Sioux Falls is a beautiful place. From the Big Sioux River in the rolling hills to Sculpture Walk, there’s always something to see and appreciate. While the city was officially established in 1856, its population has only started to climb over the past 40 years (from 81,000 in 1980 to 183,000 in 2018). Along with the population boom came a shift away from an industrial economy towards healthcare, finance and retail trade.
While growth is great for Sioux Falls’ economy, that positive transformation might not translate to financial growth for your wallet. That’s because everyone’s situation is a different. If you are struggling with debt, there are options to help put you back on the right track.
Debt Relief: What Path Is Right for You?
Interested in exploring your debt relief options? This is a great place to start. Below you will find a short list of popular debt relief options available to Sioux Falls residents. For a free, no-risk consolation call 800-910-0065
Debt Consolidation for Sioux Falls Residents
Debt can sometimes seem like a deep dark hole. But while it might feel that way, there are things you can do to get out of your situation. Debt consolidation, for instance, could assist Sioux Falls residents with more than $10,000 in debt.
Debt consolidation covers numerous outstanding debts with a single consolidated loan. Not only does this satisfy your creditors, it also makes it easier to pay down what you owe. You might even get a better interest rate for your consolidated loan. Keep in mind, however, that secured loans leverage high-value assets (like a home or car), while unsecure loans require higher interest rates. If you fail to pay your loans, you may lose your assets or put credit score at risk (depending on your situation).
Sure, debt consolidation isn’t for everybody. But for those Sioux Falls residents that qualify, debt consolidation can be an important tool to help you out of the preverbal debt hole.
Additional Debt Relief Opportunities
Are you worried that debt consolidation might not be right for you? You never know until you inquire. However, even if you don’t qualify, there are other options at your disposal.
When you need a little guidance, credit counselors are there to help. What is a credit counselor? Basically, it is a person or organization bent on assisting you in setting reasonable goals for your personal finances. He or she can help you build a budget, pay down debt, find free educational resources, get a copy of your credit report and more. If he or she notices that your debt is starting to run wild, they might recommend enrolling in a debt management program.
Debt management programs (DMPs) benefit debtors by decreasing the interest rate on unsecured debt (such as credit card payments and personal loans). Programs like these can help consumers stymie runaway debt before it becomes unmanageable.
Believe it or not, you may be able to negotiate the total amount you owe thanks to companies like Freedom Debt Relief. These organizations act as a mediator between yourself and your creditors to accept less than the debt owed. This is a boon for both debtors struggling to make payments, and creditors struggling to get paid. Results vary, of course, so be sure to ask lots of questions before opting in to debt settlement.
Bankruptcy is considered a last-ditch effort to reign in one’s debt. While it can address credit card debt, personal loan debt, medical bills and the like, it also wreaks havoc on your credit score – often for years to come. Before resorting to the nuclear option (bankruptcy) consider investigating other forms of debt relief. You may be able to find a solution better fit to your current financial standing with a little bit of digging.
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
Speak with a Debt Expert About Your Unique Situation
Perhaps you read through the above programs and believe you found the perfect solution for your situation; or you may still be unsure. Either way, the only way to know for sure is to call a debt expert at 800-910-0065 The call is free and could be your first step on the path to financial recovery.