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Debt Consolidation Loans in Chula Vista, CA

When the name of your city actually means “beautiful view”, then you could expect to see scenic landscapes and painting-worthy sights. Such is the case for Chula Vista in California. Whether its sunrise or sunset, you will almost always see a great view no matter where you are in the city, and every building seems to have great ocean backgrounds. But Chula Vista is not just about beautiful sceneries, as it also sits in one of the most economically-rich and culturally-diverse locations in the country. Telecom Industry giants are stationed here, and two major military bases in San Diego are a short ride away from Chula Vista.

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Cost of living in Chula Vista

Debt Consolidation Loans in Chula Vista, CAA great location with a strong business center is a coveted characteristic, and that is why you will have to pay a premium if you want it. A typical house in Chula Vista costs somewhere between $400,000 and $500,000, and the usual rental cost is similarly high at $1,360 per month. That would be no problem if the income levels are high, but it is only at $26,241. Unemployment rate is quite low though at only 5.8%, and ditto for the poverty rate, which sits at 10.6%. While this is an indication of a strong economy that have successfully rebounded after the 2008 financial crisis, there are still some residents that are getting the short end of the financial stick, and are struggling just to cope with their expenses every day. For these people, loans and extra jobs are the only way they can augment the relatively low-income rates.

What is debt consolidation?

While loans and unsecured debts such as credit cards are a great source of quick funds, they usually come with high interest rates that, if left unmanaged, can quickly sink a person’s cash flow with compounded interest fees. A way to avoid this is by implementing what is called as debt consolidation. In this setup, the debtor with a good credit standing can apply for a new loan with long payment term and low interest rate, and then use it to pay off all the other loans. This gives the debtor more time and less pressure because he or she will only have to pay a single monthly due, instead of juggling several deadlines. What’s more, the debtor has minimized the risk of missed payments, therefore incurring indirect savings.

Is debt consolidation legal?

The good news is no law prohibits debt consolidation. But there are laws and rules that set how it should be implemented, as well as the other details that relate to it like collection practices. The Fair Debt Collection Practices Act, for example, prohibits abusive collection strategies by creditors or third-party agencies. The best way to proceed with debt consolidation is to ask for advice from lawyers or trusted finance experts, so you can effectively use it for debt management and avoid any legal disputes that may arise.