Idaho is known best for producing its infamous potatoes. The state actually produces 1/3 of the countries potatoes. In 2004, the per capita income per household was $26,881. Idaho is an agricultural state, producing three varieties of wheat, known as Hard Red, Soft White and Dark Northern Spring. Because the average income per household isn’t so high, it could be the cause of the high credit card debt in the state, which is at $6,374 per household.
Debt Reduction in Idaho
The services for debt relief in Idaho span from bankruptcy filings to debt consolidation and everything else in between. Getting rid of credit card debt and other unsecured debts isn’t difficult to do. Determining which of the options you should choose will be more difficult, but once you have done your research, this will become easier. You can also consult with a reputable debt relief agency that will go over your finances and give you advice on the best debt relief plan.
Debt Consolidation Loans
One of the debt relief plans that a debt relief agency may advise you to use is obtaining a debt consolidation loan. This is only advisable if you have good credit, so that you can get a loan that has a lower interest rate than your current debts. The idea is to combine all of your current debts, especially those with high interest rates, and have them paid off all at one time. Then all that’s left is making payments on the one debt that you have left. Debt consolidation loans are available at banks, lenders and some debt consolidation companies.
Debt Settlement Services
Another Idaho debt relief option is obtaining debt settlement services. When you go to a debt settlement company, you will be assigned an agent who will go over your debts and begin contacting creditors and collectors to try and lower the amounts owed. These companies usually only deal with unsecured debt like credit cards, personal loans, medical bills, repossessions, collections, lines of credit and business debts. Make sure to find out what the max and minimum debt amounts they will work with, if any. Some require a $10,000 minimum, while others have a $10,000 max, so this varies greatly.
Debt Management Services
With a debt manager, debtors will be able to focus on other aspects of their life rather than their debts. Everything is handled by the debt management company. The manager will negotiate lower payments and will make the payments for you, using your bank account. A debt counselor can also be assigned to you to help you learn more about your finances and how to stay out of debt. This is referred to as debt counseling.
Bankruptcy is another Idaho debt relief option, but should be looked at as an “if all else fails” plan. You can try filing for it yourself or use a bankruptcy attorney to help you. There are two options for you to choose from – Chapter 13 and Chapter 7. You have to be evaluated in order to get approved for a Chapter 7 filing, since it eliminates all of your unsecured debts.