While Davenport, Iowa has some promising statistics to boast about—Forbes ranked Davenport as the best metropolitan area for cost of living and CNN Money ranked Davenport as the 16th most affordable housing in the country—many residents across all age groups still experience financial hardship. About 21.3% of families and 14.1% of the population were below the poverty line, including 19.2% of those under age 18 and 6.4% of those ages 65 or over. The median household income is $25,378 per capita income for the city was $18,828.
The largest employers in the area include John Deere, Genesis Health System, Trinity Regional Health System, grocery store Hy-Vee and the Davenport Community School District. Davenport’s biggest labor industry is manufacturing, with over 7,600 jobs in the sector. The unemployment rate in Davenport has been gradually decreasing since 2010 and stands at 3.1% in 2018.
Which Debt Relief Solution Is Right For You?
Whether you’re employed in one of the industries mentioned above or not, you may still be experiencing financial hardship and growing debt. If that’s the case, take heart—you have options. There are several methods available to deal with it. Your financial situation is as unique as you are, so it pays to research the different options to discover which one would work best for you. Below is an overview of the most popular strategies out there:
If you carry significant debt—more than $10,000, a debt consolidation loan may be a good solution for you. You obtain a loan and use it to pay off all your debts, then instead of having to pay multiple creditors, you only have to focus on paying back the lender. This can simplify your finances greatly and help you stay on top of monthly bills and due dates.
Debt counseling may be the right choice for you if you just need guidance on how to set up and adhere to a budget or if your debt isn’t that big. A debt counselor can also recommend other services like debt consolidation or debt settlement programs. Check online for debt counselors in Davenport.
If your debt burden is bigger, debt resolution could be the most effective strategy for you. With debt resolution, you work with a company that specializes in this type of debt relief. The company negotiates with your creditors on your behalf to reduce the total amount of your debt. And concurrently, you save money in a special account that is used to pay off a reduced debt amount to each of your creditors in turn. There are other options besides debt consolidation, debt counseling, and debt resolution.. Davenport residents can also look into minimum payment plans and bankruptcy, though both options may be less favorable than those listed above. Minimum payment plans are a simple solution and work for some consumers. But you have to be comfortable paying more over the course of the payment period due to compounding interest.
Call Freedom Debt Relief today at 800-910-0065 for a free debt evaluation. Our Certified Debt consultants will ask you a few questions to get you started.
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 in Davenport and the US
In the US, 43% of residents spend more than they earn each month and use credit cards to make up the shortfall. However, the remaining 57% use credit cards but do not carry a balance. Out of 432 cities in Iowa, Davenport ranked at position 423 with an average credit score of 674, which is considered a good score.
Another promising statistic: residents of Davenport and other Iowan cities have the lowest amount of credit card debt in the nation at $5,155 per person. Perhaps this is due to having a lower cost of living than the national average.
If you’re burdened by massive debt, it’s time to get help. The Certified Debt Consultants at Freedom Debt Relief can help you sort through the options and get you started on the road to becoming debt free. Call 800-910-0065 today and change the direction of your financial future.