When people say “all that glitters is not gold”— they could be referring to the sometimes glamorous, sometimes plastic city of Los Angeles, California. While “The City of Angels” was founded in 1781 by a group of Mexican families, it wasn’t until the first discovery of gold in 1842 that its population began to boom… and boom. Today this city is home to more than 4 million people, making it the second most populous city in the entire U.S.
Los Angeles has plenty of glitz and glamor, as it serves as the epicenter of show business. People move from all over the country and world to try to get their big break in sunny L.A. But the truth is that most Los Angelenos live and work outside “the industry,” and living isn’t always easy here. According to research from UCLA, local renters are paying, on average, almost half their income for rent—meaning L.A. is “the least affordable rental market in the nation.”
This city also has notorious traffic problems. It just earned the designation of having the worst traffic congestion in the world for the sixth straight year. Not only is traffic downright annoying, but it’s another expense to consider for people living in such a car-centric city. That’s a lot of hours behind the wheel and a lot of wear and tear on your vehicle, to boot. And that doesn’t even scratch the surface on car insurance premiums.
Now, La-La Land is a beautiful place to live and explore. From the beachside views to the beautiful canyon hiking trails and everything else in between, it’s an unforgettable city. But the fact of the matter is that it’s not always easy to stay afloat financially with such a high cost of living.
If you’ve racked up debt living in Tinseltown, don’t sweat. Instead, take control of your financial destiny by exploring debt consolidation in Los Angeles—plus other debt elimination options.
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
Explore Debt Relief Choices in Los Angeles, California
Debt is as different as the neighborhoods sprawled out across Los Angeles. And the solution you choose depends on the challenges you face. Keep reading to learn more about some of the options available to you.
Explore Debt Consolidation in Los Angeles
What does debt consolidation do for Los Angeles residents? By taking out a single loan and using it to pay off debts, this strategy allows you to simplify the repayment process. Instead of trying to juggle different balances and due dates, you can turn your attention paying back a single loan at a fixed rate over time.
The downside is that this strategy does not necessarily reduce the amount you’re paying, although a consolidation loan often carries a lower interest rate than other kinds of debt.
Conduct a Balance Transfer on Credit Card Debt
High interest rates bogging you down? One of the hardest parts of paying back credit card debt is getting a handle on all that compounding interest. Transferring your balance to a card with low or no APR can help here, assuming you can qualify for such an offer. Just look out for limited-time introductory periods after which interest rates bounce back up above 15 percent.
Learn More About Settling Your Debt
Carrying more than $7,500 in debt and wondering how in the world you’ll ever pay it off? Debt resolution aims to settle debts for less than the original amount. The first step is making sure you enroll in a reputable program. When you do, you’ll likely divert the money you were using to make payments on your debt so you can make monthly deposits into an account. As you grow this fund, negotiators from your debt relief program reach out to creditors and attempt to reach a reduced settlement.
Creditors sometimes agree to settle because the other alternative is receiving limited or no payment at all. This can be a huge relief for Los Angeles residents facing thousands upon thousands of dollars in debt. But there are a few cautions to consider. Debt settlement will affect your credit score, especially if you stop making regular payments as you’re saving up to negotiate. But it can help you avoid a more serious default like bankruptcy. You must also be willing to stick with your debt relief program, potentially for two to four years or more.
Freedom Debt Relief has settled more than $9 billion since 2002. That’s 43,891 accounts per month, on average. To see if settlement is right for you, talk to a Certified Debt Consultant at 800-910-0065
Finding Debt Relief in Los Angeles
Sometimes debt feels as downright sticky as the La Brea tar pits. But the good news is that Los Angelenos have options like consolidation, settlement, balance transfers and many more. Here’s another way to think of it: Your financial future can start to feel more like a beautiful cruise down Mulholland Drive rather than a rush-hour commute on the Interstate 405. The first step is finding the strategy that’s right for you.