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Santa Ana, California is one of those cities that seems to have a lot of things in just the right balance. It can be best described as quaint and warm, without much of the noise and bustle of other major cities. But it also has all the modern amenities that other metropolis’ have such as the ultra-high-tech Discovery Science Center. It also boasts of a short ride to vacation spots, as the city is very near good beaches. And you do not need to worry much about security, as it consistently ranks among the safest cities in the country in various surveys.

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Financial standing of Santa Ana residents

This wonderful blend of a laid-back atmosphere and urban amenities are, unfortunately, offset by a high cost of living. According to the U.S. Census Bureau, monthly payments for housing mortgage is at a very high $1,922. Renting is also not an ideal option, as it would cost you $1,310 per month. But probably the worst statistic is the per capita income. In Santa Ana, residents only have a per capita income of $16,335, which is way lower than other cities and is particularly woeful when viewed along the high prices of commodities and basic needs. Residents can probably make do with credit cards and loans to augment their income, but this is not necessarily the best way to make a living, especially if the loans get out of hand.

Debt consolidation and what it can do for you

Unsecured loans can get overwhelming very quickly, especially because of compounded interest when you miss payments. A way to mitigate this is by implementing debt consolidation. Debt consolidation enables a debtor to pay off all the other loans using proceeds from a single loan with a longer payment term and lower interest rate. While you do need to have a good credit rating for this, those who qualify have, more often than not, reduced their monthly dues and has had an easier time managing just a single loan account.

Are there laws against debt consolidation?

There are no laws prohibiting the implementation of debt consolidation in Santa Ana. There are, however, rules and regulations regarding the processes involved in using this option. Lawyers and debt counselors are well-versed with these regulations and can greatly help you in ensuring you are doing it right. It is important to note, however, that debt consolidation does not magically relieve you from paying your loans. Rather, it is a tool you can use to better manage your finances, and let you recover from your financial problems while still paying your debt at more comfortable terms.