California has a lot to offer—beautiful weather, stunning landscapes, and one of the healthiest economies in the US. In fact, if the Golden State were its own country, its economy would rank sixth in the world—ahead of France, India, Italy, and Brazil.

There’s another statistic that’s not quite as fun: of all fifty states, California is, as of 2019, the most expensive state to live in.

According to the most recent data made available by MIT’s Living Wage Calculator, Californians who want to live a reasonably comfortable life—not posh by any means, but not in near poverty—can expect to spend $19,875 per year on housing, $8,311 just on child care, and need to be pulling in a salary of at least $68,190 per year to be making a “living wage.”

It’s no surprise that a lot of Californians are dealing with a considerable amount of debt.  One study found that the average state resident is close to $70,000 in debt.

There are many Debt Settlement companies in California however if you are one who is struggling with debt there are options for you.

More specifically, a debt consolidation loan offers a simple monthly program payment, and many are available with a longer payment period, which takes the sting out of making that monthly payment.

But it may not be for everyone: you need a good credit score, a clean credit history, a reasonable debt-to-income (DTI) ratio, and a reliable income source to show lenders you can pay back the loan.

If you don’t have the best credit, credit history, low income, or a more significant amount of debt? Debt consolidation may not be for you.

But debt dettlement may still not be out of reach. If you’re someone with bad credit, a DTI that is too high, or are facing difficult situations likely to increase your debt (like job loss or divorce), you can take comfort in knowing that California has a statute of limitations on debt.

After four years, creditors can no longer attempt to collect old debt that you’ve been unable to pay off. And if the debt is based on nothing than an oral contract?

The statute of limitations is even shorter—just two years. The bad news there is that relying on the statute of limitations will negatively affect your credit rating for years to come.

Your best bet is to talk to a debt settlement specialist, like any of the professionals at Alleviate Financial Services.

We have programs available that will help you settle your debts—for less than you owe—and you may qualify for them.

Schedule a free consultation today for a risk-free debt assessment. The only thing you have to lose is your debt.

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