A vacation-like atmosphere within a city. That’s how to best describe Virginia Beach, Virginia. With a coastline blessed with glorious ocean views and relaxed vibe, it’s no wonder a lot of people want to not only visit, but also live in this city. And for those who do move here, there are lots work opportunities courtesy of a strong economic environment. A couple of air and naval bases are also situated in Virginia Beach, which allows tourists and residents to witness awesome air shows and military festivals.
With Virginia Beach being a resort-city, it’s also quite easy to spend money here as if you’re on vacation all year round, even though you’re actually a resident. This is the reason that while there are plenty of income sources available, some still get overwhelmed with debt.
Personal Finances of Virginia Beach residents
Compared to other cities and states, Virginia Beach residents which is roughly around 450,000, have a rather high median household income at $66,634, according to the U.S. Census Bureau. Monthly rent without mortgage is at $561, which rises up to $1,769 with mortgage. Although the city enjoys a relatively low poverty rate of 8.3%, the per capita income is only at $32,269, an already low number without considering other financial responsibilities such as credit card debts or personal loans. If you are one of those who have unfortunately acquired more debts than you can manage, debt consolidation can greatly help you to return to financial stability.
Debt Consolidation: How can it help?
The idea behind debt consolidation is to find a way to combine outstanding debts like credit cards payments or unsecured bank loans into a more manageable payment scheme with a much lower interest rate. If you have good credit standing, you can try applying for a new loan to pay off all the other, smaller loans, so that you’ll just have to pay a single loan. You can also explore other options like debt relief or loan restructuring, which allows you to obtain a payment setup that could be longer, but would have lower monthly payments to help you get back on track. The success of whichever option you choose, however, relies on your ability to self-diagnose and trace the root of your financial problems. Remember, debt is not bad in itself if used for its intended purpose, and not for undisciplined spending.
Laws on Debt Consolidation in Virginia Beach
It is important to address and plan your payment scheme for your outstanding debts, as the agencies you owe can file a lawsuit against you. In Virginia Beach, collectors have three years from the date of last payment for goods or services rendered on the account to file a case against a client. If the loan or debt has a written contract (non-Uniform Commercial Code), this timeline extends to 5 years. And if the debt issue has been given a domestic judgment, or a result was given by a Virginia court, collectors have 10-20 years to file their lawsuits.