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Looking at it now, one would be hard-pressed to know that Tulsa in Oklahoma was once regarded as the oil capital of the world. In the early 1900s, it was home to as much as 400 oil companies. But after the industrial revolution and World Wars, Tulsa gradually transformed into a vibrant and modern city. What was replaced, however, was the distinctly Western and Native American heritage. Anyone who visits this rather small city with almost a million residents can testify to the warm and welcoming hospitality of the residents, who take pride in their city. A lot of the families are also residents of Tulsa for generations, and so the community atmosphere is very apparent, to say the least.

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Financial position of Tulsans

As expected, this small city has a relatively low cost of living as compared to other cities. According to the U.S. Census Bureau, the monthly housing mortgage is at only $1,180, and if you want to rent, you would only have to pay $743 per month. While these are indeed low rates, it also coupled with a lower per capita income of $27,816 as compared to other locations. Tulsa also has a very high poverty rate of 20.2%, which indicates that although living comfortable is very attainable in Tulsa, there are also a lot who have to resort to other options such as loans to survive.

Debt Consolidation: A powerful financial tool

While not all who acquire loans are in a bad financial position, those who are overwhelmed with managing debts can look at debt consolidation to make their lives much easier. Debt consolidation offers the ability to combine all your unsecured loans and credit card debts into one loan account, which usually has a longer payment term and lower interest rates. Debt consolidation is not a cure-all for your debts, but it will greatly help you get out from paying outrageous penalties and interest rates and lets you focus on paying a single account on time.

Debt consolidation laws in Tulsa

Just like in other cities, debt consolidation is legal in Tulsa. There are laws, however, that protect both the debtor and the lending institution. Collecting agencies are regulated by laws to prevent them using abusive collecting practices, and debtors can also be charged lawsuits should they resist paying their obligation. Debt counselors and financial advisers can help greatly in this regard, as they can inform you of the proper procedure for debt consolidation. Just make sure that they are indeed situated in Tulsa and are legitimate, as there are also scammers that would want to advantage of your financial vulnerability.