The United States is one of the most diverse countries in the world from both a cultural and biodiversity perspective. But if there were a poster child to exemplify this fact, New Orleans, Louisiana would probably be it. While most people immediately associate N’awlins with Mardi Gras and Bourbon Street, its creole flavor, pervasive jazz roots and blend of French and Spanish architecture make NOLA a city unto itself.
But due to natural disasters like Hurricane Katrina, the city and its residents are still recovering economically from the physical devastation and subsequent population loss.
New Orleans has a population of $391,495 and median household income of $38,681, but its attractiveness as cultural tourism and transplant hub skews the cost of day-to-day and monthly living expenses upward. The relatively low household income and a high cost of living make it tough to get by with sizeable personal debt hanging in the balance.
Freedom Debt Relief helps debtors create custom plans to get out of debt. Get the low-down on your options or call 800-910-0065 to speak to an FDR debt relief specialist.
Know Your Debt-Assistance Options
New Orleanians (aka Yats) deserve to live comfortably and pursue their dreams. But when high-interest credit card balances get in the way, every life decision and purchase is filtered with financial grief. This is why it’s essential not to wait any longer; know, and choose, a debt-assistance option that best aligns with your situation.
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
Debt Management/Credit Counseling
Debt management plans (DMPs) and credit counseling programs equip debtors with financial knowledge to be live more financially responsible in the future. They also simplify debt in the short-term by collecting one payment from you and then distributing it among your various creditors. These services usually charge a fee, but can protect you from collections agencies, not to mention relieve the burden of going it alone. DMPs and credit counseling make the most sense for debt amounts still within a debtor’s grasp.
Staring at various large balances with varying interest rates isn’t only stressful—it’s also confusing. How do you allocate the most money toward each of your principals while balancing your cash flow and different due dates? If this strikes a chord with your New Orleans debt predicament, consider consolidating those balances into one lower-interest loan.
If your credit is still in decent shape, a debt consolidation loan (aka personal loan) can eliminate those balances and give you one payment to make each month. Interest rates range from around five percent to over 30 percent, though—so it’s best to call different institutions (you don’t have current credit with) to get the best deal.
You could also take advantage of a balance transfer, which rolls your balances into one credit card. Balance transfer cards will offer an introductory low- or zero-interest period depending on your credit score. You’ll incur a nominal percentage fee to transfer your balances, but the interest-friendly period lets your payments go straight to your principal amount.
Getting out from under a large amount of debt doesn’t happen overnight, and neither does undergoing debt settlement. However, letting a company take over the process could help your emotional health. If you work with a proven provider like Freedom Debt Relief, you’ll likely also receive a substantial reduction on your debts.
Engaging in debt relief means you’ll make monthly contributions to a dedicated account while the debt settlement company negotiates with your creditors. When you have a decent chunk of money saved, the settlement company will offer your creditors a lump sum. Not knowing whether they’ll get their money or not, many creditors will accept the reduced amount. So even though you’ll pay the settlement company a fee if you agree to settle for the reduced amount, you’ll likely save more than had you tried to doggy paddle with minimum payments and interest rates.
Moving Past New Orleans Debt via Management, Debt Consolidation or Settlement
Thanks to Mardi Gras, New Orleans Jazz Festival, the World Cultural Economic Forum and a host of other annual events, NOLA brings in 5.5 billion in annual tourism revenue and employs 85,000 people. The HQ of Fortune 500 power-generation company, Entergy, in addition to large operations by Rolls-Royce, IBM and Harrah’s Entertainment supplement some of New Orleans’ economic outlook. However, it’s all for naught if headway on debt cannot be made.
Whether through enrolling in a debt management plan, seeking a debt consolidation loan or engaging in debt settlement, the most important part of getting out of debt is crafting an action plan.