Colorado Springs isn’t the first word when it comes to desirable cities in the United States, but it has its own allure that has been attracting lots of residents. It seems to have a good balance of a more quiet and laidback setting while having the requisite economic and technological progress that are trademarks of a modern city. It has lots of natural wonders such as ski resorts and outdoor adventure parks. There are also a couple of military bases. And if you crave the hustle and bustle of bigger cities, Denver is just an hour’s drive away.
Financial performance of residents in Colorado Springs
While there are quite a number of well-off residents in terms of financial capability, there are also a lot who are struggling. Colorado Springs has a higher cost of living compared to the national average. Housing rate are also quite high, with a typical homeowner paying $1,492 per month for mortgage payment according to the U.S. Census Bureau. Those who rent usually pays $922 per month. Considering that the per capita income is at only $29,704, it shows why 13.4% of the population is considered under poverty. This is also the reason why Colorado Springs residents have a higher average credit card debt per person at $5,625, compared to the national average of $4,927. With many facing a dire financial situation, having a cash flow free from credit card debts and loans can give an individual or family a huge head start towards accomplishing their financial goals.
How debt consolidation can help
One of the things that can jumpstart a debt-free life is debt consolidation. If you have good credit rating, you can apply for a single loan that has fixed monthly payments that have lower monthly payouts and have much lower interest rates than what the credit card companies offer. You can, in turn, use the cash you’ll receive to pay off all your other loans, so you’d only have to save up for a single loan payment. This greatly reduces the probability of missing payments due to improper record keeping, and prevents you from overspending more, as you can better control your finances. You can also explore refinancing options for your assets for the same purpose.
Debt laws in Colorado Springs
The good news is that debt consolidation is allowed in Colorado Springs. You do, however, need to do your homework and search for a reputable financial institution that offers the best rates, although most of them will provide you similar services.
While it is scary at first, going completely debt-free is a very attainable goal for many. But it does entail discipline with your spending, as well as a good payment strategy such as a debt consolidation plan.