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Toledo in Ohio is not as well-known as the other major metros in the area like Detroit and Cleveland, but it certainly not lacking in things tourists and would-be residents would want. It has all kinds of outdoor activities that are good for the kids and kids-at-heart, sports venues, and entertainment attractions. The downtown area hosts various sporting events and concerts as well. The best part? All these won’t cost you as much as other big cities do.

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Wealth and financial status of Toledo residents

In terms of costs, as mentioned, basic necessities are lower in Toledo as compared to nearby cities. Housing, in particular, is very affordable. Monthly mortgage payment is at $1,018. You will pay a similarly low price if you decide to rent, as monthly rents average at $643. The negative part of this is that the per capita income is also very low. At only $19,422, it is way below the national average, and is one of the major reasons why Toledo has an incredibly high poverty rate of 27.8%. With so much people having trouble financially, it makes sense for a lot of them to have several loans to support their daily expenses. And if managed poorly, these loans then to quickly bury the individual under a mountain of overwhelming penalties and unending payments.

How debt consolidation can help

If what has just been described is your exact situation right now, you do not have to panic. There are several ways to make your debts easier to handle, and one of these is debt consolidation. Assuming you have a good credit standing, you can leverage this to obtain a new loan that you can then use to pay off your other debts. Why would you do this when you can just pay them separately? Multiple debts with different payment dues every month is a regular nightmare to manage. One missed payment, and the sky-high interest rates that usually accompany these unsecured loans are compounded, and before you realize it, your payments are wasted on penalty fees. Consolidating them into just one account makes for a lot clearer cash flow, and enables you to focus on solving the root cause of the problem.

What the law says about debt consolidation

Toledo, fortunately, does not have any laws against debt consolidation. But there are laws regarding its implementation, including the Fair Debt Collection Practices Act, which protects debtors against abusive collection methods. Seek the counsel of a lawyer or trusted financial expert before utilizing debt consolidation, so that you’ll be able to implement it effectively and be on your way to a debt-free and stress-free life.