Arkansas Debt Relief

Debt relief options in Arkansas

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Prices in Arkansas are Steadily Rising

Throughout the country, Arkansas is perhaps best known for its spectacular geography. With the Ozarks, the Buffalo River, and Hot Springs National Park all calling the state home, it’s not hard to see why. Arkansas is also widely known for its relationship with Walmart. The company was founded in Rogers, AR and is currently headquartered in Bentonville. One thing that Arkansas has not been known for over the years? A high cost of living.

Arkansas has consistently ranked among the most affordable states. With an 86.9 cost-of-living index that hasn’t changed for 2022. What has changed is skyrocketing inflation – households across the country are now dealing with an unprecedented spike in housing and grocery costs and AR is no exception. Wages have risen this year, but not fast enough to keep pace with inflation. The state’s average credit card debt of $5,327 suggests that families are turning to credit to get by.

Arkansas Debt Relief

It can be tempting to compare that number to the national average debt of over $6000 and assume that the Nature State is managing debt better than most, but this can be misleading: a balance of $5,000 in a low cost of living (and low wage) state is arguably harder to pay off than a higher balance in a wealthier state. Arkansas’ per capita income is lower than the national average, while its poverty rate is higher. It’s no surprise that Arkansas debt relief is at the tip of everybody’s tongue.

Trapped making minimum payments?

You’re not alone. Fortunately, there’s a smarter way to regain control of your financial situation. Check out some of the most effective Arkansas debt relief options below.

Sources:
https://worldpopulationreview.com/state-rankings/cost-of-living-index-by-state
https://www.axios.com/local/nw-arkansas/2022/01/31/6-predictions-for-arkansas-economy-in-2022
https://www.cnbc.com/select/average-credit-card-balance-by-state/
https://www.census.gov/quickfacts/fact/table/AR/PST045221

Arkansas Debt Relief FAQs

Find answers to getting out of debt in Arkansas

What is a Arkansas Debt Relief Program?

Debt relief in Arkansas: What to know

Arkansas debt resolution can come in several forms. Debt relief programs are designed to help people struggling with debt to develop a structured plan to get out of debt. Such programs can include debt management, debt consolidation, debt settlement and even bankruptcy as a last resort for help with debts. 

What is the statute of limitations for collecting a debt in Arkansas?

The statute of limitations in Arkansas

The statute of limitations in Arkansas is five (5) years. This applies after five years of no payments being made after the credit card account is closed by the creditor or consumer. This includes payments to collectors or the original creditor of your debts. 

Is Arkansas debt relief help legit?

Some debt relief companies are more reliable than others. Companies that want money upfront and have no accreditations would be higher risk options. Be sure to research any debt resolution program thoroughly when searching for financial freedom. 

Are debt consolidation loans a good idea?

Debt consolidation loans: Good idea or bad idea?

Consolidating many high interest debts into one lower interest loan can help save you money. Debt consolidation can be a bad idea and lead to more debt if the loan interest rate is equal or higher than the existing debts. It can also be tempting to continue to use credit cards after transferring the balance which can lead to an even bigger debt hole.

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