A city with a small community vibe is how to best describe Buffalo City in New York. Upon arrival, tourists will feel a warm and welcoming reception from the residents, who frequently gather in local pubs or restaurants. And speaking of food, one would be remiss to not realize that the city is indeed the birthplace of the world-renowned “Buffalo” chicken wings.
On the business side, Buffalo has experienced some rough economic patches, but in the recent years, new businesses have slowly started establishing their presence in the area, as evidenced by a developing waterfront and one of the nation’s most advanced medical corridors.
Economic and wealth situation in Buffalo
Sadly, this apparent upswing in economic activity have not translated into a more solid financial situation for most residents in Buffalo. While it has low cost of living, with affordable housing and rent, it also has a very low per capita income of just $21,099. But the most glaring data of all is its poverty rate. With an astounding 33% of its population living in poverty, Buffalo has one of the highest incidence of poverty in the entire country. This is certainly bad news for its racially-diverse residents, who would certainly have to resort to extreme measures just to survive every day, and it is almost scary to think of how much debt and loans these people have already incurred in the face of hardship.
What can debt consolidation do for those in poverty?
It can almost be a given that in these kinds of situation, acquiring debt is the first action many people resort to. And while it is bad in itself, a small mismanagement of a huge portfolio of debts can have huge financial consequences. Debt consolidation provides a way to simplify this seemingly overwhelming task. If you have good credit rating, the way to do this is to acquire a new loan with longer payment terms and lower interest rate, and use that to pay off all your other loans, so you won’t need to worry about multiple payment dues every month. Missed payments would be greatly reduced, as is the stress and pressure of trying to cope with several deadlines.
Are there laws against debt consolidation?
Debt consolidation is legal and is used often for debt management. Some, however, confuse it with debt relief. It is important to note that debt consolidation doesn’t absolve you of your responsibility to pay. Rather, it just helps you organize your cash flow so you’ll have a greater chance of reducing, and eventually eliminating, your debt. Ask your lawyer or trusted financial advisor how to implement debt consolidation, so you can avoid any legal disputes that may arise with your creditors.