Utah Debt-Clearing Options
According to the Bureau of Economic Analysis, the gross state product of Utah in 2017 was $165.5 billion, or 0.87% of the total United States GDP of $14.991 trillion. However, the per capita personal income was only $43,000 in 2017.
In 2014, Utah was ranked number one in Forbes’ list of “Best States For Business” And an article in Newsweek magazine highlighted Utah and particularly the Salt Lake City area’s economic outlook, calling it “the new economic Zion” in regards to how the area was able to bring in high-paying jobs and attract high-tech corporations to the area during a recession.
The recession is over, but despite Utah now having the 14th-highest median average income and the least income inequality of any U.S. state, many Utah residents are still dealing with the aftermath of the last recession. This manifests as growing debt from student loans, mortgages, credit cards, and other sources.
One widely used technique is to consolidate your debts with a loan. This has many advantages. You’ll typically pay less interest over time and you’ll have one easy-to-manage payment each month as opposed to many. But for this to be effective, you need to have the following Decent credit score & You want to get the lowest interest rate and the best terms available. To do that, you have to prove to the lender that you’re a good risk. This is only possible if you have a good credit score, otherwise you’ll probably be offered less favorable interest rates, which could make the loan too expensive to be worth it.Reliable source of income. To get the loan approved, you also have to show documentation that you have a stable and regular source of income. The lender needs to know that you’re able to pay back the loan. You need to be diligent in following through with the commitment regardless of the length of time it takes or the payment terms you’ve agreed to. And you need to keep in mind that by getting this type of loan, you’re not free and clear yet. You still owe the debt, even though it may be easier for you to make the payments. Make sure you set enough aside each month to cover the payments and even more important—avoid your old spending habits. If you continue using your credit cards in the same manner as before, you’ll simply end up with one more debt on your plate.
To learn about all your options and get started down the road to becoming debt-free: Call Freedom Debt Relief at 800-910-0065. Our Certified Debt Consultants can help you find the best way forward by asking you questions that can help them assess your financial situation. Our debt specialists can help you find the right solution that fits your unique debt situation.
- Learn about available options. Our Certified Debt Consultants will take you through the strategies and recommend a debt solution to you.
- Start your journey to financial freedom. No matter what method you choose, the most important part is that you follow through. It takes time, commitment, and financial discipline now, so you can have true financial freedom later
If your debt burden is weighing you down, don’t waste another day worrying. As the old adage goes, “Today is the first day of the rest of your life.” Take steps now to secure your debt-free future. Start your journey toward financial freedom today. Call Freedom Debt Relief at 800-910-0065 now for a free debt consultation.
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