Debt Consolidation: Shreveport Residents Have Options Available
Located on the banks of the Red River, Shreveport is a hub for Southern culture. There are iconic riverboat casinos, friendly folks, great food, and beautiful parks. It is also known as the “Hollywood South” due to the third largest film industry in the nation, which has produced a number of great movies. Despite the popularity afforded by the film industry, residents enjoy a lower cost of living relative to other Americans and even other Louisianans.
Sadly, Shreveport has experienced a number of economic problems due to the downturn of the oil industry including infrastructure issues, unemployment, poverty, and a declining population.
If you are scrimping and saving, but still can’t make ends meet due to excessive debt, you might be happy to know there are options to get you back on your feet.
Finding Debt Relief Options in Shreveport
If you are looking for debt relief options in Shreveport, it can be easy to get confused with the number of methods available. Below are a handful of debt relief options and their descriptions to get you start on your road to financial recovery.
Do you feel as if you could benefit from a little direction? Credit counseling (also known as debt counseling) is a free service that can help you prioritize and organize your personal finances. For example, a credit counselor may help your build a better budget, provide advice on paying down your debt, or lead you to other services that fit your unique situation.
If a credit counselor recognizes any red flags during your conversations, he or she may recommend a debt management program. These programs help address and pay off delinquent personal loan and credit card debts. While some folks prefer to make minimum payments on their debt, the truth of the matter is that they will pay significantly more in interest. A debt management program can help you pay down your debt faster and in a more manageable way.
Debt settlement is another popular form of debt relief. When your debt climbs and climbs, it can be tough to pay it off. Fortunately, debt settlement experts can negotiate with creditors on your behalf to “forgive” a significant portion of your debt. While you will need to pay taxes on your forgiven debt (since the IRS sees this as a form of income), you could pay a lot less on your debts. Debt settlement is what Freedom Debt Relief does best, so be sure to inquire whether this option is right for you.
Debt Consolidation for Shreveport Residents
If you are scrambling to keep up with dues from a number of creditors, you may be interested in debt consolidation. To quality for debt consolidation, Shreveport residents must have $10,000 in debt. If the candidate is approved, he or she can take out a debt consolidation loan which covers all outstanding debts. This simplifies the repayment process… so instead of paying multiple creditors, you just pay the new lender.
Why do people choose debt consolidation? Not only does it make paying down your loans easier, you may be able to get a better interest rate if you secure your loans by leveraging a high-value asset. You may even be able to adjust your payment terms to match your needs and goals.
Bankruptcy, Chapter 7 & Chapter 13
When your debt is far beyond your means to pay it off, bankruptcy could be your ace in the hole. Now, this is not to say that bankruptcy is “a fresh start” – because it isn’t. Debtors sometimes lose assets during Chapter 7 bankruptcy. And while Chapter 13 bankruptcy sometimes enables people to hold onto assets (like their homes), both forms of bankruptcy negatively affect one’s credit score for years to come.
While bankruptcy is a workable solution for some, it should only be used as a last recourse. Be sure to delve into other debt relief options before making such a final decision, such as declaring bankruptcy.
Call a Debt Relief Expert Today
If you are ready to investigate the debt relief options available to you, call 800-910-0065 to speak with a debt relief expert today. The call is free, but the information is priceless.
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