Households in El Paso have a lower average annual income ($43,200) than the median income for the United States. Residents of the Texas city also have lower credit scores—coming in at 7th position out of 143 cities. But these statistics make sense if you consider that the South Texas area including El Paso is struggling economically. Higher unemployment rates (worse than the national average) and lower incomes correlate with lower credit scores.
However, El Paso’s job growth will, in all likelihood, continue at a slow but steady rate so the area will see unemployment rates decreasing. The El Paso economy is expected to grow two percent (compared to US growth of 2.5% to 2.7%) because of the flourishing healthcare sector. The addition of the Hospitals of Providence’s new Transmountain Hospital in the western part of the city was projected to add 300 local jobs to the economy.
Whether you are affected positively by the addition of more jobs or negatively because of the higher unemployment statistics, there’s a good chance you’re dealing with a mounting debt situation. It happens to many consumers. Sometimes, there just isn’t enough money coming in to cover all the expenses of modern life. If you are and you’re ready to do something about it, take heart because help is at hand.
Debt Consolidation Loans
Consolidating your debts with a loan can be a sound strategy if you’re making payments to multiple creditors every month and finding it hard to keep up. In addition to letting you pay off all your creditors, it simplifies your payment schedule as you only have one monthly payment to the lender to keep track of.
However, while making a single payment will be more convenient, you need to consider how much the loan will cost you overall. A debt consolidation loan may mean you have a lower monthly payment, but you could end up paying higher interest rates over the course of the loan. Only take out a loan if you know you’ll be able to keep up with the payments.
Many personal or consolidation loans require collateral, which means the loan is guaranteed with a high value asset like your home or car. When you agree to the terms of the loan, if you default on the payments, you’re agreeing to forfeit your asset.
If you don’t have a high value asset or don’t want to use it, certain lenders offer unsecured loans that don’t require collateral. But they typically come with higher interest rates because the lender is taking on more risk. Paying high interest over a long repayment schedule could add up to a lot of money—on top of the amount you already owe.
Freedom Debt Relief has helped thousands of consumers become debt free. Call 800-910-0065 and one of our Certified Debt Consultants will give you a free evaluation after asking you a few questions about your financial circumstances.
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 El Paso
Because many El Paso residents are struggling financially, they often don’t have enough to make it through the month. And when that happens, the only solution is to use credit to make up the difference. But unless you pay off your cards in full each month, chances are you’re going to end up growing debt. Below are some statistics on how El Paso and the rest of Texas measures up for credit card debt against the country as a whole:
Credit Card Debt
- Average Texas credit card debt: $4,565
- Average national debt: $4,965
- US rank: 39th
- State delinquency rate: 0.37%
- US average: 0.57%
Statute of Limitations
- Texas: 4 years
- US average: 5.4 years
Don’t live with the stress of mounting debt any longer, take control of your finances. Find out whether debt consolidation or another debt-relief option is the right choice for you and look forward to your future financial freedom. Call Freedom Debt Relief at 800-910-0065 today.