Cleveland came in at position #101 in “best places for business and careers” by Forbes in 2017. This may not seem like a great ranking, but it was out of 200 US cities, so Cleveland is roughly in the middle when it comes to success in starting a business or building a career. The economy in the Ohio city has become more service-based in recent years, moving away from manufacturing.
The most common types of jobs held by Cleveland residents are administrative, food service, and production, but the highest paid positions are legal, management and supervisor fire fighters. Employment statistics grew at a rate of 5.44 percent between 2015 to 2016 from 148,865 to 156,956 employees. But even with this increase, Cleveland households have a median annual income of only $27, 551, which is less than the US average.
It’s no wonder that many Cleveland residents are dealing with tough financial situations. If you’re in debt and don’t see a way out, take heart—there are solutions available. Freedom Debt Relief has Certified Debt Consultants available to help you figure out which of the methods would be best for you. Call 800-910-0065 today to take the first step toward financial freedom.
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 Loans
One debt-clearing method that’s stands the test of time is debt consolidation. Its simplicity makes it an appealing solution for a great many consumers. You get a loan, hopefully with a lower interest rate than your credit cards, which you use to pay off all your debts. Then, you make monthly payments to your lender until the loan is paid off.
This may seem like a no-brainer as you’re anxious to get rid of your debt, but before you set the wheels in motion, it’s a good idea to do some research. You want to be sure before you commit to any debt consolidation company that they’re the right one for you and can offer you the best terms.
When it comes to finding a debt consolidation loan, you have several options—although keep in mind that if you have bad credit, your choices are more limited.
- Banks or credit unions: the loan can be secured or unsecured. If secured, you’ll need to put up collateral like your car or home. If unsecured, no collateral is required, but you’ll pay higher interest rates
- Online lenders: you’ll pay less as these lenders have lower overheads and the whole process is easier with a quicker approval decision
- Peer-to-Peer Lenders: you’ll be matched directly with individuals with funds to lend, which means you can also avoid paying middleman fees
These are just a few of the borrowing options available. So you have choices, but keep in mind that a debt consolidation loan makes the most sense for consumers who have a fair amount of debt (over $10,000) but still have decent credit and a reasonable debt-to-income ratio (DTI). It’s also more suited to those who have the discipline to stick to a budget and curb over-spending tendencies since the lat thing you want to do is qualify for a debt consolidation loan and then keep using your credit cards. You’ll simply end up with one more debt to add to the load.
Debt Statistics in Cleveland
Cleveland residents and other Ohioans with financial problems have an advantage others don’t: The state has a strong set of consumer protection laws. These go far beyond federal laws and work to extend and enforce consumers’ rights.
Credit Card Debt
Ohio’s average credit card balance was about the same as the rest of the country in mid-2016. Transunion, one of the nation’s three large personal credit rating agencies, reported that at the end of the second quarter average consumer card balance in the state was $4,933 compared to the nationwide average of $5,247. The averages reflect all card accounts, not just those with balances.
Homeowners in Cleveland and the rest of Ohio had an average of $125,359 in mortgage debt at the end of the first half of 2016, compared to the national average of $192,749. The Ohio mortgage loan balance increased 0.8 percent from the same time in 2015, about a third of the average national increase.
In both Ohio and the entire country, mortgage delinquency rates fell in 2016, signifying improving financial health among mortgage-holders. At the end of the second quarter of 2016, 2.2 percent of Ohio mortgages were 60 days or more late. This is down from 13.6 percent a year earlier. Nationwide, 2.3 percent of mortgage loans were more than 60 days delinquent in June 2016, a decline of 18 percent from the same time in 2015.
Whether you decide on debt consolidation or another solution, you’re on the right path by researching the available options. Our Certified Debt Consultants can answer any questions you have about Freedom Debt Relief programs. Let us get you one step closer to finding the right debt solution for your budget and goals by giving us a call any time at 800-910-0065 .