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Debt Consolidation Loans in Fayette, KY
Fayette County is the second-most populous county in Kentucky, and is home to a little more than 300,000 residents. In 1974, Fayette’s government merged with neighboring Lexington, which created a consolidated city-county. As such, it shares much of the same traits of Lexington, including its outdoor and country vibe. It also has some of the defining characteristics of its counterpart, such as its preference for many things horse-related.
Aside from the environment, Fayette also has similar economic data with Lexington. Housing costs are relatively attainable for common folks, with monthly mortgage fees pegged at $1,277. If you are no interested in purchasing a house and instead just want to rent, expect to pay around $778 per month. These relatively low rates are accompanied by a solid per capita income of $30,031. Still, it is not all pretty, as Fayette has a high poverty rate of 19.1%. This is indicative of a lot struggling families trying to make ends meet by augmenting their income through loans and debts.
Debt consolidation and what it can do for you
Acquiring unsecured loans such as credit card debts is a quick and easy way to get funds for emergency purchases and expenses. The problem lies, however, when these loans begin to pile up because more often than not, they come with sky-high interest rates. Miss even a few payments, and compounded interest will quickly turn your cash flow over its head, leaving you overwhelmed and helpless. The good news though is you have, at your disposal, several options for debt relief, one of which is debt consolidation. If you have a good credit rating, you can secure a new loan with long payment terms and low interest rates so you could use it to pay off your other current loans. Having a single loan account can dramatically make financial management easier for you, almost eliminating the risk of missed payments due to multiply loans having different payment dues.
What the law says about debt consolidation
The best solution to debt is figuring out the root cause of your financial problem, and resolving it while still paying off your debt. Debt consolidation is a legal way to help you do just that, and the law provides protection for debtors against abusive collecting strategies of creditors through the Fair Debt Collection Practices Act. You, however, are still obliged to pay your debt, and creditors also have the right to pursue legal action if you refuse to do so. For more information and for a better decision, seek help of lawyers or trusted financial experts to help you facilitate debt consolidation.