The Cost Of Living In New York Continues To Rise
When you think of New York State, your thoughts likely turn to New York City. As the site of many popular films and television shows, this buzzing metropolis is home to the New York Stock Exchange, the headquarters of thousands of companies, and famous throughout the world.
New York offers much more than the city alone to the New York resident. Those seeking peace and quiet with a hearty dose of hiking, biking, or skiing will find their place in Adirondack Park. The Adirondacks offer camping, lakeside resorts, and stunning views from the mountains. Other natural regions to explore include the Hudson Valley, Niagara, and Finger Lakes.
While you won’t run out of things to do in the state of New York, it’s one of the most expensive states to visit or live in. A high cost of living, rising taxes, and costly rents plague the state.
Those who fall into debt may find it challenging to live in New York, especially if they live in New York City or a surrounding suburb. Finding New York debt help allows people to overcome a challenging cycle of paying only the minimum payments on their outstanding debt.
How Much Debt Do New Yorkers Carry?
Households in New York City carry an average of $15,433 in household debt. New York City falls second on the list of cities whose residents owe the largest debt amount, ranking only behind Honolulu, Hawaii. The state also has a high cost of living index of 148.2, ranking second in the nation.
Housing costs are astronomical in New York. According to World Population Review, rent costs are over twice the national average, with an index of 230.1. While costs are high, higher salaries provide some relief. The average yearly earnings of the average New Yorker is $70,460, compared with the national average of $58,260.
High rents and rising food costs make it challenging to keep on top of regular debt payments. In the worst situations, people with high debt can’t meet their obligations, and the debt cycle spirals out of control.
People living in New York often seek debt help. New York debt help programs assist individuals with getting their personal finances in order. Use the interactive calculator here to find out how long it will take you to get out of debt by making minimum payments.
What Causes Credit Card Debt?
It’s not difficult to max out your credit card and find yourself in credit card debt. Likewise, people in New York often end up with other types of debts from personal loans, student loans, and medical bills. New York is often pictured as a place of wealth, but New Yorkers often struggle with their finances.
Incomes and expenses: a mismatch
New York is notoriously expensive but incomes don’t always match price inflation and the cost of living.
Housing, groceries, and gas are expensive in New York and it can be difficult to cover all your monthly expenses on your income. When their income can’t cover their expenses, New York residents use their credit cards and loans to bridge the difference. But you need to repay credit card balances at the end of the month otherwise they will spiral into consumer debt.
Unless you have a clear timeline on how you can repay your loans and credit card balance, it’s easy to go into debt. That’s when you need to turn to Americor to discover your debt relief options in New York.
Credit card minimum payments are misleading
You might think that paying the minimum credit card payments card means you are reducing the balance, but this is misleading. Minimum payments only cover the interest charge on your balance. Banks and credit card companies charge interest on any loans they disburse and credit cards often carry double-digit interest rates.
The minimum payment usually covers the interest paid to the bank but very little of the actual balance. If you continue paying the minimum payment you will see that the balance barely budges. As you use your card, the balance increases until you max it out. That’s when you need an Americor debt specialist in NY to help you with debt relief.
Life upsets and large expenses
Life is unpredictable for everybody. Divorce, a change of job, temporary unemployment, a home repair, or a death in the family can seriously rock even the best-managed finances. Such a large expense will inevitably challenge your budget and your savings account. Most New Yorkers will turn to their credit cards and personal loans to pay for the gap between incomes and expenses.
Find Credit Card Debt Relief with the Help of Americor
Americor debt specialists can stand by your side and give you specialized advice on how to get debt relief in New York and pay off credit with better terms of service. Some of your options include the following.
Credit counseling can help people get a more accurate grasp of their income and their expenses. It’s good to get a professional to help you understand how much you earn and how much you spend. That’s how you can establish how you can streamline your expenses so that there is enough space left for debt repayment.
Debt consolidation loan
When you consolidate your loans, you merge your existing debts from different creditors into one loan. You pay off all your debts so that you get rid of outstanding charges and late fees and you only have to pay the consolidation loan with one monthly payment.
Americor’s debt experts can guide you through the benefits of debt consolidation loans such as possibly lower interest rates and an extended repayment timeline. It’s easy to keep track of the monthly payment, which simplifies your life.
If your debt is overwhelming, Americor professionals may advise you to settle your debt. Debt settlement can reduce your overall level of debt by up to 50%. You then have to repay the rest with a lump sum, that could often be spread out over 12-24 months.
Debt settlement requires debt relief experts to negotiate on your behalf and present your case to your lenders so that you can get the most debt relief your case deserves. It may stay on your credit history for a while but you can improve your credit score with sound financial management once you have settled your debt.
Debt management programs
A debt management program helps you establish a more favorable repayment schedule for your debt. When you apply for a debt management plan, you may extend the payment timeline, waive late fees, and even reduce interest rates on your balance so that it’s easier for you to repay your debt.
If things are beyond any type of debt relief, you may consider filing for bankruptcy. With the help of a specialized lawyer, you can present your case to the court and show that based on your income and assets, it’s impossible to repay your debts. The court decides how much debt is forgiven and whether you have to liquidate your assets as part of the deal.
Of course, bankruptcy is typically a last-resort solution as it stays on your credit history for years.
Americor for New York debt relief
Americor in New York is a professional debt relief company that has helped thousands of New Yorkers get the debt relief they deserve.
Americor is a member of the Receivables Member Association, the American Fair Credit Council, and the International Association of Professional Debt Administrators. We stand by our accreditation and take pride in the quality of debt relief services we provide. Our Better Business Bureau accreditation credential speaks for the quality of service we deliver in New York and the whole of the United States.
Get New York Debt Help
If your debt problems have spiraled out of control, you may qualify for one of the available debt relief programs. Americor offers several programs for individuals seeking to get out of debt and start fresh.
Our debt specialists are professionals and experienced and will give you financial guidance you can trust to find debt relief. To learn more, check out our available programs through the links below or contact us to learn more about your debt relief options.
Our Clients Say...
“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!”
“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!”