Debt Consolidation: Louisville Residents Have Options Available

When people hear Louisville, many immediately think of the iconic horse race at Churchill Downs known as the Kentucky Derby and its signature drink, the Mint Julep… while others envision the famous baseball bat, the Louisville Slugger.

Kentucky’s biggest city is home to 621,349 people, and along with Lexington to its east, are the only cities to garner first-class designation in the Bluegrass State.

But Derby City offers more than one leg of the mighty Triple Crown or the ubiquitous bat forever entwined with America’s pastime. It’s an aesthetically pleasing place to live, with its rolling hills and stunning architecture. In fact, the city holds the largest collection of Victorian homes in the U.S. and contains the most cast-iron building facades outside of NYC’s SoHo district.

To top it off, most of the city’s parks and green spaces were designed by Central Park creator, Frederick Law Olmsted — the final and most extensive project of his career. Today, Louisville has grown to 122 city parks spanning 13,000 acres.

As lovely as Louisville is to call home, many residents of Kentucky’s riverside metropolis could use a helping hand. Even though Kentucky has one of the lowest cost of livings among U.S. states, it also has one of the highest rates of delinquent debt. A median household income of $38,005 and rising housing costs are endangering many Louisvillians’ financial situations.

Debt Relief Solutions

Spending time in nature or observing architecture, thankfully, is free. But transitioning to free hobbies is only one step to shedding debt in Louisville. Ranging from mild to severe, rest assured there’s a get-out-of-debt solution for your situation. No matter the strategy you choose, take a cue from Louisville native, Muhammad Ali when it comes to beating debt and ‘float like a butterfly, sting like a bee.’

Debt Consolidation for Louisville Residents

If you have over $10,000 in debt scattered across a number of accounts, you might benefit from debt consolidation. Debt consolidation helps Louisville residents by accumulating all your various debts into a single, manageable bill. The debt consolidation company pays your debts, and you pay the new lender.

Get a Balance Transfer

Are you carrying balances on several credit cards? It’s stressful enough juggling multiple due dates let alone deciding how to allocate your payments to make the most progress on your principal. A balance transfer allows debtors to simplify their monthly payments while enjoying an introductory low- or zero-interest period. You’ll want to explore balance transfer cards from other institutions to receive the best deal. While balance transfers usually carry a nominal transfer fee, the interest-friendly introductory period allows you to attack your principal balance aggressively.

Cash-Out Refinance/Home Equity Loan

As of 2016, Louisville had a median house value of $133,656. If you’re dealing with large debt and have a solid chunk of equity in your home, a cash-out refinancing or home equity loan could be the catalyst you need to escape debt.

A cash-out refi converts your existing mortgage into a separate larger one, meaning new—ideally more favorable—interest rates, repayment plan and terms. A home equity loan, on the other hand, involves taking out a second loan at a fixed rate for up to 30 years. Both may be viable options depending on your situation, but keep in mind that cash-out refinancing plans usually include fees and closing costs.

Debt Settlement

When paying back debt stops becoming a hindrance and starts seriously affecting your ability to provide for you and your family, more aggressive debt strategies become options. Freedom Debt Relief has a 15-plus-year track record for helping debtors just like you climb out of the hole.

We care about each individual and the situation they’re facing, which is why we’ll never proceed with any debt relief plan until we have all the details. From here, we create a custom plan to resolve your debt. You’ll save money in an account (that you’ll have access to) while we negotiate with your creditors to reduce your overall balance.

If we’re able to lower your debt sum, and you agree to pay it, you’ll be charged a percentage fee. However, your debts will be resolved, and you’ll have saved money on the whole—as well as a lot of stress.

credit counseling vs debt settlement

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

Leaving Louisville Debt Behind

Mega-corporations and conglomerates like Yum Brands (KFC, Pizza Hut, Taco Bell) and UPS operating their headquarters from Louisville help provide job security to the area, but they’re not antidotes tor debt. By searching for debt relief help online, you’re already light years ahead of the many people emotionally paralyzed in their financial turmoil. Letting an experienced company like Freedom Debt Relief take the reins for you can be the first step to economic health.

We’ve helped thousands of debtors forge new financial paths when they didn’t know where else to turn. Learn more about our debt relief process, or call 800-910-0065 seven days a week to speak to a live debt specialist on the phone.