Colorado Springs is known for its great outdoor lifestyle. That’s why many folks choose to live there even though it means they earn less than they might in other Colorado locations. The median household income in Colorado Springs increased by four percent, from $53,915 in 2014 to $56,079 in 2017, but was still several thousand dollars less than the state average of $63,909. But the cost of living in this city is low, so even if you make less than the average salary, your money will stretch further. And a great many residents do make below the average income. While the city’s poverty rate fell from 13.5 to 12.3 percent, the lowest it’s been since 2009, it’s still higher than the state average.
There are several good options available to residents of Colorado Springs. Choosing the best one depends on the details of your unique financial situation. It depends on how much debt you owe, how much money you bring in, and the extent of your other living expenses. Two popular methods are debt consolidation and debt management plans (DMP).
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
With a debt consolidation loan, you basically combine all your debts and pay them off from the loan, then focus on paying back the loan. This method works best if you owe more than $10,000 and takes two to five years to complete.
A DMP also combines multiple debts into one monthly payment, which you make to a credit counseling agency. The agency distributes the funds between your lenders and negotiates with them to reduce the amount of interest you’re paying. Most DMPs usually last from three to five years and, if you qualify, are a methodical way to pay down your outstanding debt.
Debt Statistics in Colorado Springs
- Average of 2.5 credit cards for each resident
- Average card balance: $6,018
- Average student, car and other loans: $41,770
- Average mortgage balance: $230,142
- Average credit score: 674
The goal of the Certified Debt Consultants, who work for Freedom Debt Relief, is to help you find the best way forward to overcome your debt and create a brighter financial future. Our consultants will work hard to help you find the right strategy—without any high-pressure sales tactics. We’ll consider your debt, your situation, and your financial goals to create a custom program that will give you the best chance at success.