North Carolina Debt Relief Program
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North Carolina Debt Relief
Residents and visitors of North Carolina appreciate the state for its natural beauty. Home to both mountain ranges and miles of beaches, North Carolina has something to offer everyone.
Cape Hatteras National Seashore offers golden sands and 70 miles of pristine seashore for maximum family fun and relaxation. Those seeking a more historical experience can visit the site of the Wright Brothers’ first flight in the Outer Banks.
Many people associate mansions with the Hollywood stars in Beverly Hills, but the largest mansion in America is actually in North Carolina. The Biltmore Estate, previously the home of George Vanderbilt, sits on 8,000 acres of land. This house contains 250 rooms and an on-site winery that visitors can tour.
The State of North Carolina is also home to one of the most scenic drives in the world. The Blue Ridge Parkway meanders through the Blue Ridge Mountains and the Great Smoky Mountains for 469 miles. Drivers can stop at multiple hiking trails along the way to appreciate the mountainous landscape.
While North Carolina has much to offer its inhabitants, the state is not immune to high costs. Families and individuals often struggle to maintain their lifestyles while paying off debt — student loans, car loans, mortgages, or unsecured loans such as credit card debt. Many face financial hardship and get caught in a “hamster wheel” of debt that they can’t disembark.
*** SPECIAL NOTE *** – If your credit cards, personal loans, or medical debts have become unmanageable and you owe over $20,000… then go here for debt relief. We can help!
Credit Card Debt In North Carolina
The most common type of debt North Carolina residents face is credit card debt. When people’s incomes get squeezed, it is only normal that they turn to their credit cards to pay for their everyday expenses.
A common misunderstanding that many people believe is that by paying the minimum credit card payment, they will slowly pay off their credit card debt.
Banks calculate your minimum monthly payment based on your credit card balance. Most of this sum is interest. Banks charge interest on your credit card balance because that’s how they make money. Credit cards have the highest interest rates compared to mortgages, student loans, and car loans because they are unsecured debt, and the credit risk associated with them is higher.
If you only make minimum payments on your credit cards, the amount of debt is compounded and it will take you years to pay it off at that rate — not to mention that you would have paid a lot of money in interest. The bank will have made money out of your debt but your personal finances may be in ruins.
What Causes Credit Card Debt In North Carolina?
Low income coupled with high inflation
When incomes can’t cover the cost of living, people turn to their credit cards to pay for necessities.
Grocery shopping, utilities, and gas are everyday needs for all of us, but when the monthly income is insufficient, credit cards become the obvious solution of last resort.
The problem with the increased cost of living is that it’s recurring. If every month you pay for part of your living expenses with your credit card without paying off the full balance, consumer debt builds up and you can soon reach your credit card limit. If you only pay the minimum payment on increasing debt, you will be trapped in a debt spiral and you will need debt relief.
If you have other types of debt to repay, such as student loan debt, a car loan, or a mortgage, then you may be struggling even more to make monthly payments.
Lack of an emergency fund
It is very common to face unexpected expenses such as car repairs or any other type of emergency like an inflated utility bill or a plumber who needs to get paid for a bathroom problem.
If there is no savings account and no emergency fund to cover these expenses, most people use their credit cards. When incomes don’t cover living expenses, there is no room left to budget an emergency fund. Unfortunately, a credit card can quickly get maxed out with such emergency expenses and become a burden on your finances. You are tied to a debt trap.
Health expenses
North Carolina residents may use their credit cards to cover medical bills if they don’t have health insurance or if they have high deductibles to cover before the insurance company kicks in.
It is very easy to get into serious medical debt this way. It is estimated that one single medical emergency can reach $10,000 of unsecured debts on your credit cards. Americor can arrange for debt relief for your medical debt.
Debt Relief Solutions In North Carolina
Credit counseling
Professional credit counseling can help people get a grasp on their finances and understand how budgeting works. A credit counselor can help them manage their monthly budget better by suggesting ways to save money on their everyday expenses so that they can pay off their credit faster.
Credit management
Credit management can help you establish a Debt Management Plan (DMP) where you enter into debt negotiation with your bank in order to achieve better payment terms, lower interest rates on your credit cards, and waive late fees. This kind of debt relief program can also extend a loan’s payment plan to make it more manageable for your finances.
Use the convenient calculator here to find out how long it will take to pay off your debts by making only the minimum monthly payments. The calculator also shows how much interest you’ll pay to your creditors.
