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St. Louis in Missouri is one of the cities in the country that blends a rich and colorful history with a very up-to-date and modern startup scene. St. Louis is known for its traditional and tight-knit community, with many residents opting to stay instead of leaving for other cities, and those who do leave also eventually come back.

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Despite this, St. Louis is also decidedly modern. In recent years, it has attracted plenty of tech startups and businesses, as well as financial investment companies, which means that St. Louis indeed offers just as much potential as other, more well-known cities.

Average financial situation in St. Louis

For this city of more 300,000, the cost of living is a little lower than the national average. Based on data collected by the U.S. Census Bureau, St. Louis residents spend $1,191 per month on home mortgage payments. Rent is similarly lower than other cities and is pegged at $748 per month. The downside is St. Louis’ per capita income is also lower than the national average at $23,945, and the city has a staggering poverty rate of 25.5%.

This high poverty rate means more than a quarter of the city’s population is in need of more sources of funds aside from their income, and it is usually unsecured debts such as credit cards that are the easiest to obtain.

Debt consolidation and what it can do

There are lots of people who have no trouble managing debts, but they are almost always more the exception than the general rule. Paying several debts can become overwhelming very quick, which can lead to an even deeper financial trouble. Debt consolidation can provide an option to avoid that situation. If you have several debts but also have a good credit standing, you can take out a new loan or refinance an existing one to pay off your other debts. What this does is to allow you to focus on just one loan, which usually has a longer payment term and lower interest rate. This in turn should make your financial portfolio easier to manage, and provide you with the opportunity to get back on track with your finances.

What does the law say regarding debt consolidation in St. Louis?

Debt consolidation is not prohibited by law. In fact, it is encouraged by plenty of debt counselors as one of the first steps in trying to pay off your loans. There are, however, laws on how it should be implemented and what the debtors and creditors can or cannot do. A lawyer can help you greatly in this regard, so you would know what to do in case the creditor starts pursuing legal action, or if you’re feeling harassed by the collecting agency. But if implemented correctly, debt consolidation can get you a long way towards a more stable financial situation.