Debt Consolidation: Norman Residents Have Options Available

August 3, 2022

Norman, Oklahoma’s main claim to fame may very well be that it’s the home of the National Weather Center—home to 550 scientists from the University of Oklahoma, plus state and federal agencies, doing some of the most important weather-related work in the world.

Situated about a half-hour south of Oklahoma City, Norman has also earned the moniker “The City of Festivals” because it’s home to more than a dozen annual events. There’s something for everyone, from medievalists to music lovers; holiday enthusiasts to fans of flying.

One thing you will need as a resident of Norman is a vehicle—its relatively low walkability score of 28/100 means the city is primarily accessible by car. It’s also a city of renters, with 42 percent of dwellings occupied by renters as opposed to homeowners. It’s not easy to come up with the money to buy a home, let alone keep up with increasing living costs these days. If you, like many Oklahomans, are finding it difficult to balance the cost of living with your income, you’re far from alone.

You may have even accumulated some debt in the process. If that’s the case, fear not: There are debt relief options available to you.

Which Debt Relief Solution Should You Choose?

You have questions, and there’s a lot of information out there. It can be overwhelming. The first step is simply exploring the debt relief options available. Here are a few—it’s by no means an exhaustive list, but it’s a good jumping-off point.

The Benefits of a Balance Transfer

Are high interest rates getting you down? Sometimes credit card debt feels like a hamster wheel because even as you’re making payments, you’re still accumulating more debt thanks to compounding interest. That’s right, even your interest has interest. This gets expensive over time, which can hold you back from really getting out of debt.

You may be eligible for a balance transfer, which means transferring your balance from a higher-interest card to another card with no or low interest. Of course, you’ll pay a fee, usually between 3% and 5%. But you’ll gain a window of time in which to pay off your debt without accumulating interest. Just make sure the introductory period doesn’t end before you have a change to make a dent in your debt.

Debt Consolidation in Norman, OK

The average U.S. household owes $16,883 in credit card debt alone. If you’re one of the many Americans carrying $10,000 of debt or more, you may be a good candidate for debt consolidation. This strategy entails getting a consolidation loan to cover your debts. Then, instead of having to pay back multiple debts each month, you can focus on one monthly payment until your loan is repaid.

The primary advantage of loan consolidation is that you may be able to get a better interest rate on your loan than you were paying on your individual debts. The only way to figure out if this is a savvy solution is to calculate how much it will cost you in the long run. Furthermore, debt consolidation for Norman residents depends on being able to stick to a repayment plan.

More About Debt Settlement

Debt settlement differs from debt consolidation in that it aims to reduce the amount you owe—not just lower the interest rate you’re paying on your principal balance. If you’re considering enrolling in a program like Freedom Debt Relief, here are the steps you’ll undergo:

Speak with a Certified Debt Consultant about your options so you can decide whether debt settlement is the way to go.
Work with professionals to design a program custom fit to your finances, including establishing a realistic monthly deposit amount.
Make monthly deposits into an FDIC-insured account.
Once you’ve saved a certain amount, the negotiations team tries to leverage a settlement with your creditors—one in which you pay less than the original balance and they receive timely payment.
You authorize any settlements reached. The balance drops to zero.

The downsides to debt settlement are the risk you won’t finish the program and the fact it will damage your credit if you stop paying creditors while you’re saving up.

You’re Not Alone: Speak with a Debt Specialist

Researching your options online is great, but it helps to talk through your options with someone experienced in debt relief. Get a free consultation today when you call Freedom Debt Relief at 800-910-0065 .