Beaches, babes, parties, and amazing weather. Indeed, there are plenty of reasons why Miami is one of the top tourist destinations in the country. It is one of the most vibrant locations, combining an abundance of social-centric activities with one of the most culturally-diverse population in the United States, which includes the brightest and most famous celebrities.
This very appealing setup has allowed Miami to become one of the largest business hubs in the world. You can find anything here, from the biggest banks to the hottest party places.
Financial situation in Miami, FL
The seemingly carefree and financially-free lifestyle that is the default image of Miami, however, hides a rather bleak financial standing of a majority of its residents, which numbers above 450,000. The commercialization of the city has consistently driven housing prices up. According to the U.S. Census Bureau, a Miami homeowner pays $1,799 monthly for mortgage, which is higher than most cities. Per capita income is only at $22,493, and the poverty rate is a staggering 28.3%. This indicates the dismal status of a lot of residents, which will only be made even more grim should one have lots of credit card debts or personal loans.
Debt consolidation and what it can do for you
If you have lots of credit card debts and meager monthly income, you would have to deal with an incredible amount of pressure every month. Fortunately, you can opt to try debt consolidation. In a nutshell, debt consolidation is paying off all your outstanding debts with sky-high interest rates with a single, more manageable loan with better payment terms and much lower interest rates. Though you will still need to pay a monthly amount, it would be a lot easier compared to juggling separate loan accounts. In a debt consolidation plan, a bigger percentage of your payments shall be allotted to the payment of the principal amount, instead of being buried in a mountain of interest fees.
Debt laws in Miami
Luckily for Miami residents, debt consolidation is allowed in their city. But as mentioned, it does not absolve the debtor from payment, and because there are laws regarding debt collection, credit institutions have the option to pursue legal action against a debtor who refuses to pay his or her dues.
If you find yourself in this situation, it is best to seek the help of a trained financial advisor or debt and credit counselors, which there are plenty of in Miami. Debt consolidation is a very effective tool to get yourself and your family out of debt, so it’s best to explore it now.