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Debt Consolidation Loans in Upper San Gabriel Valley, CA
Upper San Gabriel Valley is part of the Greater Los Angeles area, which is to say, it has one of the biggest economies in the world. It is home to some of the most well-known millionaires and billionaires, and is also known for its highly-diversified industries. It is one of the most modern cities, featuring tech startups along with a robust tourism industry as well.
Economic performance of Upper San Gabriel Valley
While it is indeed enticing to consider Upper San Gabriel Valley as one of the “it” areas in the nation, the otherwise great image is tarnished by an incredibly high cost of living. When you relocate here, be prepared to endure a cost of living that is 50% higher than the rest of the state. Housing costs here regularly come close to $700,000 per unit. Also, despite plenty of jobs being available, the unemployment rate in Upper San Gabriel Valley is also higher than the state average. With an unremarkable per capita income of $25,707 for a supposedly well-performing economy, a lot residents have resorted to acquiring loans to augment their incomes and maintain their lifestyles.
Debt consolidation as a debt management option
While incurring debts is not an automatic negative, it does get complicated when you have acquired several already. And the usually sky-high interest rates that accompany unsecured loans such as credit cards can quickly pile on and bury you in a mountain of high fees. This is where debt consolidation loans can be very useful. Instead of juggling multiple loans and trying to pay each one on time, you can take out a new loan or refinance an existing one to pay off all the other loans. This allows you to just focus on one loan account, which also usually has longer payment terms and lower interest rates. With less pressure, you are more likely to recover financially and pay off your debts at the same time.
Is debt consolidation legal?
Debt consolidation is a generally-accepted and legal method of managing your debts. There are, however, guidelines on how you should go about it. Also, debt consolidation is different from debt settlement, as the former does not absolve you of the responsibility to pay. It merely offers an option to extend your payment dues and make your debt portfolio easier to manage. If you want to know more about debt consolidation, it is best to seek help of a legal expert so you would know how to best implement it to avoid being scammed by illegitimate debt counseling companies.
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