Florida Debt Relief Programs

Despite the state’s well-worn nickname, life in Florida is anything but sunny. Thanks to a sudden collapse in the local housing market and years of stagnant growth, Florida’s economy has stopped creating jobs and started to create massive amounts of consumer debt.

Even after a so-called economic recovery, Florida’s unemployment rate remains above 8 percent. Its household-poverty rate is higher than the national average. Meanwhile, it has stopped attracting transplants from further north.

Some population experts predict that Florida could actually begin to lose residents within a decade. As you might imagine, this could have devastating consequences for the local economy.

The state’s personal debt crisis is already affecting its economy. From Jacksonville to Palm Beach, the majority of Floridians are either underwater on their mortgages or carrying unseemly loads of credit card debt. If you find yourself in a similar situation, it’s time that you took control of your finances and enrolled in a program of Florida debt consolidation.

Florida Debt Relief Programs

There are plenty of places to find debt relief in Florida. From credit counseling to debt settlement, chances are good that you’ll find a program that works for you. Read on to learn more about three of your best options for meaningful debt help in Florida.

Debt Management in Florida

Depending upon the size and structure of your debt load, you might be an excellent candidate for a custom-tailored debt management plan from a credit counselor. Since many credit counselors maintain close ties to the credit card industry, they’re one of the best sources of help for folks who struggle with small to moderate loads of high-interest credit card debt.

When you retain a credit counselor, you’ll receive much-needed help on both sides of your ledger. First, you’ll receive targeted budgeting advice that could reduce your household’s expenses and help you live within your means. This might free up some much-needed income and keep you on track to pay down your debts without falling behind.

You’ll also be enrolled in a focused debt management program. After negotiating interest rate reductions with your creditors, your credit counselor will present you with a straightforward repayment plan that requires you to make just one monthly outlay. This will greatly simplify your financial life and could save you a lot of money.

It’s important to note that debt management plans often drag on for years. If you’re looking to get out of debt quickly, you may wish to consider another debt relief option.

Florida Debt Consolidation Loans

Unlike some debt management plans, most debt consolidation loans come with fixed 60-month terms. These credit facilities are great for folks who struggle with a wide range of high-interest unsecured debts.

When you take out a consolidation loan in Florida, you’ll immediately be freed from your obligations to your existing unsecured creditors. Your old debts will be bundled into a new loan that will require you to make just a single monthly payment to your debt consolidation lender. In this way, debt consolidation loans are similar to debt management plans.

However, they come with a few key caveats. Crucially, many debt consolidation lenders won’t deal with sub-prime borrowers. If your credit score isn’t very good, it’s unlikely that you’ll be able to find a debt consolidation loan that significantly reduces your interest rates. In fact, your loan might be more expensive than your current basket of debts.

Debt Settlement in Florida

If you can’t afford a debt consolidation loan, you might be a perfect fit for a debt settlement plan. Also known as debt negotiation, debt settlement combines many of the best features of the aforementioned types of debt relief.

For instance, the debt settlement process absolves you of responsibility to your current unsecured creditors. Instead of issuing 10 or more payments to your cash-hungry creditors, you’ll save your money in anticipation of a lump-sum payoff.

At the same time, your debt negotiation team will work hard to negotiate impressive reductions to your total debt load. In the past, debt settlement customers have seen their principal balances reduced by a large percentage.

Although your debt settlement plan might temporarily ding your credit score, chances are good that it’ll recover in due time. In fact, your plan might help you avoid a costly and time-consuming bankruptcy filing.

Don’t wait another minute to take charge of your financial future. Start investigating your Florida debt consolidation options today!