Fresno and the surrounding towns that make up the San Joaquin Valley’s economic center are predominantly focused on large-scale agriculture. However, the top five employers in the city are not related to that industry. Community Medical Centers, City of Fresno, Saint Agnes Medical Center, Kaiser Permanente, and California State University together employ around 12,000 residents.
On the property front, almost half of all Fresno residents own their home and property values increased from an average of $203,700 in 2015 to $227,500 the following year. The median household income in Fresno also increased from $43,494 to $44,905 in 2016. The unemployment rate went down slightly 6 percent to 5 percent as well. All in all, the statistics for Fresno look good…on paper. So it might be assumed that the city’s residents are all thriving financially. But of course, that’s not the case for everyone. Many consumers in Fresno and around the country are struggling with growing debt burdens. It’s easy to qualify for credit cards nowadays and unless you can pay off all your balances every month, the debt will start to rise. But there are ways to break the cycle. Which debt-clearing method works best depends on a variety of factors.
The cost of living in Fresno is 108 on the index, which is higher than the US average of 100, but a good deal lower than the state of California, which is 169. If the high cost of living means that you’re making payments to multiple creditors every month and falling behind, you may want to consider combining all your debts and paying them off with a debt consolidation loan.
In addition to allowing you to pay off all your creditors with the loan, it simplifies your payment schedule as you only have one monthly payment to keep track of.
While making a single payment may be more convenient, you need to consider how much it 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 overall. Only take out a loan if you know you’ll be able to keep up with the payment schedule
Most consolidation loans require collateral, which means you secure the loan by putting up a high value asset like your home or car. When you agree to the terms of the loan, you’re agreeing to forfeit the asset to the lender if you fail to repay. So you could lose your home or your car if you default on the loan.
If you don’t have a high value asset, certain lenders offer unsecured loans, but they typically come with higher interest rates because the lender is taking on more risk. High interest over the course of the loan could add up to a significant amount of money—in addition to what you already owe.
Debt consolidation loans aren’t right for everyone. The good news is that Freedom Debt Relief has Certified Debt Consultants available to help you figure out your best way forward. Call 800-910-0065 today for a free debt evaluation.
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
Depending on the amount of debt you owe and the rest of your personal financial details, there are several solutions—in addition to debt consolidation—to choose from:
- Credit Counseling
- Debt Management Programs (DMP)
- Debt Settlement
can give you the tools you need to get your finances under control. It can help you put processes in place to ensure you make mortgage, credit card, and other payments on time, while growing your savings as well. It can also be effective for consumers unsure of how to approach their creditors about negotiating payment plans or settling their debts.
Debt management programs
can be a smart debt-relief strategy. If you’ve spoken with a credit counselor, they may propose a program that will allow you to consolidate your debts into one monthly payment with a lower interest rate. If you enroll in a DMP, you can expect your debt to be cleared within three to five years
could be a good choice if you’re struggling with a large amount of unsecured debt from credit cards, medical bills or student loans. If you’re having trouble keeping up with the minimum payments on your cards and certain other loans, and you’re considering bankruptcy, debt settlement could be the right solution.
If you’ve decided it’s time to do something about your situation…great, but it can feel overwhelming to sort through the different options. Our Certified Debt Consultants are available to help you. They’ll take you through the available options to help you determine the best way forward.
Don’t wait any longer. Discover whether debt consolidation or one of the other debt-clearing strategies is the answer to your problem. Start your journey toward financial freedom. Get in touch with Freedom Debt Relief or call 800-910-0065 now for a free debt consultation.