Getting Help with Debt in Little Rock, Arkansas

What started out as a small rock formation along the bank of the Arkansas River has become a state capital and a spirited city nearly 200,000 people call home. Little Rock is a great example of a city that’s grown with transportation and industry—it served as a railroad hub for various tracks starting around the time of the Civil War, and experienced an economic boom in 1969 when construction of various locks and dams on the Arkansas River helped establish it as a port.

So, what about Little Rock today? Well, as most residents would tell you, there’s a little something for everyone. Overall, it ranked as U.S. News & World Report’s 65th best place to live. This publication notes that it’s “earned a reputation among history buffs, foodies and art lovers as an exciting place to live.”

Little Rock also anchors a number of nonprofit and for-profit companies, from Dillard’s Department Stores and The Nature Conservancy to the University of Arkansas for Medical Sciences (UAMS)—which employs more than 10,500 employees in the healthcare field. The Little Rock metropolitan area has an unemployment rate below the national average, clocking in around 3 percent as of August 2018.

But, that’s not to say plenty of Little Rock residents don’t struggle with financial burdens like debt. In fact, a recent study found Little Rock ranks sixth in the country for student loan debt.

If you’re struggling under the weight of debt in “The Rock,” your first step is to explore the relief options available to you.

Debt Consolidation for Little Rock Residents

Debt is stressful on its own, but one particularly difficult facet is trying to juggle multiple balances, each with its own interest rate and repayment timeline. Debt consolidation for Little Rock residents who owe $10,000 or more is one way to streamline multiple debts into one.

Debt consolidation involves taking out a personal or consolidation loan and using it to pay off your higher interest debts, such as outstanding credit card balances. Getting a loan may or may not require collateral to secure lower interest rates or approval. This strategy requires a commitment to stick with repayment for the long haul, and is also only worthwhile if you can get a significantly lower interest rate on a loan than the debts you’re currently facing.

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Credit Counseling for Manageable Debt

Having someone experienced on your side can help you tackle debt. This is the ethos behind credit counseling. A credit counselor can help you get organized with a repayment plan and even offer reduced interest rates. It’s typically an option on the table for consumers with manageable debt levels, not those who are already struggling to make monthly payments.

Have a Mortgage? Consider Cash-Out Refinancing

Little Rock is a great place to own a home—if you can keep up with your mortgage and other debts. But did you know that you may be able to leverage your existing mortgage to pay off more pressing high-interest debts?

In a process called cash-out refinancing, you’d take out a new mortgage for the amount of your old mortgage plus your other outstanding debt. Then you can use the difference to pay off high-interest credit card debts or medical bills. You’ll still be paying off the increased mortgage, but typically over more time and at a lower interest rate. This solution depends on your credit standing and the value of your home. Of course, it’s not an option for renters.

Other Debt Solutions in Little Rock

Credit counseling, cash-out refinancing and debt consolidation in Little Rock are not the only options. There’s a whole world of debt relief solutions out there, including debt resolution and filing for bankruptcy, to name a few.

You’ll undoubtedly be able to enjoy the charming sights of Little Rock more if you don’t have the stress of debt hanging over your head—or limiting which activities you’re able to partake in. To learn more about your options and speak with a Certified Debt Consultant from Freedom Debt Relief, pick up your phone and call 800-910-0065 today.

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