Picturesque ocean views with lush forests that screams of a laidback, vacation-style vibe. This is probably how residents of North Coast, California describe their place. It is blessed with an inviting coastline that spans multiple cities and counties. It also has several redwood forest parks. This natural setting is coupled with a culturally-inclined community that is known for its wine and beer. This great environment, which also has great weather almost all-year-round, is the reason why North Coast has one of the highest property values in the country. You really have to pay to live here.
Financial situation in North Coast
As mentioned, North Coast has one of the highest-valued property in the country, with a single-detached house costing around $800,000. This is one of the reasons why North Coast has a very high cost of living, which is almost 50% higher than the national average. The good thing though is residents also have a higher per capita income, which is at $38,268. But while a lot of residents are living a financially comfortable life, the sky-high cost of living does take its toll on some less fortunate members of the community, who most probably have to rely on debts to augment their income.
What is debt consolidation?
Luckily, there are ways to prevent yourself from being buried under stress and pressure due to unpaid debts. Debt consolidation is one of them. It allows a person to consolidate his or her existing loans into a single, more-manageable loan account, which usually has a longer term and much lower interest rate. For those with good credit rating and regular income, debt consolidation is a good tool to get their financial situation back on track and resolve issues which have caused the problem in the first place.
Is debt consolidation allowed in North Coast?
Debt consolidation, as well as other debt relief options, is allowed in North Coast. A debtor can take advantage of it to help him or her get back to a better financial standing. There, however, laws that govern both the rights of the debtor and the creditor. Debt consolidation does not, in itself, allow the debtor to not pay his or her debt. In cases that a debtor refuses to pay his or her debt, the creditor may seek legal action. At the same time, the creditor, especially third-party collecting agencies, cannot arbitrarily harass a debtor in seeking payment. If you are considering debt relief and debt consolidation options, it is best to study it first or seek the help of a legitimate financial advisor to help you get started.