Oklahoma and Debt Consolidation Programs

Oklahoma has been rated one of the most business friendly states in the country. Six Fortune 1000 and four Fortune 500 companies have headquarters there.

While there are many employment opportunities to be found within the state’s various industries, many residents still find themselves with large amounts of debt.

Based on Freedom Debt Relief’s June 2022 Credit Card Utilization Data, the average credit card utilization of people looking for debt relief in Oklahoma is 73%. 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.

The great news is that there are programs available to help you deal with your situation. For more information on how to resolve your debt, download the debt management guide from Freedom Debt Relief or speak with one of our Certified Debt Consultants at 800-910-0065 for a free evaluation.

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

Get in touch with Freedom Debt Relief now. Call 800-910-0065 for a free, no-obligation debt consultation.

Debt-Clearing Programs

Credit Counseling:

A counselor reviews your financial situation, sets up lower interest rates with your creditors if possible, and creates a debt management plan for you to follow.

Pros

• One monthly payment

• Lower rates and fees

• No collection calls

Cons

• Lenders may view you as credit risk

• Principal debt not reduced

• Credit card accounts closed

Debt Consolidation:

You take out one loan to pay off all your debt. This loan can have a lower interest rate than what you owe on your cards. You make fixed monthly payments until the loan is paid off.

Pros

• One predictable monthly payment

• Flexible terms

• No credit impact

Cons

• Need good credit

• No reduction on principal

• Results vary

Cash-out Refinance:

For this, you work with a mortgage lender. You refinance your mortgage, taking out additional cash beyond the mortgage balance. You use that money to pay your debts.

Pros

• High interest debts paid off

• Reduced monthly payments

• Tax-deductible interest payments

Cons

• Need to own a home

• Increased foreclosure risk

• Adds to mortgage debt

Debt Settlement:

Working with a company like Freedom Debt Relief, you make monthly deposits into an account. The company negotiates with your creditors to accept less than you owe. That amount is then paid to creditors until the debt is resolved.

Pros

• Significant savings over making minimum payments

• One low monthly program deposit

• Faster than making minimum payments

Cons

• Debt collection calls

• Legal risk, impact to credit

• Results can vary

Choosing the Right Solution

If you need help figuring out which strategy is best for you, reach out to Freedom Debt Relief or call 800-910-0065 . Our Certified Debt Consultants can help you find the best way forward. Look for your debt solution today, including debt consolidation. Debt relief programs are currently available to Oklahoma residents. Start your journey toward financial freedom today.