Tulsa, Oklahoma is a hub of American industries. While its history is firmly rooted in a vigorous energy sector (the former “oil capitol of the world”), it has since diversified. These days, Tulsa is known for aviation, finance, technology and telecommunications.
Beyond its hearty industries, Tulsa is also home to many delightful attractions including the Philbrook Museum of Art, the Oklahoma Jazz Hall of Fame, the Oklahoma Jazz Hall of Fame and so much more.
Unfortunately, not everything in Tulsa is healthy and happy. Many Tulsans are grappling with heavy debts and the stress that comes with it.
Are There Any Roads Out of Debt?
The answer to this question is a resounding “yes.” While dealing with debt is never an easy task, it’s a goal that is within your grasp once you’ve discovered the proper debt relief option for your needs. Below we will discuss debt consolidation for Tulsa residents as well as some other popular forms of debt relief.
What Tulsa Residents Ought to Know About Debt Consolidation
If you are loaded with $10,000 in debt, you might be a candidate for debt consolidation. Debt consolidation simplifies the repayment process for outstanding debts from a variety of creditors. How? Instead of paying several bills to a handful of creditors, you pay one single bill to your debt consolidation company. It’s a much simpler solution to paying down your various debts.
Better yet, a debt consolidation loan can secure an equitable interest rate. Thus, making your road to financial recovery, much less difficult.
Still, there are a few need-to-knows when it comes to debt consolidation. These loans often require collateral such as a home or car in order to secure your loan. This makes it all the more important to pay debts down on time.
Going Beyond Debt Consolidation: Other Options
If you are not a candidate for debt consolidation, there are other options available to you. Check out the list below:
- Credit Counseling: A credit counselor reviews your personal situation for opportunities to improve your financial standing. For instance, he or she might work with creditors to lower your interest rate or recommend that you find a debt management program to help you pay down your dues. Credit counselors can also help you build a budget or investigate your credit score. It’s a simple service with the power to point Tulsa residents in the right direction.
- Debt Management: If you are struggling to hit your goals and are wrestling with debt payments, a debt management plan might be your best bet. These programs might help you decrease or even eliminate unsecured debt (such as late credit card payments and the like). Isn’t it time you did a little investigating to see if this option would work for your financial situation?
- Debt Resolution: Also known as “debt settlement,” debt resolution is a form of debt relief in which a company negotiates for a decrease in the amount of money owed. The debtor agrees to pay a percentage of the debt as agreed upon by the creditor. Once that amount is paid, the debt is considered satisfied, even if the total was considerable higher. Keep in mind that this process can drag down your credit score.
- Bankruptcy: When outstanding debts skyrocket beyond your means to pay them off, it might be time to explore bankruptcy. Admittedly, bankruptcy can mar one’s credit score for years into the future – thus making it hard to get loans from lenders and banks. Both Chapter 7 and Chapter 13 bankruptcy should be observed as one’s last resort. Examine other debt relief options before exercising your right to declare bankruptcy.
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
Whether you are interested in learning more about debt consolidation in Tulsa or another form of debt relief, Freedom Debt Relief is here to help. Call 800-910-0065 to speak with a certified debt consultant. It could be the best move you make all day.