Oklahoma and Debt Consolidation Programs

Oklahoma has been rated one of the most-business friendly states in the country. Six Fortune 1000 and four Fortune 500 companies have headquarters there. The Sooner State produces a variety of industries from food processing and agriculture to natural gas and aviation. However, the government sector provides most of the employment followed by the transportation, utilities, education, business and manufacturing industries. At the beginning of 2018, the state’s unemployment rate was 4.4 percent which is average compared to the rest of the US.

While there are many employment opportunities to be found within the state’s various industries, many residents still find themselves with large amounts of debt. A sudden reduction in income, an emergency like a car breaking down or home repairs needed, can knock anyone off their financial feet. If this has happened to you, take heart.

The great news is that there are programs available to help you deal with your situation. For more information on how to resolve your debt, download the debt management guide from Freedom Debt Relief or speak with one of our Certified Debt Consultants at 800-230-1553 for a free evaluation.

debt relief program

Get in touch with Freedom Debt Relief now. Call 800-230-1553 for a free, no-obligation debt consultation.

Debt-Clearing Programs

Credit Counseling:

A counselor reviews your financial situation, sets up lower interest rates with your creditors if possible, and creates a debt management plan for you to follow.

Pros

  • One monthly payment
  • Lower rates and fees
  • No collection calls

Cons

  • Lenders may view you as credit risk
  • Principal debt not reduced
  • Credit card accounts closed

Debt Consolidation:

You take out one loan to pay off all your debt. This loan can have a lower interest rate than what you owe on your cards. You make fixed monthly payments until the loan is paid off.

Pros

  • One predictable monthly payment
  • Flexible terms
  • No credit impact

Cons

  • Need good credit
  • No reduction on principal
  • Results vary

Cash-out Refinance:

For this, you work with a mortgage lender. You refinance your mortgage, taking out additional cash beyond the mortgage balance. You use that money to pay your debts.

Pros

  • High interest debts paid off
  • Reduced monthly payments
  • Tax-deductible interest payments

Cons

  • Need to own a home
  • Increased foreclosure risk
  • Adds to mortgage debt

Debt Settlement:

Working with a company like Freedom Debt Relief, you make monthly deposits into an account. The company negotiates with your creditors to accept less than you owe. That amount is then paid to creditors until the debt is resolved.

Pros

  • Significant savings over making minimum payments
  • One low monthly program deposit
  • Faster than making minimum payments

Cons

  • Debt collection calls
  • Legal risk, impact to credit
  • Results can vary

Choosing the Right Solution

If you need help figuring out which strategy is best for you, reach out to Freedom Debt Relief or call 800-230-1553. Our Certified Debt Consultants can help you find the best way forward. Look for your debt solution today, including debt consolidation. Debt relief programs are currently available to Oklahoma residents. Start your journey toward financial freedom today.

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

Get Your Free Evaluation