For New York (the state) New York City is, in so many ways, the jewel in the crown. Economically speaking, New York City leads as the top financial center of the world, but the state as a whole can hold its own in the economic stakes too. Tech Valley, located in eastern New York, has seen significant growth in the high-tech industry, particularly in computer hardware. In this region, companies like IBM are also making progress in digital design, nano-technology, and microchip circuit manufacturing.
Not to be outdone, New York City has its own flourishing information technology sector. Known as “Silicon Alley,” it has generated over $7.3 billion in venture capital investment since 2015 in industries such as game design, digital media, biotechnology, and software development. Creative industries like new media and film and television production also thrive in New York State due to generous tax incentives.
As you might expect, the cost of living is high in The Empire State. New York ranks close to the bottom at 48th out of 51 states and the District of Columbia. All categories measured—including groceries, healthcare, and transportation—are well over the national average of 100%. But the cost of housing comes in at a whopping 196.5%. However, average rent per month in upstate New York is only $1,106 compared to $3,506 in Manhattan.
Even with a great salary from working in the tech or film industries, or one of the many other employment opportunities available, it’s easy to see how New York residents could still end up with some debt to their name.
New York Debt Consolidation Loans
If you’re in debt and ready to deal with it, the good news is, there are a number of smart strategies available. Deciding which one will work best for your unique situation is the key to unlocking the door to your financial liberation. For many consumers, consolidating their debt works well. If you have a certain amount of debt ($10,000 or more) from credit cards and other sources, this could be the answer to your problem. For many consumers, debt management, debt settlement or even filing for bankruptcy could make more sense.
If the numbers add up, you may be eligible for a secure loan in New York. You’ll be asked to put up a high-value asset like your home or car as a guarantee to the lender that their loan will be repaid. With this type of loan, you’ll be charged a more favorable interest rate, which can end up saving you money in the long run.
If you aren’t able to leverage a home or other valuable asset, you may still be able to get an unsecured loan. But the interest charged will be much higher to protect the lender’s investment. And this may make this debt-clearing strategy non-viable for you.
To learn what’s needed to handle your debt, call Freedom Debt Relief at 800-910-0065 for a free debt evaluation. Our Certified Debt Consultants can help guide you and outline other methods too if it turns out that debt consolidation is not the right fit 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
Find Your Solution
If you’re keen to alleviate the stress and worry of your growing debt burden, take heart. There’s a perfect solution out there for your situation. New York is home to a number of companies. To find the right solution for you, just follow these four simple steps:
- Call Freedom Debt Relief at 800-910-0065 for a free debt consultation
- Learn about available debt-relief options and get help choosing the best one.
- Commit to staying the course. No matter which method you go with, it’s imperative that you see it through.
- Look forward to financial freedom and the prospect of a worry-free life when you’re free of debt.
You Are Not Alone
The average New York household carries $5,646 in credit card debt, which closely matches the the average U.S. debt of $5,700. Given how expensive it is to live there, you’d be forgiven for assuming that New York debt statistics would be worse than the national average.
But the lower figures could be, in part, because many New Yorkers are leaving the state. Out of the 50 upstate counties, 41 lost significant population between 2010 and 2015. The cost of living has put too high a financial strain on many residents.
If you still call New York home, and want to change the trajectory of your financial future, take control of your debt today.Discover your debt relief program by contacting Freedom Debt Relief. Call 800-910-0065 now and speak with one of our Certified Debt Consultants.