Debt Consolidation: Riverside Residents Have Options Available

A mere podcast’s drive east from downtown Los Angeles brings one to Riverside, California, a city of 324,727 people and integral component of the Inland Empire metropolitan area.

Riverside’s positioning next to the Santa Ana River paired with its subtle desert-mountain backdrop give it a quaintness not able to be attained in many American cities. However, for all the glamor associated with living in Cali, there are downsides. Despite the city’s median household income of $63,548 being only slightly lower than California’s $67,739 median, Riverside’s cost of living is 118.9—well over the U.S. average of 100.

Renters face a gross median rent of $1,281, and aspiring homebuyers are staring at median home values of $346,900. These prices alone can be challenging, but when dealing with high-interest debt, they border on the impossible.

Learn about Riverside debt consolidation and relief options below or give Freedom Debt Relief a call at 800-910-0065 to speak to a debt relief representative.

Which Debt Relief Strategy Is for You?

Deciding how to solve your debt in Riverside is no straightforward task. There is no one-size-fits-all solution. Depending on the level of debt and circumstances of the lending situation, not all options will work for every debtor.

Debt Management Plans

Many households live with debt for far longer than they need to, simply because they didn’t want—or didn’t know how—to make it a priority. Enrolling in a debt management plan (DMP) equips consumers with personal finance education while laying out a repayment plan to get you out of debt.

DMPs usually carry monthly service fees, so the cost should depend on how much the guidance and support means in your effort to escape debt.

Debt Consolidation for Riverside Residents

Aside from stressing about having enough cash flow to cover different monthly due dates, deciding how to pay off multiple balances efficiently is no easy task. In fact, many people get it wrong. This is where Riverside debt consolidation strategies become effective. Either through a personal loan, balance transfer or home equity restructuring, you can eliminate your high-interest debt and maintain a single monthly payment.

Keep in mind that personal loans can have interest rates as high as 36 percent, and that balance transfers carry a three-to-five percent transfer fee. A cash-out refinance, which replace an existing mortgage with entirely new terms, has closing costs and fees. These debt consolidation methods will only make sense as much as the interest rates and overall terms you’re able to get on your offer.

Debt Settlement

It’s a mistake to rack up debt we can’t easily afford to pay back. But many of us are guilty of worsening the problem by lapsing on payments and incurring late fees. Then come the creditor calls and collection mail. At this stage, the main options available are seeking debt settlement, declaring bankruptcy or hoping that a friend or family member suddenly has a fair amount of money they don’t need.

Both debt settlement and bankruptcy hurt credit scores, but not as much as it would seem. This is because the majority of people seeking these solutions have already run their credit scores down considerably. As debt settlement is concerned, this could play into a debtor’s favor. Debt settlement aims to resolve debt balances at a substantially lower rate. This is done through years of creditor negotiations, usually done by a debt settlement company on behalf of a debtor. Like debt management programs, debt settlement services lift some of the emotional burden debtors carry around.

If you want to go the route of the legal system, declaring Chapter 7 bankruptcy can absolve your debt in as fast as three months, however, it’ll also liquidate some of your personal assets to help pay back your debt and stay on credit reports for up to a decade. Chapter 13 bankruptcy protects personal possessions, but requires debtors to make court payments for three-to-five years. Both routes will carry attorney fees, court costs and financial management courses.

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 Riverside

Since its founding in 1870, Riverside has benefited from a diversified economy, including a healthy balance of both non-manufacturing and manufacturing sectors. It’s also the birthplace of the California industry, and maintains the California Citrus State Historic Park, which showcases the Parent Washington Navel Orange Tree — the last of two original orange trees in California.

Top employers in the state include the County and City of Riverside, employing a nearly 14,500 people, and the University of California, Riverside, with over 8,300 employees. Healthcare provider Kaiser Permanente supports another 4,500 jobs. Of course, Riverside also enjoys steady activity from the film industry with its close distance to Hollywood.

But whether you’re employed in one of the city’s main sectors or not, gainful work is only one part of the equation. The fact is that millions of hard-working Americans are burdened by debt. Riversiders may have economic opportunity, but it can’t make up for personal financial mistakes. And the biggest blunder of all is continuing to do nothing about your debt problem.

If you’re ready to leave your debt behind, call 800-910-0065 to speak with a live debt relief specialist about your options.