The economy of Ccorpus Christi employs 151,441 people, most of whom are residents of the city. The majority of the population works in government, services, and the retail and wholesale trades. The local economy is fueled by tourism and the oil and petrochemical industries. The Sparkling City by the Sea as the Texas coastal city is known also houses the Naval Air Station, which provides 6,200 civilian jobs making it the single largest employer in the city. Other companies based in Corpus Christi include Stripes Convenience Stores and AEP Texas and other large employers include CHRISTUS Spohn Health System, and the Independent School District.
However, even with all these large employers the city had an unemployment rate of 5.6 percent as of November 2016. And for those residents with jobs, the average hourly wage in 2017 was $21.50, which was 12 percent lower than the national average of $24.34. Corpus Christi residents don’t fare so well when it comes to annual income statistics either when compared to the rest of the country: the median household income is $54,344 where the US average is $59,939.
With those lower numbers around income, it’s not surprising that many Corpus Christi residents have debt from credit cards. When you don’t make enough—even if you’re fortunate to have a job—to cover all the expenses that modern life necessitates, sometimes using your cards is the only way.
You may be convinced that once you’ve amassed a certain amount of debt, there’s no way out, but actually there is. There are several options out there. The key is for you to educate yourself on what’s available and then choose the method that makes most sense for your financial situation. And you don’t have to do this alone. The Certified Debt Consultants at Freedom Debt Relief have been helping American consumers become debt free since 2002. Call 800-910-0065 now for a free, no-hassle evaluation.
Debt Consolidation Loans
If you’re only making minimum payments on your credit cards, then it may be time to consider debt consolidation. As the name suggests, you obtain a loan—it could be from a conventional bank, online lender, or company specializing in debt consolidation loans—and use the money to pay off all your outstanding debts. Then you simply pay back the loan under the terms and interest rate you’ve agreed upon with the lender. Of course, as with any financial solution, there are pros and cons that should be considered.
Debt Consolidation Pros:
- Reduces number of payments to one per month—easier to keep track of
- Save money with lower interest rate on loan
- Lower monthly payments
Debt Consolidation Cons:
- Still owe the debt, it’s not reduced or forgiven
- Can take 3 – 5 years to pay off loan
- Can add more debt if you keep using cards
Corpus Christi and Debt
According to the Huffington Post, Corpus Christi and two other Texas cities have the lowest credit scores in the nation. It’s no big surprise when you consider that these cities have higher unemployment rates and lower per capita incomes.
- Average credit score: 636
- Average debt: $31,543
- Average credit card balance: $4,508
- Credit utilization ratio: 34 percent
Texas has a four-year statute of limitations on credit card debt. This time limit means that debt collectors can’t try to sue consumers in an attempt to collect debts that are more than four years past due.
If you’re tired of the stress that comes with carrying a heavy debt burden, don’t wait any longer to deal with it. Call Freedom Debt Relief at 800-910-0065 and find out how long it might take you to become debt free. Get started now on the road to a worry-free financial future.