If you want to live near New York but you are not ready to shoulder the sky-high cost of living, then you should take a look at Jersey City in New Jersey. Less than an hour away from the Big Apple, Jersey City offers a suburban environment with complete amenities without the usual premium pricing, although it still a little high compared to cities in other regions. But if proximity to the state with the largest economy in the country is your priority, then you can do much worse than Jersey City.

Debt Consolidation Loans in Jersey City, NJ

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Economy and Wealth

While you can certainly get a lot more bang for your back with Jersey City than New York, it is still quite high when compared to cities in other regions. Buying a house, for example, in Jersey City will set you back a minimum of $380,000. If you opt to rent, expect to pay around $1,241 per month, which is also above the state average. Unemployment is also slightly above the state average, but the most concerning statistic is the poverty rate. A whopping 21% of the population is living in poverty, and in a supposedly progressive city, having this much people struggling financially is never a good thing. Most of them will be forced to rely on several loans to make ends meet, which can quickly spiral out of control of not managed well.

Debt consolidation and its benefits

If you find yourself among those who are juggling multiple debts, it can be quite daunting and scary, especially if they have different due dates every month. In this scenario, debt consolidation can be a very beneficial method. Instead of trying to fulfill every payment due date separately, it allows you to combine all your loans into a single loan account. It works by having the debtor take out a new loan (provided he/she has a good credit standing) and using the proceeds to pay off all the other loans. This can be a huge relief for the debtor as he or she would only have to focus on making a single payment every month. Huge savings can also be had through mitigating the risk of missed payments.

Is it legal to consolidate debt?

Debt consolidation is a widely-used and legal method of managing your debt. But like other debt relief options such as filing for bankruptcy, there are laws that govern its implementation. Seeking the help of a lawyer or finance expert can go a long way towards maximizing the benefits of debt consolidation, avoiding legal disputes, and making sure that it contributes to your ultimate goal: having no debts and positive cash flow.