Indiana’s Cost of Living is Increasing
When people think of Indiana, the first thing that comes to mind is often basketball. Since the sport’s inception, Hoosier State has produced countless college superstars and is consistently listed among the highest per capita origins for NBA players. The state of Indiana is also seen as a great place to settle down and raise a family.
With local manufacturing and farming sectors declining, and inflation rising at its fastest pace since 1981, the simple Indiana lifestyle of past generations is becoming harder and harder to maintain. Increasingly, Hoosiers are borrowing money to stay afloat — the average Indiana household currently has over $5,000 in outstanding credit card debt. As recently as 2019, that number was only $2,313. Instead of discussing basketball, many families are now talking about Indiana debt relief at the dinner table.
Fortunately, Indiana debt relief doesn’t have to be complicated. Contact us today to get your free debt analysis and for more information on the debt relief options available in Indiana. Americor debt specialists provide services to help consumers understand and review debt relief programs.
Indiana Debt Relief
The situation in Indiana state is even more alarming when compared to the numbers cited above. As recently as 2019, Indiana was ranked at the top of the country, with an average debt of $2,313 that could have been paid off in under 10 months, incurring only $167 in interest payments.
One quick glance at a statement from today shows that this is unfortunately no longer the case. Thanks to the pandemic and inflation, high debt is now a practical reality across the state.
Many residents of Indiana struggle to pay their debts due to financial hardship. Recent report data indicate a concerning increase in debt levels. It is important to consider every available option to find a debt relief program that offers the best debt solutions for relief in Indiana.
Fortunately, Indiana debt relief doesn’t have to be complicated. Contact us today to get your free debt analysis and for more information on the debt relief options available in Indiana. Americor debt specialists provide services to help consumers understand and review debt relief programs.
Don’t get fooled by minimum payments. They are a debt trap
Most people in Indiana state make minimum payments on their credit cards, believing that they are gradually paying off their credit card balance. However, their balance remains largely unchanged. This is due to the fact that minimum payments only cover the interest charged by banks on credit cards.
Interest is how banks make money on the loans they provide to individuals in Indiana and worldwide. The minimum payment typically covers the bank’s profit, but it does not significantly reduce your balance.
When you continue using your credit card, the balance increases, and so does the minimum payment. However, these payments mainly cover the interest charges. Eventually, your credit card reaches its limit, and you find yourself in credit card debt. This is when you may need the support of Americor debt specialists to regain financial stability.
What if I don’t make the minimum payment? What is delinquency?
When you fail to make your minimum payments for more than two months, your credit card is considered delinquent. This will be reported in your credit history and reflected on your credit report, allowing your bank to increase the interest on your credit card and charge you late fees.
In Indiana, the credit card delinquency rate is 6.10%, which is below the rate in other states. However, it remains a concern for many people in Indiana who feel that their financial future is compromised.
Managing your account effectively, and staying informed about credit agency practices and consumer debt regulations, are crucial to avoid delinquency. Consider seeking advice and reaching out to a credit counseling agency for a personalized plan that will help you eliminate debt and build a good credit score.
What Causes Credit Card Debt?
Indiana residents are not alone in facing credit card debt and other types of debt. All across the United States, people’s incomes are being squeezed, and debts are rising. When struggling with debt, it is essential to educate yourself on federal government regulations and consumer protection laws.
Low income and high prices
Prices are increasing faster than incomes, and households in Indiana are feeling the squeeze. It has become harder to pay for everyday necessities and keep up with credit card debts and other loans.
People in Indiana are using their credit cards to pay for groceries and fill their cars at the pump, rather than using them for luxury items and vacations. However, at the end of the month, they often only make the minimum payment or pay nothing at all, continuing to rely on their credit cards because they have nothing else to cover their expenses. Soon, their credit card balances swell to unmanageable levels, which is when they need help from Americor debt specialists.
