Louisiana Debt Consolidation Loans

Based on Freedom Debt Relief’s June 2022 Credit Card Utilization Data, the average credit card utilization of people looking for debt relief in Louisiana is 78%. By comparison, per Experian, the average credit card utilization in the US in 2021 was 25%. High credit card utilization, in general, implies a greater likelihood of needing debt relief services. Many in Louisiana may benefit from some sort of credit card debt relief. 

After the large-scale devastation wrought by Hurricane Katrina in 2005, the southeastern state and its residents have needed help in the form of federal funding. Louisiana ranks fourth-highest in the nation for federal spending. Since the economic well-being of a state and its cost of living are often linked, it follows that Louisiana’s cost of living is lower than the national average. As far as unemployment rates, the first part of 2018 saw a slight decrease to 4.5 percent. But that still leaves many Bayou State citizens jobless.

On the real estate front, according to Zillow, Louisiana home values have risen 1.3 percent over the past year to $141,397 and will continue to rise. The median price of homes currently listed is $205,000. That home values are rising is great for homeowners of course but doesn’t help folks trying to buy their first home. And if you’re a renter, the median monthly rent is $1,250, which may not be affordable for many residents. Given the economic story here, it’s easy to understand why many residents are dealing with mounting debt. The good news is there are steps you can take to reverse your financial status and go from red to black again. Help is available in the form of various solutions like credit counseling, debt consolidation loans, debt settlement and others. Which is best? It all depends on the details of your economic reality.

Louisiana Debt Consolidation Loans

Debt consolidation loans are a popular solution for many Louisiana residents. These loans can be used to consolidate debt from credit cards. They’re especially effective for paying off high interest rate cards, since the goal is to obtain a loan with a lower interest rate than the rates on your credit cards.

Debt consolidation loans can come from various sources:

• A personal loan from a traditional bank, credit union or other lender

• Cash from a home refinance

• A reputable debt consolidation company.

To qualify for a debt consolidation loan, you’ll need a clean credit history, a good credit score, reliable income to pay back the loan, and a healthy debt-to-income (DTI) ratio. If you’re carrying too much debt in relation to what you’re earning, lenders may be wary of giving you a loan. In that case, another form of credit card debt relief might work better for you.

Request a free debt evaluation to find out how we could help you:

• Resolve your debt faster
• Significantly reduce what you owe
• Make one low monthly program payment

Solve Your Debt Problem

Discover Your Best Way Forward

To hear about the options available, call Freedom Debt Relief at 800-910-0065. Our Certified Debt Consultants will work with you to determine the best method for you.

Based on how much you owe, how much you earn, and other relevant factors, they’ll advise you on the pros and cons of:

• Debt Consolidation

• Debt Counseling

• Debt Settlement

• Debt Management

• Bankruptcy

Your Certified Debt Consultant at Freedom Debt Relief is so committed to helping you make the best choice, they may even advise you about a debt-clearing solution we don’t offer!

Louisiana’s Statute of Limitations

The Statute of Limitations refers to the length of time a creditor has to sue you for unpaid debt. If they wait longer than the time allowed, they’ll be unable to take civil action against you to get their money back. For credit card debt, The Bayou State has the shortest time frame in the nation at three years. (Some other states’ statutes last longer than ten years.) In most states, that period begins on the date you miss your first payment on the debt. If you’re considering this method of dealing with your debt, you may want to consult a consumer law attorney because state legislatures can change the time limit on the statute of limitations.

In the grand scheme of things, three years is not a long time to wait for your debt to expire, but during that period, you’ll need to field potentially stressful calls from representatives of the companies you owe money to and to collection agencies as well.

Be proactive about your financial future. Get in the drivers’ seat by taking steps now to become debt free. Debt relief programs like debt consolidation are available to Louisiana residents. Visit Freedom Debt Relief or call 800-910-0065 and ask for your free debt consultation today.