Kentucky residents who are fighting with debt can find solace with a variety of debt relief options from licensed agencies. The state was ranked 43rd in the nation for per capita personal income, which was $28,513 in 2010. The unemployment rate here in July 2012 was still pretty high at 8.3%. On average, households had credit card debt at $6,221 in 2011. Getting out of debt in a high unemployment state with low per capita income can be quite hard to do without the right debt management services.
Choosing Debt Relief in Kentucky
There are various options of debt relief that you can use to become financially free. Depending on how much debt you owe will determine which option is best for you. For instance, those with a high amount of debt may find debt management and debt settlement services to be the answer. This is especially so if you have been struggling with making payments over an extended period of time. If your credit score has already been affected by this, then these options would be better suited for you than a debt consolidation loan.
With a debt consolidation loan, it’s best to obtain one with good credit. This will ensure that your interest rates remain affordable. A debt consolidation loan is used to pay off all of your smaller debts, giving you only one monthly payment to worry about. Debt settlement services involve a Kansas debt relief company negotiating a smaller balance, so that it can be paid off in one lump sum. Then debt management services are used to help with keeping everything in order. A debt manager is used to pay off your debts for you, using your bank account. The manager will also help you to get better interest rates and monthly payments. Debt consolidation is sometimes involved with debt settlement and management services, so that there is only one monthly payment.
Tips for Choosing a Debt Relief Company
You should begin your search for debt relief companies on the Internet, where you can research them and choose the best for your needs. Overall, it’s necessary to choose a debt relief agency that is licensed to operate in Kentucky. You should also work with agencies that have been around for at least a couple of years. You can find reviews written by professionals and consumers who have actually used their services. Try to find unbiased reviews, which can be found on other Web sites that don’t belong to the debt relief agency. Here are a couple of other tips that you can use to help you find a reliable debt relief agency.
- Be wary of debt relief companies that charge upfront fees.
- Check to make sure that the agency is licensed to operate in Kentucky.
- Don’t enroll in a Kentucky debt relief program until a financial advisor from that company has looked over your financial situation to ensure the program is right for you.
- Always ask about charges and fees before enrolling in a debt relief program.