Located on the stunning Missouri River, Jefferson City is respected for its architectural achievements, charming downtown area and tree-lined bluffs. No wonder it has secured the moniker “most beautiful small town” in the United States. With robust industries including government, retail, healthcare and manufacturing, it seems like Jefferson City is the place to be… Unless you are struggling with debt, that is.
Debt can be a drag on your life. Fortunately, there are options to help you regain your financial stability.
Debt Relief: What Are My Options?
Debt relief is the lessening or elimination of debt through the use of one or more services. Some of these services include debt consolidation, debt settlement, or even bankruptcy. Admittedly, this variety of options can be confusing. That’s why we have compiled a short list of common debt relief options for Jefferson City residents.
Debt Consolidation for Jefferson City Residents
Do you feel like you are surrounded by angry creditors? It can be tough to pay down your debt when you are already struggling to make sense of who is owed what. This is where debt consolidation can help. Debt consolidation assists Jefferson City residents looking to pay off their various debts by compiling all debts into a single monthly bill. This option is best fit to people with more than $7,500 in debt across multiple accounts.
For those who can’t qualify for a debt consolidation loan, debt settlement programs like Freedom Debt Relief can even lower the total amount owed on a debt by negotiating with creditors on your behalf. Note that debt settlement may have adverse effects on your credit score, but if your main concern is overcoming your debt, it might be a viable method for you.
Credit Counseling: Words of Advice
Sometimes your financial situation is a little out of whack and you need a little advice to get things back on track. If this sounds like you, you might be a candidate for credit counseling. Credit counselors advise you on how to better structure your incoming and outgoing money to help make sense of your finances. They can help with setting a budget, addressing outstanding debts, help you get a copy of credit report, and more.
It’s a simple way to investigate your financial situation, so you can know what next steps to take.
Debt Management: Regaining Control of Your Debt
Occasionally, a credit counsellor will recognize that your debt is getting hairy. If so, they may suggest a debt management plan in order to help you pay down your debts. DMPs are designed to handle unsecured debts, such as credit cards, bank overdraft, personal loans and more (as opposed to secured debt, which is tied to an asset).
DMPs are not a financial cure-all, but they can help you assess your situation, so you can make better and more informed decision on where your money goes.
Why Bankruptcy Should Be a Last Resort
Bankruptcy is sometimes pitched as “a fresh start” for debtors in over their heads. And to some extent this is true. Bankruptcy is a reasonable option for those with debt far beyond what they can ever pay back. However, it should not be the first opportunity one should look into. Here’s why…
Chapter 7 bankruptcy liquidates one’s assets and property in order to satisfy creditors. Chapter 13 bankruptcy, on the other hand, may allow debtors to keep their homes and other assets, but they will still be on the line to pay back a portion of their debt. Both forms of bankruptcy will tarnish one’s credit score. So, while bankruptcy is an essential resource for some, it’s not something to be taken lightly.
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
Talk with a Debt Expert Today
A bright financial future might be right around the corner. Do yourself and your personal finances a favor and look into financial options and debt consolidation for Jefferson City residents today!