Debt consolidation loans
When you have multiple credit cards and are losing track of payments, your best debt relief option for a life free of debt may be a debt consolidation loan.
Consolidation loans gather all debts into one loan with a lower interest rate and more favorable repayment schedules to find debt relief. When you have medical debt, personal loans, and credit card debts it’s almost impossible to manage them and make timely payments.
If you have several credit cards with outstanding balances you can consolidate them into one loan. You will only have to make payments toward that loan and you can escape the debt spiral that’s associated with credit card debt and other types of consumer loans.
Debt settlement
Americor’s debt specialists can negotiate with your bank and/or creditors for a favorable debt settlement program. Our debt specialists aim at lowering the overall debt you owe to your creditors so that part of it is forgiven. We present your income, expenses, and all other relevant documents to state your case and aim at debt relief through debt settlement.
Debt settlement companies offer credit repair services that can help you reduce your overall debt by 25% to 50% depending on the situation, which is a significant debt relief measure. After you settle your unsecured debt, it becomes more manageable for you to repay your balance and enter a debt-free life with more financial security.
In North Carolina, debt settlement can impact your credit report and credit score. Credit scores evaluate how creditworthy you are. Banks use credit scores to give people credit cards, car loans, and mortgages. It typically takes 12 to 18 months for your credit score to bounce back after debt settlement.
Bankruptcy
If you are running out of debt relief options, your last resort is to file for bankruptcy. Bankruptcy is a legal process where your attorney goes in front of a court to present your case and ask for partial or full debt discharge.
The court decides whether your debt can be fully discharged or reduced significantly, however, you might also be asked to sell part of your assets during the bankruptcy settlement.
Bankruptcy is a last-resort solution because it is a lengthy process and it negatively impacts your credit score. Although you may be free of debt after filing for bankruptcy, bankruptcy will stay on your credit record for 10 years, during which your access to loans is extremely difficult.
Let Americor Help With Your Debt In North Carolina
Aside from credit card debt, Americor debt specialists provide help with personal loans, payday loans, and medical debt, as well as personal business debts and private student loans.
People in North Carolina seeking debt help will benefit from the debt relief programs Americor offers. Review the resources in the links below to find out more about our programs:
As America’s trusted source for debt relief solutions, we aim to empower you with financial knowledge that can lead to informed decisions, whether it’s about savings, investments, or managing debt.
If your debt has become unmanageable and you have difficulty making your debt payments each month, then you should consider a FREE consultation call with one of our certified Debt Consultants, who can provide personalized debt relief advice tailored to your specific needs.
By taking proactive steps today, you can put an end to your financial stress and work towards a brighter financial future.
Remember, there is always hope for debt relief, and our team of experienced professionals are ready to guide you on your journey to regaining control of your finances.
For more information on Americor’s debt relief services, contact us today to see how we can help you eliminate your debts, and get on the fast-track to becoming completely debt-free!
“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!”
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“I was working as a pilot and my finances were going really great. All of a sudden, my son was diagnosed with autism. This was extremely unexpected and I realized how much he needed me at home, so I quit my job.”
North Carolina Debt Relief FAQs
Residents of Raleigh, NC carry an average of $10,989 in debt, while people in the Charlotte community have $10,733 in credit card debt.
In comparison, the national average household debt is $8,425. North Carolina is fortunate to have a lower cost of living index than most other states, at an average of 95.7. Thus, North Carolina housing is significantly cheaper than in other states across the nation.
However, prices vary and can be much higher in larger cities. Also, salaries are much lower in North Carolina than in other states. The average wage of a worker in North Carolina is $53,100, compared with the nationwide mean of $58,260.
Lower wages, an average cost of living, and significant credit card debt make it difficult for families to get out of debt. Many just get by making minimum monthly payments on their credit card and keeping up with their other expenses. Seeking credit relief services can help you reduce interest rates or consolidate your debt for more efficient repayment.
The average credit card delinquency rate in North Carolina is 6.8%, which is above the national average which stands at 2.25%.
The credit card delinquency rate reflects credit card debt that is overdue for more than 30 days. This number tells us how many people can’t pay even the minimum monthly payment on their credit cards.
When an individual fails to make the minimum payment, the bank can increase the interest rate on their credit card because of the increased risk they perceive. If the minimum payment is not paid for two consecutive months, the debt may go to collections.
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