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Are you ready to hide in a hole to evade debt collectors? You might have reached the “end of your rope.” You don’t have enough money to pay off all your loans.

When you sign on the dotted line, you promise to repay your loans. How can you do it? Perhaps, this debt settlement in Colorado Springs, CO guide can help you find the answers.

Colorado Socioeconomics

What is it about the State of Colorado, which encourages people to write songs about it, like “Rocky Mountain High?” For some reason, the cool, crisp mountain air is inspiring.

Rocky Mountain High

The State of Colorado has given local municipalities plenty of leeway to raise taxes. While the state sales tax rate is only 2.9%, local governments can raise the total up to 11.2%.

Colorado has more than 5 million residents and a higher than average median household income of $66,596. The state’s Zillow Home Value Index (ZHVI) for March 15, 2017 was $322,300.

Wealth & Poverty

One of the wealthiest neighborhoods in Colorado is Lowry Field with a ZHVI of $549,800. Pueblo might be one the poorer cities with a ZHVI of $130,600. Colorado Springs had a ZHVI of $241,600 for March 15, 2017 with Briargate at $311,200 and Falcon at $244,700.

How Did I Get Such High Debt?

Accruing high debt can be similar to watching paint dry. The process might be very, very slow. When you start out, you have no debt. You might even have a very high income.

You are fine with new credit card offers. Most give you a low introductory rate, so you think – “No problems.” Why not add more credit cards? This gives you more capacity.

In truth, the credit card issuing banks will give you a higher credit score based on your credit available. But, they will also lower your credit score when it is used up. They try to get you to use your credit cards for all your purchases.

One day, you don’t have enough money.

When you charge everything on your plastic, it adds up. One day, you might look at your bills and realize that you don’t have enough. Credit cards allow you to put off the “Day of Reckoning.”

Until, one day, you notice that the balance is extremely high and keeps getting higher. How will you pay off your credit cards? The average interest rate might be 20% or so.

How Can Debt Relief Lower High Debt?

Debt relief in Colorado Springs, CO comes in a lot of flavors. There is no one size fits all answer. You could start with credit counseling services. Many of these are free, provided by non-profit organizations, like church groups.

Once you understand debt and credit, you can make more well-informed decisions. If you don’t want to try to remember the due dates for each loan, you can try debt consolidation. This gives you an umbrella loan, merging all your smaller loans therein.

Debt relief could involve multiple steps. If you show due diligence, you could negotiate better terms for your loans. Debt settlement in Colorado Springs, CO could be a long-term process, but there are many very powerful tools available to help you succeed.

Colorado Debt Relief Laws

The State of Colorado has sought to establish a solid foundation for credit. The Colorado Attorney General will review any complaints and punish any individuals or businesses violating state laws. These violations could include interest rates, notification of charges or debt collection.

If you have any complaints, you should address them to the Colorado Consumer Credit Unit. This will provide you with valuable information and links to important resources. The Colorado debt laws include the following:

  • Uniform Consumer Credit Code
  • Collection Agency Regulation
  • Debt Management

Have you been charged an unfair interest rate? Were you given all of the information, you needed to make the best decision for a payday loan? Was your automobile repossessed unfairly? The “Uniform Consumer Credit Code” governs short-term lenders.

Did a debt collector call you too early in the morning? Did they notify you of your outstanding balance by written notice? Did they offer to write off some of your debt? These problems fall under “Collection Agency Regulation.”

All of the debt relief, debt settlement and credit counseling services fall under “Debt Management” in the State of Colorado.

Colorado Springs Debt Relief Resources

Pike’s Peak is one of the most famous landmarks in Colorado Springs, Colorado. The Colorado Springs population is about 450,000. Here are some debt resources in Colorado Springs:

  • CareOne
  • McCarthy Law
  • Trident Debt Solutions

McCarthy Law has debt settlement lawyers, offering a free consultation.

Sometimes, you can get a plethora of answers by simply talking with a debt reduction expert. They can help you think more clearly. Debt can sneak up on you and when it does, debt settlement in Colorado Springs, CO might be the easiest way out.