Debt Consolidation: Ontario Residents Have Options Available
Ontario, California has a rich history closely tied to agriculture and manufacturing. The Sunkist water tower stands now as a testament to that legacy, marking the spot where a citrus production plant stood until 2008. And yes, Ontario was named after the province in Canada by those who settled it back in 1882 as “model agricultural community.” But this is not a city on the decline. In fact, the U.S. Census Bureau predicts Ontario will experience a doubling in population (from its current 167,000 residents) by 2035.
What about the economic realities of living in Ontario for residents? Well, the Ontario International Airport serves as the largest employer in the area, providing more than 5,000 jobs. Many companies locate their distribution centers in Ontario, ranging from AutoZone to Nordstrom. But the per capita income in Ontario falls short of the national average, and 17% of residents are living at or below the poverty line.
If you’re one of the many Ontario residents struggling to make ends meet—and watching your debt build over time—then it’s time to explore debt relief solutions.
Which Debt Relief Solution Should You Choose?
There’s really no one-size-fits-all solution for debt. Someone who has $1,000 in debt is facing a different situation than someone who owes $10,000—or even $100,000. People also carry different kinds of debt with various interest rates. Residents in Ontario make different incomes and have different credit scores. Only you can decide which strategy best suits your lifestyle.
Transferring Your Credit Card Balance
Paying interest on a credit card feels like running on a treadmill without a “stop” button. Even if you make minimum payments, you’re not really putting a dent in your growing pile of debt. If this is the case, it may be prudent to see if you can transfer your balance to a card with low or no APR. You’ll pay a percentage as a transfer fee, but you can get some relief from high interest rates. Just be aware interest rates may jump back up after an introductory period ends.
Refinancing Your Mortgage for Debt Relief
Own your home? If you’ve built up equity, you may be able to refinance your mortgage. Cash-out refinancing involves tacking more money onto your mortgage and taking out the difference in cash to pay down your immediate debts. Your new mortgage will take longer to pay off, but at a lower interest rate. Of course, failing to do so will put your home in jeopardy, so make sure you’re ready to commit for the long haul.
Debt Consolidation in Ontario, California
Debt consolidation for Ontario residents is all about taking out new debt to pay off old debt. But it’s not an even trade: If you can get a loan with a lower interest rate, you’ll be able to pay down high-interest rate debts all at once. Then you can benefit from the simplicity of making one monthly payment instead of several.
Additional Debt Relief Solutions in Ontario
These are not the only debt relief options available in Ontario. There’s also debt resolution to consider if you have more than $7,500 in debt and want to see if you can get creditors to agree to settle for less. Freedom Debt Relief is the industry leader in debt relief, with more than $9 billion settled for clients so far.
Get started by talking to a debt specialist for a free evaluation. Call them now at 800-910-0065
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