Debt Consolidation: Bridge City Residents

Originally called “Prairie View” because of its proximity to the Texas coastal grasslands, the Orange County city was renamed Bridge City because three major bodies of water must be crossed to enter the city.

Bridge City’s population is 7,964 with 3,703 of those residents employed within the city. The largest industries are manufacturing, retail, and healthcare and social assistance. Bridge City’s economy is also boosted by the mining, quarrying, oil, gas extraction, and construction sectors. But the highest paying industries are utilities, transportation and warehousing and real estate rental and leasing

Between 2015 and 2016 the median household income grew from $62,763 to $67,236, a 7.13% increase. Men make an average of 1.54 times more than women. Salary gender inequity aside, many Bridge City residents of both sexes often don’t have enough to cover all their expenses each month. This lack of funds means that many residents depend on credit cards to help them make ends meet. And when folks keep using their cards more than they can pay off each month, the debt starts to mount.

If you find yourself in this situation, and are anxious to reverse the trend, there is help available. You don’t have to keep going with debt and worry mounting daily. There are several good solutions that could get you debt free in a few years. Figuring out which one is the best fit for your situation can sometimes be confusing. Call Freedom Debt Relief at 800-910-0065 and speak with one of our Certified Debt Consultants to get help sorting through the options.

Debt Consolidation Loans

One option that works for many consumers is debt consolidation. You simply obtain a loan from a variety of sources. It could be a personal loan, a mortgage refinance, or a loan from a financial company that specializes in this type of loan. Then, you basically pay off all your debts with this one loan and then pay it back to the lending company.

If you go this route, chances are, you’ll be feeling relieved that your debt burden is gone. A debt consolidation loan can help get you going in the right direction, but you’re not home free yet. While you’ve combined all your payments into a more manageable loan with one monthly payment—you still own the debt.

It’s important that you make the payments on time of course, but you also need to change the spending habits that got you into debt in the first place. If you keep using your credit cards on top of trying to pay down the loan, you could end up with just another creditor to pay off.

When Debt Consolidation Is Not the Answer

While debt consolidation loans are a good solution for many Bridge City consumers, they’re not the right fit for everyone. If you have too much debt or your debt-to-income ratio is too high, most lenders will consider you too great a risk for a loan.

Likewise, if your credit score’s too low, the high rates offered by the loan companies will mean that you’d be better off just paying the minimum on your cards or looking into one of the other ways to clear your debt. Sticking with minimum payments will most likely mean that you end up paying more over time due to compound interest. A debt management program or debt settlement may be a better course of action for your needs.

Get help figuring out the right solution for you. Call Freedom Debt Relief today at 800-910-0065 and ask for your free debt evaluation.

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