With the second-highest cost of living in the country, everything costs a little more in California. Learn more about debt and how a trusted name in California debt relief–Accredited Debt Relief– can help get you back on track.
California Debt Statistics
- Californians have a median household income of $67,169, despite having an above-average cost of living.
- The debt-to-income ratio in California is 1.673.
- The average credit card debt in California is $10,496.
California Cities Impacted by Credit Card Debt
The burden of credit card debt often affects urban residents far more than their rural neighbors. The cost of living in cities tends to be high, with housing costs far above the national average. Fewer people own property or other assets that can be leveraged for secured loans, leading to an increased need for unsecured credit card debt.
Reasons to Prioritize Getting Out of Debt
It’s often far too easy to fall into a lot of debt thanks to credit card balances, unpaid medical bills, or payday loans. Of course, the more debt you face in California, the more difficult it becomes to get out of that debt.
It’s important to make paying off these types of debts your priority. Paying off debt could help increase your credit score and open up funds you can put toward more important things.
Debt Consolidation in Los Angeles
The cost of living in Los Angeles is 43% higher than the national average. Unfortunately, income cannot keep pace and Los Angeles residents often look to credit cards to meet unexpected expenses. If you live in Los Angeles and your credit card debt has gotten out of control, debt consolidation can help you reduce your debt and simplify your payments to one fixed monthly amount that you can afford.
Credit Card Debt Relief in San Diego
San Diego residents enjoy a higher standard of living than most cities throughout California. Unfortunately, that standard comes with high living expenses and a great need for consumer credit. The average household credit card debt in San Diego is $8,655, according to a recent Nielsen financial report. If you live in San Diego are struggling to pay down your credit card debt, contact a certified debt specialist at Accredited Debt Relief to see if you qualify for our debt settlement program.
California Debt Relief Options
If you find yourself in overwhelming debt in California, you may want to consider your debt relief options. Working with one of the best debt relief companies in California can help you pay off your debt and get your finances back on track.
- Debt Consolidation: Debt consolidation involves combining debt into one monthly payment. Consolidation often involves using a personal loan, credit card or enrolling in a debt settlement program.
- Debt Resolution: Here’s how debt resolution works: An account is set up for you, into which you’ll make monthly deposits. While you’re making those deposits every month, a negotiator will contact your creditors and negotiate with them on your behalf. After negotiations, you should have a lower total debt amount (that’s called a “resolution amount”). When you’ve saved enough in your account to cover the resolution amount, you’ll use that money to pay off your debts.
Benefits of California Debt Relief
Not only can a debt relief program help you reduce the amount of debt you owe, but it can often help you eliminate some of the stress that comes from being in debt. Less stress makes it easier to enjoy life and worry less about debt.
You’ll also benefit from having clear directions for paying off your debt. Instead of worrying whether or not you’ll be able to make your debt payments, you can focus on getting closer to being out of debt each month.
When to Choose Debt Relief
Consider finding a debt relief service in California if you’re worried you won’t be able to pay off your debts or are considering bankruptcy. Getting help with your debt is a big decision. If you’re considering bankruptcy or worried that you won’t be able to cover your debts, chances are you may need help paying off what you owe.
California Debt Relief from a BBB Accredited Company
Accredited Debt Relief provides debt relief service to all areas of California, including the metro areas of Los Angeles, San Francisco, and San Diego. With an A+ BBB rating and accreditation, we’ve helped customers throughout California find the debt relief they need to get out of debt.
Accredited Debt Relief can help you pay off your debt quickly, so you can finally take the first step toward financial freedom. Get a free consultation today!
Federal Reserve: https://www.federalreserve.gov/releases/z1/dataviz/household_debt/state/map/#year:2018