Debt Consolidation: Orlando Residents Have Options Available

People around the world think of Orlando, Florida as a perfect place for a family-friendly getaway. More and more people are traveling to “The Theme Park Capital of the World” to get in on the fun. In 2017, approximately 72 million people visited Orlando, up from 68 million the year before.

But residents of Orlando know that—as fun as it is to spend a day at Walt Disney World, Universal Studios or The Wizarding World of Harry Potter—there’s much more to the city than tourist attractions. Whether you’re a die-hard Orlando Magic fan or you like to frequent the quirky shops of Audubon Park Garden District, there’s plenty of culture to explore when you live in such a lively and diverse city.

Living in Orlando for most or all of the year also means facing the financial realities that come with living in a tourist-driven economy. Orlando has a lower unemployment rate than the U.S. at large—but many of the jobs available in “The City Beautiful” pay less than a living wage. As Orlando Weekly reports, the median household income for Orlando is $52,385, “which makes it the third worst city among the country’s top 25 metropolitan areas.” This means even residents with a steady job may have trouble paying for essentials like housing, transportation, food and more.

When you’re already struggling to make ends meet, debt can easily creep into the picture. But solutions like debt consolidation in Orlando and more can help residents regain control of their financial destiny.

Which Debt Relief Solution Suits Your Situation?

Sometimes the hardest part of getting rid of debt is simply figuring out which path you should take. Orlandoans have options when it comes to eliminating debt; the first step is learning about what’s available to you.

Making a Debt Management Plan

Debt management is an ideal strategy for people who could pay off their debts in about five years if they could get their interest rates under control. Enrolling in a Debt Management Plan (DMP) means you’ll pay a fee to a credit counseling agency in exchange for them creating a payment plan, streamlining your debts into a single monthly payment and getting your interest rates reduced. To successfully complete a debt management plan, you should be ready to commit for at least three to five years—and be aware it won’t reduce the principal amount you owe.

Debt Consolidation in Orlando, Florida

Debt consolidation for Orlando residents also aims to reduce the amount you’re paying in interest, but tackles the problem from a different angle. Consumers take out a consolidation loan with a fixed interest rate to repay older, higher-interest debts in one fell swoop. Then, instead of having to keep tabs on multiple debts, each with its own set of requirements, consumers can focus on repaying their single new loan.

Debt consolidation may require collateral in the form of a high-value asset like a home or vehicle. While this can earn you better interest rates, it also makes the strategy riskier in case you falter on your payments. You’re also more likely to qualify for a good rate on a loan if your credit score is good.

Filing for Bankruptcy: A Last Resort

Does paying back your debt seem absolutely unfathomable? Bankruptcy is a last resort for people in Orlando and Florida at large facing very serious debt. There are two common types:

  • Chapter 7 bankruptcy: Provides consumers a totally “clean slate,” but at a cost. You may have to sell off your assets to repay what debt you can. This option will also do serious damage to your credit.
  • Chapter 13 bankruptcy: May reduce some of consumers’ debts and often allows people to work out a repayment plan without losing their home. However, it’s still damaging to credit and requires commitment for an extended period of time.
credit counseling vs debt settlement

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

Getting Debt Relief in Orlando

Bankruptcy, debt management and debt consolidation in Orlando aren’t the only options available to Floridians looking to tackle their debt. Once you have a plan, you’ll be able to enjoy the Orange County sunshine even more. Learn more by calling  800-910-0065  and speaking to a debt specialist today.