A bustling city right near a gorgeous bay with amazing scenery. This is how most of the residents describe Oakland, California. While it has always been among the more preferred cities in the country, recent years has seen it become the go to place for young professionals, with tech startups sprouting left and right. Immigrants have also been flocking to the area due to the multitude of job vacancies as a result of a business-friendly environment.
Despite the tech boom in the area, Oakland also features a rich historical and cultural heritage, as evidenced by plenty of art exhibits and installations, as well as hip music events.
Oakland residents’ financial situation
You would have to pay a premium though for this kind of balanced environment. According to the U.S. Census Bureau, typical homeowner pays as much as $2,364 every month on mortgage. If you decide, that you only want to rent, you would still need $1,144 per month. The very high cost of living has certainly contributed to the high poverty rate in the city, which is at an astounding 20.4%. With all these costs, it’s won’t be a surprise if a lot of people in the area are suffering from seemingly unpayable credit card debts.
How can debt consolidation work for you
If, unfortunately, one of those people with overwhelming loans, all is not lost. Debt consolidation is one of the options you can explore. It is essentially trading in all of your credit card debts and other unsecured loans into one single loan with a fixed payment scheme, lower interest rates, and longer terms. This allows the debtor to better manage his or her finances and have breathing room to recover from whatever caused the financial problem in the first place. Although the alternative is filing for bankruptcy, financial advisers almost always suggest first trying debt consolidation to clients.
Debt Consolidation Laws in Oakland
The good thing is that Oakland residents can avail of this service, and is offered legally by various financial institutions. But one must remember that debt consolidation does not mean that the debtor is free from obligation. And while there are laws protecting the debtor from abusive collecting agencies, the financial institution who approved the loan can pursue legal action in the event that the debtor insists on not paying his or her due. So if you are among those in this situation, now is the best time to explore debt consolidation with the help of legitimate debt and financial advisers.