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Overwhelming debt can significantly alter your way of life. You have so many bills, and you do not know how they are going to get paid. Financial problems can cause so much anxiety and tension. Many citizens in Kansas City, Missouri are suffering from uncontrollable debt with no end in sight. They want a fresh start, and they do not know where to turn. Just making their monthly payments has become difficult. Before they know it, they are behind on the monthly payments. Many people do not realize that there is a solution. Debt settlement can help you get a fresh financial start in life.

What is Debt Settlement?

Debt settlement, also known as debt negotiation, is the process in which your creditors agree to a reduce balance on your account. After you pay the agreed amount, your account will be considered paid in full. You can hire a debt settlement company, or you can attempt to settle the debt, which is a hassle. If you hire a company, you will deposit money into an account each month. The company will take those funds and pay your creditors. Your credit score will be impacted, but if you are late on payments, it is affected anyway.

Who is Debt Settlement Best Suited For?

You do not need a minimum credit score to qualify for debt settlement, but the company will want to make sure that you can make the monthly payments. Secured debt does not qualify for debt settlement. If there is any collateral attached to it, the debt cannot be settled. In some cases, companies will want you to prove that you have a financial hardship. In addition, you normally need to have at least $7,500 in qualifying debt.

Advantages of Debt Settlement

Even though there are disadvantages of debt settlement, there are numerous benefits as well. Some of the advantages include:

  • You can avoid bankruptcy- Debt settlement can keep you from filing bankruptcy.
  • You can get out of debt quicker- You can be debt free in 2-4 years.
  • Your monthly payments will be lower- You will pay less money each month.
  • You can get creditors off your back- Creditors are less likely to call you if they know you are in a debt settlement program.
  • Less stress- You can relax easier knowing there is an end in sight.

Missouri Debt Relief Laws

Missouri has laws in place to protect consumers against dishonest creditors. The statute of limitations for debt in the state of Missouri is 5 years. Therefore, after the time has passed collectors can no longer attempt to collect the debt. Debt collectors are forbidden from calling you before 8 in the morning or after 9 at night. They are not permitted to call your work if you tell them not to do so. If they know you are being represented by an attorney, they cannot contact you. If you send them a letter asking them not to contact you, they are obligated to follow your wishes.

Wealth and Poverty in Kansas City

The average credit card debt in the city of Kansas City is $6217, which is above the national average. The people of the state have an average credit score of 723. The median household income is $37,333. 74.2% of people in the state own homes. The unemployment rate is 8.7%, which is above the state’s average.

Socioeconomics in Kansas City

Kansas City is the largest city in the state of Missouri with a population of just over 450,000. According to the census bureau (https://www.census.gov/quickfacts/table/PST045216/20), 86.7% of people in Kansas City are white. 6.3% are African American, and 2.9% are Asian. Hispanics include 10% of the population. 48.5% are male, and 51.5% are female. The median age is 34.

Kansas City Debt Relief Resources

There is help for those struggling with debt. You can go online to find numerous resources that will help you get out of debt. If you are looking for a debt relief company, make sure you avoid scams. Be careful of companies who make promises. Getting out of debt is so unpredictable. You cannot make guarantees.

Kansas City, Missouri is home to the Kansas City Royals, awesome barbeque, and friendly people. It would be devastating for you to miss out on all the fun because of debt problems. If you are suffering from a financial hardship, research your options to see if debt settlement might be right for you. You can then look towards a bright future.