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Debt Consolidation Loans in New Orleans, LA
Resiliency. This is the word that comes to mind when talking about New Orleans, Louisiana. Years after it was hit by Hurricane Katrina, New Orleans shows that a catastrophe of that magnitude can’t erase generations of traditions. The city known as the Big Easy stays true to its moniker: residents are still the same laidback and easy-going people that warm and welcoming to tourists.
This subtle lifestyle lends itself not only to their character, but also in their manner of living. New Orleans is known as one of the major proponents of jazz music. But the Big Easy must not be confused with boring, as it is also the home of the Mardi Gras. This rather eclectic mix has proved irresistible to the immigrants among its almost 400,000 strong population.
Financial status of residents in New Orleans
As for the financial standing of residents, it can be considered as average, although a bit at the high side. Housing mortgage, according to the U.S. Census Bureau, is at $1,612 per month, and rent is at $924. Per capita income is at a rather average $27,721 as well. Where it declines sharply is in poverty rate, which is at an astounding 27%. This can be attributed still to the disastrous effects of Hurricane Katrina, which left a lot of people with almost nothing. While aid has been pouring to the city ever since the hurricane hit, a lot of the residents are still reliant on acquiring debts to survive, which is a volatile situation to be in.
How does debt consolidation work?
For those who have trouble paying off various debts as a result of this unfortunate situation, debt consolidation could provide a faster way to get out of this predicament. With a good credit standing, a debtor can take out one big loan to pay off all the other loans with sky-high interest rates, so he or she can better manage the loan account. And debt consolidation also enables a longer term with less interest rates, which then enables the debtor to reestablish his or her financial position without worrying about too many accounts all at once.
Are there laws regarding debt consolidation in New Orleans?
While debt consolidation is indeed a good option to explore, there are laws which regulate the procedure. Debtors are not absolved of their dues with debt consolidation loan companies, and may still face legal complaints should they insist on not paying their debts. At the same time, there are certain restrictions on creditors on how they should collect. Still, it is legal in New Orleans and should be one of the first options an individual with multiple debts should study, so he or she can get back to a better financial future, faster.