Arkansas has one of the lowest median household incomes at $39,806. This could partly be the cause of some of the high household credit card debt, which has an average of $6,300. Arkansas is the 49th ranking state in the nation for median household income and 45th for personal income, which was at $36,027 in 2010. In order to help Arkansans with their debt problems, debt relief options are available from various companies in the state.
Debt Relief in Arkansas
The first step to gaining financial freedom is obtaining debt relief. This can either be done on your own or with the help of an Arkansas agency. There are a variety of ways that consumers can get rid of their debt. Let’s take a look at some of the available options:
- Debt settlement: When an agent negotiates with creditors on behalf of the debtor, in an attempt to have the overall balance, which can be paid off all at once. When done one by one, this can help to eliminate all debts owed.
- Debt management: To help debtors stay on track, this debt relief option can be used. The debt manager will negotiate with the creditors to have the balance and/or monthly payments lowered. Then the manager pays the debts using the debtor’s bank account.
- Bankruptcy: When all else fails, filing for bankruptcy is an option. Either chapter 13 or chapter 7 can be filed, based on your current situation. A bankruptcy lawyer can assist individuals with determining the best option.
- Debt counselor: Debt counseling can be obtained to help debtors with sorting out finances to have debts paid off and to remain out of debt in the future. Learning better financial habits is the key to debt relief.
Arkansas Debt Relief Agencies
There are many different licensed debt relief agencies that can be used to help with getting rid of debt. Let’s take a look at a list of Arkansas debt relief companies:
- CuraDebt: This company specializes in assisting debtors who have unsecured debts or tax debts that exceed $10,000. This agency has been around since 1996, assisting individuals and small businesses by offering creditor negotiations, arbitration services and debt settlements. CuraDebt became a national company in 2000. Other services offered include debt management planning, consumer credit counseling and debt consolidations.
- National Debt Relief: In 2007, this company opened its doors to the public. It is compliant with FTC regulations and is based in NYC, but helps debtors in 38 states. Debtors are required to have at least $7,500 worth of unsecured debt to be assisted. They have a great rating with the Better Business Bureau. Debt settlement services are offered by this company.
- CareOne Debt Relief Services: This company helps debtors find debt relief providers in Arkansas. Individuals who have debts as low as $2,500 can be assisted. The maximum debt load that the company deals with is $10,000.
To obtain debt relief for your credit problems, try using one of the debt relief options from a national debt relief agency that specializes in these services.