Unexpected expenses
A flooded basement or a car that keeps breaking down can result in unexpected expenses. While some people in Indiana have an emergency fund, the majority struggle to set aside savings for such emergencies. When faced with an unexpected expense, they often resort to paying with their credit card or taking out a personal loan. However, at the end of the month, the balance needs to be paid, making it easy to fall into credit card debt in Indiana.
Medical bills
Over 40% of Indiana residents have medical debt amounts of up to $10,000, while a significant number of individuals are burdened with medical debts exceeding $10,000.
Medical bills can have a devastating impact on people’s finances. Whether they are insured or lack insurance, Indiana people often face high medical bills. Deductibles are usually paid with credit cards. People without insurance face enormous medical bills which they must pay either through credit cards, personal loans, or other resources.
Indiana Debt Relief Solutions
Americor can help Indiana residents escape the debt trap and regain their financial freedom. Here are some debt relief solutions available to debtors.
Credit counseling in Indiana
Credit counseling in Indiana can help people better control their finances. Through credit counseling, people see how much income they have and where they spend it. With smart tweaks and wise financial planning, they can find room to repay their debts without severely compromising their lifestyle.
Credit counseling in Indiana can help people better control their finances. Through credit counseling, individuals can assess their income and expenses, and help you understand your financial situation. With smart adjustments and wise financial planning, they can find room to repay their debts without severely compromising their lifestyle.
Debt consolidation loans in Indiana
A debt consolidation loan can help you merge several existing debts into one new loan. The new loan is used to pay off all previous debts, and you are required to repay the consolidation loan through monthly payments.
Debt consolidation loans come with fixed interest rates and fixed monthly payments, which can extend from 12 to 72 months, depending on how quickly you want to repay your loan.
These loans often offer lower interest rates compared to the average credit card and other types of loans. Having a single monthly payment makes it easier to manage your finances and simplifies your expense planning.
Debt settlement in Indiana
Debt settlement can reduce your overall debt by up to 50%. Americor debt specialists can negotiate on your behalf with your creditors to reduce your debt and allow you to pay the remaining amount in a lump sum or can be spread out over 12-24 months. You will then be debt-free and have the opportunity to start afresh.
Debt settlement could initially lower your credit score. However, once you have settled your debt, you can begin working on quickly improving your credit score.
Debt management in Indiana
A debt management program can help you handle your debt on more favorable terms. It can lower the interest rate on your debt, resulting in reduced payments. Additionally, you can negotiate an extended repayment period, and there is a possibility of your bank waiving late fees.
Bankruptcy in Indiana
Bankruptcy is a significant decision to make. However, if another form of debt relief is not possible, filing for bankruptcy could be an option. The court will review your case, and a lawyer offering legal advice will present your income, level of debt, and monthly expenses to demonstrate that repaying your debt is impossible for you.
The court can ask you to surrender part or all of your assets as part of the deal, and bankruptcy will stay on your credit history for ten years. This could make it hard to apply for a car loan or a mortgage.
Outsmart Your Outstanding Debt
It’s nearly impossible to make progress when you’re trapped in a cycle of making costly minimum payments on each bill. Many residents of Indiana struggle to pay their debts due to financial hardship.
Recent report data indicates a concerning increase in debt levels. It is, therefore, important to consider every available option to find a debt relief program that offers the best debt solutions for relief in Indiana.
Call us today to learn about the top relief options in Indiana that fit your budget, including debt management plans and unsecured debt settlement, and find debt relief solutions that will help you get started on the path to financial well-being.
Learn more about more equitable Indiana debt relief solutions available to you today:
Our Clients Say...
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Lannie D.
“In 2020, I was drowning in debt. I enrolled in Americor for my 10 creditors for $110,000… and today (three years later) I have cleared my entire balance. It was not an easy process, but Americor guided me through and I am debt free!”
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Matthew E.
“I was down $80k in business debt, and I remember hearing Americor radio advertising. My credit score was down to 570 from 810. I’ve been in the program for over 3 years. It works, just be patient. And my credit score is currently back up to 710!”
