Amazing parks, passionate sports fans, and incredible food. These are a few of the usual descriptions when it comes to Louisville in Kentucky. As the largest city in the state, it hosts the famous Kentucky Derby, and boasts various outdoor activities. And who could ignore the world-renowned cuisine, headlined by arguably the most famous chicken in the world, the Kentucky Fried Chicken? With all these attractions, one would assume that living in Louisville is a costly affair, but the low cost of living is actually part of what makes Louisville enticing to tourists and to those looking for a place to relocate to.
Wealth and Poverty in Louisville
As mentioned, Louisville boasts of a cost of living that is lower than the national average. This is very evident in the housing sector, where you can buy a typical house for just around $211,000. It also has a low unemployment rate, which is pegged at 4.1%. Per capita income is at $24,322, but surprisingly, Louisville has a high poverty rate, which is a state-wide problem for Kentucky. The entire state has close to 20% of its population living in poverty. With this number of people struggling financially, most of them would be turning to loans in order to cope with their expenses.
Why debt consolidation?
Debt consolidation is a powerful tool for people who don’t know what to do with multiple debts. It is essentially a way to combine all your current debts into one account. This is done by applying for a new loan (considering you have a good credit standing) with longer payment terms and lower interest rates, and then using that loan to pay off the other loans. This is a good way to relieve yourself of the constant tracking of various payment due dates, which almost always results in missed deadlines and costly penalties. Debt consolidation also allows the debtor to focus on resolving the cause of the financial problem while still paying off his or her debts in a much more convenient pace.
Does the law recognize debt consolidation?
Debt consolidation is a widely-used practice and is not restricted by laws in Louisville. It is prudent, however, for the debtor to be aware and familiar with some of the laws that govern its implementation. A lawyer or a trusted financial consultant can help greatly in this aspect. The idea is that you should study as much as possible your options before settling on debt consolidation, so if ever you do utilize it, you’d be able to maximize its benefits to help you get your finances and debts in order.