Debt Consolidation: Victorville Residents Have Options Available

Victorville, in Southern California, has a population of 122,000. While the cost of living is much lower in this area than in much of the rest of California, the median household income is also less than the state’s average.

While the city has some notable attraction – such as the California Route 66 Museum, Cal Earth Homes, and the natural beauty of the high desert – it is also unfortunately known for its high crime rate and high rate of bankruptcy.

If you live in or near Victorville and are looking for options to pay down your debt, you have come to the right place. Review the debt relief opportunities below to see if anything piques your interest. If you are interested in learning more about how these options will affect you specifically, call  800-910-0065  to speak with a certified debt consultant. The call is totally free.

Debt Consolidation: What Victorville Residents Ought to Know

You might have heard about debt consolidation; it’s a popular debt relief option, after all. But did you know that debt consolidation can help folks with more than $10,000 in debt? It’s true. For those who qualify, debt consolidation can cover your various outstanding credit card, personal loan or medical debts. In exchange, you will be given a single loan from your consolidation lender. This makes paying down your debt easier, since you only have one bill to keep up with.

Victorville residents ought to know that secured loans will require some form of leverage in exchange for a low interest rate. This is usually a high-value asset like a home or car. Unsecured loans do not have this requirement, but often have higher interest rates and are, in most case, more difficult to find.

Nevertheless, debt consolidation can help Victorville residents who qualify to pay down their debt in a more workable way.

Other Debt Relief Options

Admittedly, debt consolidation isn’t the best option for every debtor in Victorville. Some may find better help from other debt relief programs. Below are a few of the most popular options for finding debt relief. Read through these to see if any match your current predicament:

  • Credit Counseling–Are your finances tight, but not out of control? If so, credit counseling can help you write up a budget, address your personal goals, find a copy of your credit score, and more. It’s a free educational resource to put your finances on the right track.
  • Debt Management–If, during your credit counseling, you realize that your debt is more unstable than you first thought, your counselor might recommend a debt management program (DMP). DMPs help California residents pay down their unsecured credit card debt in a structured and reasonable way.
  • Debt Settlements–Sometimes your debt climbs higher than your ability to pay it off. In these cases, its best to work with a reputable company like Freedom Debt Relief. They are experts as negotiating with creditors to lower the total amount owed through a process known as debt settlement. Creditors will agree to forgive and forget some debt in exchange for a promise by the debtor to pay down the rest. Keep in mind that if you qualify for and accept the terms of debt settlement, you will have to pay taxes on any forgiven debt. That’s because the IRS sees this as a form of income. It may also ding your credit score. But for the folks that need it, it can be a financial boon.
  • Bankruptcy–If you are drowning in debt, bankruptcy might seem like a lifebuoy. But before you make any rash decisions, you should know that bankruptcy has lasting effects on your credit score which can be hard to recover. Admittedly, bankruptcy is a possible solution to mitigating overdue credit card debts, unresolved medical bills, pending personal loans and the like… but it really should be viewed as a last resort.
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

In the end, the path you take out of debt really depends on your needs and goals. Discuss your situation with a certified Freedom Debt Relief debt expert at  800-910-0065 .