According to a 2013 study by Phoenix Marketing International, Virginia had the seventh-largest number of millionaires per capita in the United States, with a ratio of 6.64%. And the Bureau of Economic Analysis claims that the state also had the most counties in the top 100 wealthiest in the nation based on median income.
These statistics could be partially due to the fact that Virginia has the highest concentration of highly paid technology workers of any state. Computer chips are now one of the state’s highest-grossing exports, reaching a total export value of $717 million in 2015. This figure beats the state’s traditional top exports of coal and tobacco combined.
Whether you’re employed in the technology field or other significant Virginia industries such as agriculture or tourism, you may or may not be in a stable financial situation. Even with a well-paying job, it’s easy to get behind on bills.
But your life and bank account may be humming along nicely until you experience a setback of some kind. Perhaps you have an unexpected emergency and have to resort to using your credit cards to pay for it, or your monthly expenses just keep mounting higher than your income. It’s common for this to happen—no matter how much you earn. If this is your situation, it may be time to consider taking action to reverse the trend and get your finances into shape again
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
Solutions to Debt
The first step is to do some research. This is where the internet is a great boon: you’ll be able to quickly find different options that could work for you. However, there’s a lot of information out there—and not all of it is accurate or applies to you. This is when it’s a good idea to consult the experts.
Freedom Debt Relief has been helping consumers tackle their debt for more than 15 years. Our Certified Debt Consultants will be able to help you sort through the various choices and land on the right direction for you. Call 800-910-0065 today to get started.
The following are all good strategies for becoming debt free. It just depends on the details of your situation.
A debt consolidation loan will consolidate or combine your multiple payments and accounts, leaving you with only one predictable monthly payment and one lender. This can help you stay on top of due dates as opposed to trying to keep track of multiple payment dates and amounts.
Debt consolidation loans can come from various sources: you could take out a personal loan from a traditional bank, credit union or other lender, use the cash from a home refinance, or look into debt consolidation companies. You’ll need a clean credit history, good credit score, reliable income, and a balanced debt-to-income (DTI) ratio to qualify for this type of loan.
A counseling session is a good place to start if you need help. The counselor will look at all your information, outline available options, and even customize a money management program for you. Counseling can give you the tools to ensure you make mortgage, credit card, and other payments on time, while growing your savings as well.
Credit counseling can be done in-person, over the phone, or online. A certified counselor will spend an hour or so with you to gather information and get a general idea of your economic situation.
Debt Management Plans
While credit counseling is usually free, if you enroll in a Debt Management Plan (DMP), you’ll pay a fee for the service. This strategy works best for severe debt but is a less drastic form of debt relief than bankruptcy or debt settlement.
Most DMPs last from three to six years and are a systematic way to pay down your outstanding debt. This type of program combines multiple debts into one monthly payment, which you’ll make to the credit counseling agency. The agency will then distribute these funds between your lenders and negotiate with them to reduce the amount of interest you’re paying.
Regardless of which solution you choose to clear your debt, you’re on the right path already by researching your options. Our Certified Debt Consultants can answer any questions you may have about the Freedom Debt Relief program. Let us get you one step closer to finding the right debt solution for you by giving us a call any time at 800-910-0065 .