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Debt Consolidation Loans in Lexington-Fayette, KY
Few things are more “western” than the thought of horses and horse racing, and if your city is known as the “horse capital of the world,” then you can expect a “howdy” more times than you can count. Southern and Midwestern vibes dominate Lexington-Fayette in Kentucky, and the people here exhibit the western warmth many nearby states also exude. But make no mistake, the equestrian industry is the major cultural and economic driver. Horse farms surround the bustling city, and many of the streets are named after Triple Crown winners. An outdoors-oriented farm life is what you can expect in this city.
Poverty and Wealthy in the Area
A lower cost of living compared to neighboring cities is among the things that entice people to Lexington-Fayette. According to the U.S. Census Bureau, you can own a house here with a $1,277 monthly mortgage. If you decide to rent, you will be paying just $788 per month. This low housing costs are accompanied by a higher than average per capita income of $30,031, which bodes well for incoming residents or those thinking of relocating.
This doesn’t mean, however, that everyone is doing financially well in Lexington-Fayette. In fact, 18.9% of the population is considered under poverty. This means that more people than its government would like are probably relying on credit card debts and loans.
Debt consolidation and its merits
Having loans or credit card debts is not the end of the world. But it can cause serious financial problems if not handled effectively. Debt consolidation provides a way to make it easier to handle loans, while still maintaining your cash flow. Assuming you have a good credit rating, you can either apply for a new loan or refinance an existing one, and then use the proceeds to pay off your other loans such as credit cards debt. This is a two-pronged approach: you lessen the pressure by just focusing on one loan payment every month and at the same time, you get to focus on resolving what caused the financial downturn in the first place. You can even qualify for consolidation loans for bad credit. You could also save a lot by getting out of debts that have sky-high interest rates and exchanging them for a loan with longer terms and lower interest rates.
Laws and regulations
Like in other cities and states, the Fair Debt Collection Practices Acts governs debt consolidation in Lexington-Fayette. The Kentucky statute of limitations on credit card debt, however, is a bit more vague than other states. The Kentucky law states that on oral contracts or verbal agreements, debt collection agencies have five years since the last action on the debt to file case against the debtor. But when it is in written form, creditors are allowed fifteen years to sue a Kentucky resident. So, it is ideal that you consult with a lawyer or legal expert before diving into debt consolidation. The process is worth it, though, because if implemented correctly, debt consolidation can lead you to a more stable financial situation with less debt.