If you are an Alabama resident struggling with debt, you aren’t alone. Citizens of Alabama are experiencing a per capita debt of approximately $1,828, for a total statewide debt of around $8,969,350,000 in 2015.
Alabama is ranked 23rd in the U.S. by population (4,822,000), but has a lower median household income ($4,415) than the median income of the country as a whole ($5,017).
Living with debt can be stressful, or even frightening. It’s never a pleasant experience, and figuring out the best way to escape your debt can feel overwhelming.
If you’re living in Alabama and are struggling with debts from multiple sources, debt consolidation might be a viable option.
What is Debt Settlement?
Debt Settlement is the act of combining negotiating your debts down so you can pay less than what you owe so that you can resolve your outstanding debts.
The idea is that by making one payment for several debts, you’ll ideally have a lower monthly payment and be able to pay then off faster a reduced rate.
Generally, people interested in this option are dealing with debts from multiple sources, whether they be credit cards, loans, or any form of unsecured debt.
It’s important to carefully consider the pros and cons of debt settlement before you make a decision.
The most immediately obvious positive aspect of debt settlement is that it simplifies things.
Rather than keeping track of multiple bills, you’ll only have one.
For some people, this can go a long way towards relieving the stress of paying bills and make the situation feel more manageable.
Of course, you’ll have to remain disciplined and refrain from picking up any additional credit cards to enjoy this benefit.
Debt consolidation is usally an option that people try to do to lower their over all expenses. However their are also downsides to debt consolidation.
You’ll still need to increase your payments and decrease your spending, or you’ll be stuck with the same problem indefinitely.
Depending on your debt, debt consolidation can also take time; it won’t solve your problems overnight, and you may still need to spend months, or years, taking care of your debt.
Debt Settlement may be a good option if you are ready to resolve your debts once and for so that you can stop stressing about minimim payments or if you see no end in sight when it come to becoming debt free.
Alabama offers a wide range of debt solution services that are readily available to its citizens.