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Debt Consolidation Loans in Greensboro, NC
Greensboro in North Carolina is a medium-sized city that is home to a little less than 300,000 people. It is strategically located in that it is usually the gateway to other cities in North Carolina. Being the state’s third-largest metro, it has most of what you would want in a modern city: entertainment, recreation, shopping, arts, and restaurants. There is also a strong sense of community in this rather quaint city, which almost always leaves a warm impression on its visitors.
Financial situation of Greensboro residents
Another quality that is attractive to tourists and would-be residents is Greensboro’s relatively low cost of living. Housings costs are fairly reasonable, with mortgage fees at $1,208 per month. Rental costs are similarly affordable, with an average rate of $766 per month, according to the U.S. Census Bureau. The per capita income, however, is quite low. It is at $25,929, which is below the national average. And despite the low costs, the poverty rate is very high at 19.3%. This means that the average income does not suffice for a big chunk of the population, and loans might be the way a lot of people are coping with their expenses and bills.
What is debt consolidation?
Imagine having several loans like multiple credit card debts, and a monthly income that is way short of covering all the debts and expenses of your family. Sounds overwhelming, right? It may be daunting, but a lot of people were able to get out of this situation through debt consolidation. Debt consolidation is a method whose aim is to simplify your debt management. If you have a good credit rating, you can apply for a new loan that will be used to pay off all your other current loans. This, in essence, combines your debt accounts into one, making it a lot easier for you to track and pay every month. It also allows you to exchange the sky-high interest that usually accompany credit cards and other unsecured loans for a longer-term, lower-interest-rate loan.
Are there laws regarding debt consolidation?
Debt consolidation is an accepted financial practice that is not prohibited by law. But there are rules that govern its implementation, and it is best to be familiar with them first so you can be in a better position to decide. In any case, it is important to remember that debt consolidation is not relief, and you will still be obliged to pay you debt. But as mentioned, debt consolidation makes it more convenient and easier for you to this, and enables you to have time to resolve the cause of your financial troubles .