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Honolulu, Hawaii is one of the most unique cities in the United States and, indeed, the world. As the southernmost and westernmost city in the United States, it enjoys a climate perfect for year round water sports and tourism. It also features one of the most robust single-city economies of any U.S. metro area.

Being located well below the Tropic of Cancer, the city has a year-round tropical climate, though the summer months feature considerably hotter weather than what can be found in similar places in the North Caribbean, such as San Juan, Puerto Rico or George Town, Cayman Islands.

The city is home to Naval Station Pearl Harbor, made famous by the daring attack on December 7, 1941, by the Japanese Navy, plunging the United States into the Pacific Theater of World War II. Ironically, today, a plurality of the city’s residents are Japanese. The base employs tens of thousands of Navy personnel who, at any given time, make up a significant portion of the city’s population.

Honolulu is set among some of the most picturesque scenery in the world. Unlike the U.S. territories of the Caribbean, Honolulu sits at the base of 4,000 foot mountains, covered in dense rain forest. Different sides of the island of Oahu, on which the city is situated, have radically different weather patterns. But surprisingly, Honolulu itself is classified as teetering on the very edge of being an arid, desert-like climate. This means the city gets more total sunshine than almost anyplace else in the United States.

The city is remarkably crime-free for such a large metropolis. While it is only safer than 12 percent of all cities and towns in the United States, it is the second safest city among the largest 50. This is reflected in the extreme average home prices. The median price of a single-family dwelling in the city is a jaw-dropping $662,000. This places it among the most expensive cities in America. Similarly, a typical rental apartment costs over $2,000 a month. Unfortunately, this also makes the city one of the least affordable for the average worker.

Given such high living costs, it’s somewhat surprising that Hawaii has one of the lowest personal bankruptcy rates of any state. Other financial statistics look similarly strong. The state of Hawaii has one of the lowest official unemployment rates in the country, just 3 percent. Honolulu itself routinely ranks lowest out of all major U.S. cities in its unemployment rate. It is also one of the few cities in the United States that have an official non-white majority. 54 percent of Honolulu residents are Asian. There are almost no blacks.

Despite having a world-class economy driven in large part by a $10 billion per year tourist industry and being located in one of the closest Earthly approximations to paradise, where one could easily live outside, unsheltered for months without consequence, a few people, from time to time, still fall into financial hardship in Honolulu. For those Honolulu residents who do find themselves surfing rough financial waters, Chapter 7 may not be the best life line. Debt settlement can get them out from under life’s rogue waves and back shooting the curl to financial freedom in no time.

How Debt Settlement Can Help Honolulu Residents Become Debt-Free

Debt settlement can help those who do not wish to go through the perils of bankruptcy to rid themselves of significant portions of their debt faster than any other method. The best debt settlement companies can often negotiate up to 75 percent reductions in the principal amount owed. Many people figure that they can just negotiate their own debts, that they have no reason to pay what seem like large fees to a company to do it for them. But this view is badly mistaken.

Often times, major creditors only employ a few people out of tens of thousands who are authorized to negotiate on outstanding debts. For consumers who owe less than $10,000, getting one of these executive-level decision makers on the phone can be nearly impossible. Most lower-level employees are not authorized to forgive debts or negotiate settlements. But for the do-it-yourselfer, things can get even worse.

In many cases, even if the debtor can get a decision maker on the phone, that person may calculate that there is a good chance of the creditor firm collecting a significant portion of the debt. This could be for any number of reasons. But generally speaking, when the debt amount is above $1,000, it looks like the creditor has a good chance of prevailing in court and it doesn’t appear that the likelihood of the debtor declaring bankruptcy is high, the creditor will be unwilling to settle for less than the principal amount.

This is where a good debt settlement company can really earn its keep. Because a debt settlement company is often in a position to offer creditors not $5,000 settlements but $5,000,000 lump-sum payments in take-it-or-leave-it deals, the creditors will often be compelled to take the deal, even though many of the individual debts in the package could be collected in full with a high probability. This is because the creditor knows that, as a whole, the debts will only fetch pennies on the dollar. For most creditors, such opportunities to remove non-performing loans, en masse, from the books prove impossible to refuse.