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Costs in Missouri Are Skyrocketing

As the Gateway to the West, Missouri was the historical starting point for many of the nation’s most important pioneer trails, including the Oregon Trail and the Pony Express. Since then, Missouri has blessed us with the invention of several iconic musical genres, some of the most mouth-watering regional barbeque styles on the planet, and the Anheuser-Busch brewing company. The state was also home to noted author Mark Twain, pioneering guitarist Chuck Berry, and President Harry Truman.

In addition to its rich history and cultural contributions, the state of Missouri offers a wide range of services to its visitors and residents of Missouri and prides itself on promoting local business and supporting companies that contribute to its vibrant economy.

For decades, Missourians have been able to enjoy this vibrant culture at a relatively affordable price. The state ranks 5th lowest in the cost-of-living index and has the 2nd lowest housing costs. Unfortunately, with a median household income of just $57,409, Missouri is well below the national average. Record-setting inflation and skyrocketing prices have made it difficult for ordinary families to keep up.

Missouri’s commitment to affordability extends to various aspects, including managing housing counseling and finding ways to reduce the financial impact of unsecured debt. For individuals facing financial hardship, it is crucial to stay informed about interest rates and manage credit card payments effectively. Building a good credit score is essential, and Americor offers debt reduction services to those in need and various debt relief programs to get started on the journey toward financial stability.

Missouri Debt

These days, Missouri living has become synonymous with Missouri debt. The state currently has an average household credit card debt of $5,601, which is roughly the middle of the pack in national rankings. Don’t let that fool you — due to the aforementioned low cost of living, $5,000 goes a lot further in St Louis or Kansas City than it would in Los Angeles or Seattle. Being $5,000 in debt in Missouri is a big deal, and it can be easy to get trapped in a vicious minimum payment cycle.

Staying in contact with reputable businesses and agencies offering financial services is crucial as debt has become a common concern for many Missourians looking for debt management and relief programs.

Why are minimum payments a debt trap?

Have you noticed how your bank requires a minimum monthly payment for your credit card?

Most consumers in Missouri believe that by making the minimum payment on their credit cards, they are effectively reducing their outstanding credit card balance. Unfortunately, minimum payments only address the high-interest charges on your balance. 

Credit institutions and banks charge interest on all the loans they provide, and credit cards are a form of unsecured loan. This is how they make money. By making only the minimum payment, you are not reducing your balance; rather, you are simply covering the interest charges.

If you continue using your credit card, the balance will increase. Minimum payments also increase when the balance increases, but they only cover interest rate charges. It is very easy for households in Missouri to fall into credit card debt when they make only minimum payments. The balance can quickly spiral out of control, leaving you in need of debt relief in Missouri. 

Fortunately, Americor is a debt relief company with skilled debt specialists who can help you find the best way to free yourself from your credit card debt. 

What Causes Credit Card Debt?

Missouri residents are not alone in credit card debt. All across the United States, people are finding it hard to pay for their everyday expenses and have enough money to pay for their debts. Luckily, Americor has helped over 200,000 Americans to overcome their debt trap. 

Income and prices: a mismatch

Incomes have not kept up with the price inflation in groceries, gas, and utilities. Many households in Missouri are finding it hard to cover all necessary expenses and pay their debts at the same time. Sometimes, the end of the month is a struggle to pay for necessities until the next paycheck comes in, and that’s when credit cards are used the most.

Most people in Missouri don’t use their credit cards for frivolous spending or luxury dining; instead, they use them for grocery shopping, gas, and other essential expenses.

When life happens

Life is often unpredictable, and many things can disrupt your financial planning, no matter how careful you are. 

For example, a brief period of unemployment can lead to a significant decrease in income. The death of a family member can have a negative impact on finances, and even a divorce can cause financial upheaval. Not to mention, a medical emergency can also be financially challenging.

When life takes an unexpected turn, credit cards often bear the brunt of the situation. However, it is important to remember that you are responsible for repaying the debts incurred. If your income is insufficient to cover the repayment, seeking debt relief from Americor can be a viable solution.

Unexpected expenses

Just as life presents unexpected challenges, expenses also arise unexpectedly. 

For instance, your car may break down in the middle of the road, leaving you with costly repairs. Additionally, your roof might start leaking, necessitating immediate repairs. Unless you have an emergency fund to cover such unforeseen expenses, credit cards, and personal loans often become the default solutions. 

However, if you lack the means to repay these charges as per your creditor’s terms, they can quickly escalate into debt.

Missouri Debt Relief Solutions

Americor relief service is available in Missouri to help residents find the best debt relief option for their debt problem. 

Credit Counseling in Missouri

Credit counseling can help you better understand your finances. How much do you earn? How much do you spend? 

A credit counselor can help you establish healthy spending patterns so that you have room to repay your debts. Credit counselors work with indebted people to help them with wise financial management. 

Debt Consolidation Loans in Missouri

A debt consolidation loan combines multiple debts, such as credit card balances, personal loans, student loan debt, consumer debt, or medical bills, into a single loan. This new loan is used to pay off the existing debts. By doing so, you effectively consolidate all your debts into one loan.

Debt consolidation loans offer the convenience of fixed interest and fixed monthly payments, making them easier to manage within your monthly budget. These loans typically come with lower interest rates, and Americor can assist you in negotiating a repayment period that aligns perfectly with your specific needs.

Debt Settlement in Missouri

As one of the top debt settlement companies, Americor debt specialists can assist you in negotiating a debt settlement, effectively reducing your total debt by up to 50%. 

Through this settlement process, your debt is diminished, and you are required to make a single lump sum payment for the remaining balance. You are then debt-free and ready to embark on a stable financial footing for the rest of your life. 

Debt settlement can impact your credit score but if you already have debts, they will already be reflected in your credit score and credit report. With careful financial planning, you can attain a good credit score.

Debt Management in Missouri

Debt management helps you manage your debt through a Debt Management Plan (DMP) which encompasses benefits such as lower interest rates or a longer repayment period. 

By utilizing debt management as a debt relief plan, you can also waive some late fees and additional charges, making your debt more manageable, and giving you the time and space to fulfill your repayment obligations. 

Bankruptcy in Missouri

When your debt is simply unmanageable, bankruptcy is your last resort. 

With the assistance of a lawyer, you can file for bankruptcy. The court will determine the extent to which your debt will be forgiven based on factors such as your income level, debt amount, and expenses. 

As part of the bankruptcy proceedings, your assets may need to be liquidated, and the bankruptcy record will remain on your credit history for 10 years. 

Stay a Step Ahead of Missouri Debt

By staying proactive in managing your debt in Missouri, you can avoid being trapped in a perpetual cycle of making minimum monthly payments. 

Contact us today for more information. We will help you explore some of the most effective debt relief options in Missouri. Americor debt specialists are professionals and can help you get out of your credit card or personal loan debt. 

With the right tools and sound advice, our debt specialists will give you the best options in Missouri, on how to relieve your finances of debt and boost your financial stability. Everybody in Missouri deserves a better future and Americor is here to help you achieve it!

Making minimum monthly payments can keep you in debt forever, but there are other Missouri debt relief options – check out a few of the best methods below.


Our Clients Say...

  • Lannie D.
    Stars Stars Stars Stars Stars

    “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!”

  • Matthew E.
    Stars Stars Stars Stars Stars

    “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!”

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Crystal W.
Crystal’s family relied on a two person income and when one of those was gone, they heavily used credit cards to pay for things. It would have taken 30 years to pay off roughly $30K of their credit card debt, but working with Americor she and her family will be debt free in just 3 years!

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