt consolidation, Baton Rouge residents have options. Don’t wait any longer. It’s time to take care of your debt and live a life of freedom. Get started right now; call today: 800-910-0065