The Dairy State Suffers from Higher Costs of Living
Wisconsin, known for being a tourist’s paradise in the Midwest, has a lot to offer to residents throughout the year. It has numerous lakes and rivers that are enjoyed by families who come from all over America to swim, paddle, and sail. It’s also known for its dynamic cities, such as Madison and Milwaukee, which provide visitors with delicious farm-to-table cuisine.
The city of Green Bay, home to football’s famous Packers, entices sports fans who love to cheer on the home team. Clearly, there is a lot to appreciate for those who choose to live in Wisconsin.
Despite all of the wonderful attractions that Wisconsin has to offer, its residents know the struggle of rising rental rates combined with high taxes and growing inflation. All of these factors make Wisconsin expensive for its residents.
When costs rise and incomes stagnate, it’s not uncommon for individuals and families to take on credit card debt in order to make ends meet. This can lead to a vicious cycle of making minimum payments while accumulating even more debt.
Thankfully, using Wisconsin debt relief programs can help families discover a better financial path.
Credit Card Debt in Wisconsin
Credit card debt is a problem across the United States, and Wisconsin isn’t immune. The average credit card debt in Wisconsin is $4,628.
In addition to the high debt, Wisconsin residents face rising home rental costs and a lower supply of homes to purchase. Studies show that home prices increased 9.3% from February of last year. These rises in price push many would-be homeowners out of the market and leave them to cope with increasing rents.
While inflation has soared around the world, the rural communities of Wisconsin, including Deerfield, have seen rates greater than 130% higher than those of larger cities. As most rural areas consist of farms whose owners already cope with limited income, it’s no wonder that many turn to credit cards to subsidize their cost of living.
Fortunately, there are Wisconsin debt relief programs to assist individuals in finding their financial footing.
What Causes Debt in Wisconsin?
It’s very easy to fall into debt. Life is complicated and everyday necessities are constantly becoming more expensive. People in Wisconsin are struggling to pay for their needs on their current incomes, which is the main reason they build on debt.
Incomes and expenses
Incomes have not followed the inflationary spiral of prices. The cost of living has increased but incomes have barely budged. People in the State of Wisconsin are thus finding it hard to make ends meet. Many Wisconsin residents don’t use their credit cards for senseless expenses like expensive clothes, vacations, or fine dining. They use them to pay for gas, groceries, and their bills.
The cost of living is turning many people in Wisconsin to increased credit card use and personal loans. However, these can quickly turn into a debt spiral that engulfs your whole household. That’s when you should reach out to Americor to see the debt relief opportunities available to you.
Credit card minimum payments lead to a debt spiral
Most people think that by making the minimum payment on their credit cards, they are reducing their balance and the overall amount due. However, minimum payments only include the interest that banks charge on all their loans.
When you pay the minimum, you are basically paying the bank — your balance doesn’t change. If you do that for months on end, the balance increases until your credit card is maxed out and you have already paid hundreds if not thousands of dollars to your bank in interest. The bank makes a profit on your credit card and you fall into debt.
Unpredictable events
It’s very easy to witness a dramatic change in your life. A medical emergency, a divorce, a change of job, or an unpredicted event can disturb the most well-organized lives. Alongside the personal upheaval, there is financial havoc.
Most people in Wisconsin don’t have an emergency fund to tap into when things get out of control. That’s when they turn to their credit cards and to personal loans to cover expenses that can’t be possibly paid through monthly incomes.
Unfortunately, credit cards come with a high-interest rate, and balances and loans must be repaid. If households in Wisconsin don’t have enough income for their credit card payments, they will face debt collectors sooner or later.
With debt relief services from Americor, however, you don’t need to reach the debt collection phase: we can help you out of your difficult situation.
Credit Card Debt Relief with Americor
It’s good to know you can find debt relief and be able to put more money into a savings account or on a goal important to you. Americor is a debt relief company that can offer you the best solutions for your Wisconsin debt.
Credit counseling
Credit counseling can help you figure out how much you earn and where you spend your money. Credit counselors offer assistance with establishing healthy spending habits so that you can enjoy a good standard of living while still repaying your debts.
Debt consolidation loan
Americor debt specialists can help you negotiate a debt consolidation that will combine all your existing debts into one single loan. Instead of repaying multiple credit cards, personal and other loans, you will pay your consolidation loan with one monthly payment. Consolidation loans come with friendly interest rates, often lower than for credit cards, and negotiable repayment timelines.
You can merge personal loans, credit cards, medical bills, a private student loan, consumer debt, and any type of unsecured debt into a debt consolidation loan.
Debt settlement
Debt settlement helps you negotiate a debt reduction — often up to 50%. With the help of Americor debt specialists, you can settle your debt where you present your current level of debt and your income to show that you can’t possibly repay the full debt amount. When your debt is settled, you are asked to repay the rest of it in a lump sum, which can sometimes be spread out over 12-24 months, and then you are debt free.
Debt settlement is a way to move towards a debt-free future and overcome debt. Contact us for more information on debt relief solutions from Americor.
Debt management
Debt management helps you establish a Debt Management Plan (DMP) whereby you negotiate easier and friendlier repayment terms for your debt. That includes a lower interest rate on your credit cards and loans, an extended repayment timeline, and even the waiving of late fees from previously unpaid loans and credit cards.
Bankruptcy
Filing for bankruptcy is your last resort. If no other debt relief option in Wisconsin can help, you can file for bankruptcy to erase part or all of your debt. Your lawyer presents your case to court and shows that you can’t possibly pay off credit on your current income.
The court decides how many of your assets must be liquidated and how much of your debt is forgiven. Bankruptcy will stay on your credit record for ten years, which means you won’t be able to obtain a mortgage or car loan from a bank. But it’s a fresh start when debt is drowning you.
Americor for Wisconsin Debt Relief
Our Americor debt specialists are available to help you evaluate your debt relief options for your debt. Whether you need a consolidation loan or debt settlement, Americor professionals will guide you to the best choice for your finances and your personal situation.
Our Better Business Bureau accreditation cements our dedication to ethical practices and our expertise in providing valuable and helpful debt relief advice for people in Wisconsin. All people deserve a fresh start when debt is too much.
Discovering Wisconsin Debt Relief Programs
Credit card debt can reduce the amount of money you have available to afford your lifestyle, provide for your family, and save for the future. Find out how to get out of debt using the tools below:
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!”
