When it comes to finding the best place to live the American dream, Montana has it wrapped up. According to the official state website, Big Sky Country took number one spot for this honor. Montana also garnered top spots against other states in several categories:
- Startups per capita (first place)
- Best sales tax performance (first place)
- Lowest electricity rates (third place)
- Long term job growth (sixth place)
- Business tax climate (sixth place)
Montana also scores high for a healthy economy, coming in at third place. Traditionally focused on agriculture, oil, gas, coal, hard rock mining, and lumber, the state’s fastest growing sector is tourism. Every year, ten million tourists visit Glacier National Park, the Little Bighorn Battlefield National Monument, and Yellowstone National Park.
Debt Consolidation Loans in Montana
Montana’s economy may be firing on all cylinders, but that doesn’t mean everyone in the state is flourishing. The median household income is 19% less than the US average at $47,343. And the cost of living index places Montana at position 33 with scores in the 103% to 107% range in most categories, including groceries, housing, health, and transportation. (Anything over 100% means that Montana consumers are paying more than the national average for those basics.)
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 letting you pay off all your creditors with the loan, it simplifies your payment schedule as you only have one monthly payment to the lender 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 over the course of the loan. Only take out a loan if you’re able to make the payments on time and in full.
Be aware that many personal or consolidation loans require collateral, which means you secure the loan by putting up a high-value asset you own. 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 if you use either your home or your car as security, you could lose it if you default on the loan.
If you don’t have a high-value asset, certain lenders offer unsecured loans that don’t require collateral. But they typically come with higher interest rates because the lender is taking on more risk. High interest over a long repayment schedule could add up to a lot of money—on top of the debt you already owe. Debt consolidation loans aren’t right for everyone. If your debt is under $10,000 then consolidating might not be the right strategy for you.
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
Montana Residents and Debt
Many Montanans don’t have enough to make it through the month, let alone build savings. Sometimes the only solution is to turn to credit cards to make up the difference. But unless you pay off the entire balance each month, chances are you’re going to end up with mounting debt. Take a look at how Montana measures up for credit card debt and payment delinquency against the country as a whole: Credit Card Debt
- Average debt in Montana: $4,565
- National debt average: $4,965
- US rank: 39th
- Cardholders More Than 90 Days Late on Payments Montana rank: 49th
- State delinquency rate: 0.37 percent
- US average: 0.57 percent
Statute of Limitations for Credit Card Debt
- Montana: 8 years
- US average: 5.4 years
Take charge of your finances today. Don’t live with the stress of mounting debt any longer. Discover whether debt consolidation or another debt-relief option is the right choice for you and look forward to a debt-free future. Freedom Debt Relief is always here to help you weigh the options. Contact our Certified Debt Consultants today at 800-910-0065 to find out which method makes the most sense for your unique situation.