Debt Consolidation & More for Oakdale Residents
Oakdale—originally called “Dunnsville”—is a town of fewer than 8,000 people tucked mid-state between many of Louisiana’s larger cities. Residents know the beauty of the area, which has several state parks perfect for outdoor recreation like camping and swimming. The Kisatchie National Forest is also up the road, offering beautiful greenery for nature lovers.
It’s not always easy to make ends meet in Oakdale, though. The median household income hovers around $31,000, compared to the U.S. average of nearly $60,000. More than one-fourth (26.9%) of people in Oakdale currently live in poverty.
When money is tight, it’s all too easy to start accruing debt. If you’re a Louisianan facing a growing mountain of debt, it’s time to consider your options for debt relief.
What’s the Best Debt Relief Solution for Your Needs?
Just like no two people are alike, no two debt situations are exactly the same. What works for one person may not be the best option for their neighbor. Getting out of debt successfully depends on choosing the right debt relief solution for your life.
Here are a few tried-and-true options to consider.
How Credit Counseling Can Help You Get Organized
Maybe you haven’t racked up major debt yet, but you want to make a change before you do. Credit counseling might be your answer. It does nothing to reduce the amount you owe, but working with a credit counselor can help you come up with a workable repayment plan and get you lower interest rates.
Credit counseling is a great way to get organized and avoid delinquency, but does often require making higher payments than your minimum. If that doesn’t seem feasible right now, another strategy may be more up your alley.
Debt Consolidation in Oakdale
Debt consolidation broadly refers to a family of strategies that involve lowering interest rates on your debt. After all, it’s much harder to pay back a balance carrying 20 percent APR than it is to pay back one charging 10 percent interest, right?
One way to pursue debt consolidation in Oakdale is to transfer your credit card balance to a different card with a better rate. You’ll pay a 3 to 5 percent fee, but you’ll avoid paying so much in interest. If you qualify, make sure you understand the terms of the new credit card, including the timeframe for the desirable interest rate.
Oakdale residents seeking serious debt consolidation may choose to take out a personal loan to cover various outstanding debts. This allows them to make a single monthly payment instead of having to keep track of multiple debts. Although you’ll still be paying your debts in full, a loan with a lower interest rate will help you save money on interest—and help you make sure nothing slips through the cracks.
Debt Settlement Can Reduce How Much You Owe
Carrying more than $7,500 in debt and struggling to keep up with minimum payments? Enrolling in a debt settlement program like Freedom Debt Relief may help. These programs are designed to reduce how much you owe. You’ll start by making monthly deposits into a special account, oftentimes instead of paying your creditors. Once you’ve set aside a certain amount, trained negotiators contact your creditors and attempt to reach a settlement. If all goes well, you’ll be able to zero out your balances for less than the principal amount.
Debt settlement only works if you’re willing and able to stick with payments, typically for 24 to 48 months. It’s important to understand your credit score will also take a hit whenever you stop making payments. There’s also the risk creditors won’t “play ball,” but an industry leader like Freedom Debt Relief has built up relationships with certain creditors, which is why they’ve been able to settle over $9 billion in debt and counting.
Next Steps: Speak with a Debt Specialist Today
Are you an Oakdale resident who wants to eliminate debt, but isn’t sure which debt relief strategy is the best fit? You don’t have to decide all on your own. Start by giving a Freedom Debt Relief Certified Debt Counselor a call at 800-910-0065. We’ll walk you through a free evaluation so you can make an informed decision.
End Your Debt
Find out how our program could help.
- One low monthly program deposit
- Settlements for less than owed
- Debt could be resolved in 24-48 months