The Urban Honolulu (CDP) area is composed of places in the state that are more towards the center of the island, although it still encompasses the coastal areas. Just like the more well-known beach-side communities, areas in Urban Honolulu still features the same island-vibe. Accommodation and food services still dominate the other industries, as a lot of tourists that intent to stay longer tend to look for lodging here.
Cost of living
While the laid-back and vacation-like atmosphere continue even towards the mainland, the cost of living, unfortunately, also remains high in the Urban Honolulu area. Monthly payments for homeowners reach a staggering $2,377, while rent is not much lower at $1,327 per month. Even the rather solid per capita income of $31,452 cannot offset the incredible housing prices here. This often leads to residents relying on loans to cope with daily living, with even some tourists who haven’t planned ahead turning to credit cards for unexpected expenses.
How debt consolidation can help with debt management
While tourists need not worry with a few credit card charges, residents who regularly use credit cards or take out unsecured loans to augment their finances need to take stock of their cash flow. Mismanaged debt accounts and missed payments can quickly spiral into a major financial problem. Debt consolidation can help in this regard, as you can use it to combine multiple loan accounts into one. An individual with good credit standing can apply for a new loan or refinance an existing one, the proceeds of which can be used to pay off all the other loans. With a longer payment term and lower interest rate, the debtor can slowly get back to his or her feet while still paying his or her debts.
Laws on debt consolidation
There is no law prohibiting debt consolidation in Urban Honolulu, although one should be familiar with the rules and regulations governing its procedures. Advice from a lawyer or legitimate financial expert can greatly reduce the learning curve, and arm you with knowledge to successfully implement debt consolidation. Be wary though, as there are a lot third-party debt settlement companies that offer confusing services. It is best to fully understand first the mechanics of debt consolidation before deciding whether to it is the better alternative to other debt relief procedures such as filing for bankruptcy. In the end, your assessment of your financial standing, the information you will get, and what you are willing to do that will ultimately decide if you will continue being in debt or enjoy a worry-free life in the future.