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Debt Consolidation Loans in South Coast, CA
An ideal climate, a gorgeous beach, and a backdrop of scenic mountains. These three elements can rarely be found together, that is why California’s South Coast is a destination coveted by many. Aside from the tourist-friendly vibe, South Coast also boasts the nation’s second biggest economy in Los Angeles metro area, second only to New York. San Diego is also an economic force, a large largest military presence and diverse industry headlined by telecom, defense, and aerospace. Add in impressive transportation hubs such as the Los Angeles International Airport and Port of Los Angeles, and you have a region that is very enticing to individuals, families, and businesses.
Economy and financial performance
While the robustness of the South Coast’s economy cannot be denied, it isn’t problem-free. It has very high housing costs, which averages around $721,000 per unit, almost double that of the state average. Poverty rate is also at 5.9%, but this is way below the state average of 14.2%. The high housing cost is also offset by an amazing per capita income of $51,558, which is more than double of other cities. Still, those who don’t participate in the official economy (e.g. unregistered businesses, individuals not participating in census) are not accounted in these statistics, and those people are, more likely than not, relying on aids and loans to survive in such a high-cost place.
What is debt consolidation?
For those who find themselves in debt, it may be daunting if you are not aware of your options. But there are mechanisms such as a debt consolidation loan that you can use to start solving your financial woes. Debt consolidation works by paying off all your current debts with a new loan, one which has longer payment terms and lower interest rates. These effectively relieves you of the management work needed to juggle multiple loans with different due dates every month. It also allows you to concentrate more in solving the cause of the financial problem while still being able to pay off your debts in a more convenient manner.
Are there regulations regarding debt consolidation?
Debt consolidation is a legal and widely-used practice used to manage loans, just like other debt relief mechanisms such as filing for bankruptcy. There are laws, however, on the implementation of this process, such as the Fair Debt Collection Practices Act, which prohibits collection agencies from using abusive and hurtful tactics to collect payment from debtors. If you consider taking advantage of debt consolidation, it is best to start gaining as much knowledge about it as possible, and consult with a trusted lawyer or financial expert so you can effectively use it to manage your debts.
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