In addition to being the third largest banking center in the US, North Carolina leads the nation in tobacco, textiles, and furniture production. The trifecta of hydroelectric power, an agreeable climate, and a wide variety of soil types enables a diverse economy.
According to Forbes, North Carolina is also strong in the STEM industries of science, technology, energy, and math in the areas around the capital, Raleigh. These industries have grown 17.9% over the last 15 years.
While many “Tar Heel” residents enjoy the fruits of these industries, many others do not. Unemployment is at 4.5% in the state. But even those with jobs can suffer from the unhealthy financial scenario of spending more than they’re earning. When this goes on for a sustained period, it can result in mounting credit card debt.
Debt Consolidation Loans
If you’ve amassed a substantial amount of debt and you’ve decided it’s time to tackle it, there are a number of ways to go about it. If your debt is more than $10,000, you could pay it off with a loan.
Debt consolidation could help you save on interest and simplify your payment schedule. Instead of paying multiple bills to multiple creditors, you make one payment a month to a debt consolidation company.
If you can secure a debt consolidation loan at a reasonable interest rate, you could make debt resolution less stressful. To get a decent interest rate, you’ll need to put up high-value collateral, such as your house or your car. If you don’t have assets or don’t want to use them, you may be able to get an unsecured loan. It’s less risky, but it could lead to greater debt in the long run due to higher interest rates.
A debt consolidation loan is simply a loan that allows you to consolidate or combine your debts (usually from credit cards) into one loan. If you decide to go this route and find a reputable lender, you can look forward to paying a lower interest rate than your current rates.
Also, you’ll have one monthly payment to the lender instead of multiple payments to multiple cards. You’ll also have an end date to the program, which can help you stay motivated to keep going as opposed to open ended credit card payments.
Debt Consolidation Loan Timing
If consolidating your debt makes sense for your unique situation, and you’ve been able to check all the boxes, the time to apply is now. If you’re currently paying compound interest and late fees, the longer you wait to find a reputable debt consolidation company, the deeper you’ll be in debt.
Freedom Debt Relief has Certified Debt Consultants available to advise you on the various types of debt-clearing strategies. Call 800-910-0065 for a free debt evaluation and find out if debt consolidation would work 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
Debt in America
Around 80 percent of US residents are in debt today from mortgages, medical bills, student debt, car loans, and credit cards.
North Carolina statistics:
- Average of $7,225 in credit card debt
- Average total debt is $47,251
- Average mortgage debt is $37,495
Look into debt consolidation today and find out whether it’s the answer to your problem. The Certified Debt Consultants at Freedom Debt Relief will be able to give you an expert evaluation after asking you just a few questions about your situation.
Get ready to change your economic outlook, call 800-910-0065 now for a free debt consultation.