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Tulsa is a city situated in the northeastern portion of Oklahoma. IT is located on the Arkansas River and at the bottom of the Ozark Mountains. The city is home to an awesome zoo, exciting high school football, and famous Arabian horses. Tulsa is known as “one of the healthiest cities in the U.S.: It is Oklahoma’s 2nd largest city. While in Tulsa, you can attend a live theater, go to a jazz concert, or enjoy outdoor recreation. It is a relaxing place to call home. However, it is not relaxing if you are knee deep in debt like many of the residents of Tulsa. Bills can add up quickly, and there is no end in sight. With this is the case, debt settlement could be your best option.

Socioeconomics of Tulsa

The population of Tulsa stands at just over 600,000. The census bureau states that 73.4% are white, 19.9% are African American, and 3% are Asian. 6.8% are American Indian. 49% are males, and 51% are females. 7.5% are Hispanic. The median age is 34.5.

Poverty Statistics of Tulsa

Statistics show that 21.7% of the people in Tulsa are living in poverty. The unemployment rate stands at 5.4%. The median household income is $43,000. The crime rate is above the nation’s average.

What is Debt Settlement?

Millions of people have turned to debt settlement to help with their debt problems. Debt settlement involves you are a professional working with your creditors to come up with a settlement. You can settle your debts for much less than what you owe. In some cases, you can settle for 50-60% of the balance. If you work with a debt settlement company, you will make a monthly deposit. The company will use that deposit to pay your creditors. Most creditors will put you in a 2-4 year plan.

Who is Debt Settlement Best for?

Before you decide that debt settlement is a good option, make sure you know the qualifications. You normally need to have over $7,500-$10,000 in debt. This is unsecured debt. Debt that is secured by collateral does not qualify for debt consolidation. You also need to prove that you can make the monthly payments, and you might need to prove that you are suffering from a financial hardship. Your credit score does not matter.

Advantages of Debt Settlement

Debt settlement has numerous benefits. Some of these include:

  • Pay off debt faster: Paying off your debt takes time. However, if you pay just the minimum amount on your credit cards, it will take you years and years to get out or debt. With debt settlement, you can be debt free in less than 4 years.
  • Lower monthly payments: With a debt settlement program, your monthly payments will be lower than what you would have paid anyway.
  • Avoid bankruptcy: With debt settlement, you can get out of debt without having to resort to bankruptcy.
  • Get creditors off your back: Many debt relief companies have attorneys that will represent you. Your creditors are not allowed to contact you if they know you are being represented by an attorney. This can alleviate stress and anxiety.

Oklahoma Debt Relief Laws

In Oklahoma, the statute of limitations on debt is 3 years. After that time, the collector cannot attempt to collect the debt. The creditor cannot bully you or use violence to collect the debt. You have the right to dispute the debt, but you must do this in writing. If you want the creditor to stop calling you, you can do so in writing, and he must abide by your wishes. If the creditor knows you are being represented by an attorney, he cannot keep contacting you.

Oklahoma Debt Relief Resources

You can search online for numerous resources that can help you with debt relief. Companies are not permitted to charge you before they settle your debt, so be wary of scams. Do not believe any company that offers to get you out of debt quickly.

Tulsa is home to Garth Brooks, and it is a lively town that has so much to offer its residents. If you have a huge amount of debt, research your options to see if debt settlement might work for you. You will then enjoy a life in Tulsa free from debt.