Situated on the western shores of Lake Michigan, Milwaukee is the largest city in Wisconsin. The city contains a spectacular Riverwalk, numerous museums, and fun parks. Harley Davidson was founded in Milwaukee, and the popular sit coms Happy Days and Laverne and Shirley were set in the city. The largest music festival is held in Milwaukee, and the public market is unmatched. The residents of Milwaukee love their city. Unfortunately, debt problems are not uncommon in Milwaukee. It is so easy to get into debt. Credit card bills can add up so fast, and before you know it, you cannot make your monthly payments. Therefore, many people in Milwaukee turn to debt settlement to help get out of debt.
What is Debt Settlement and who Qualifies?
If you want to settle your debts, you can do it on your own, or you can hire a professional. If you choose to get debt relief help, the company will accept you into their program and begin helping you get a fresh start. You will put money into an account each month, and once enough money has been collected, the company will start paying your creditors. They will negotiate with your creditors to settle for less than you owe. Lenders are not obligated to accept the offer.
To qualify for debt settlement, you normally need to have at least $7500 in debt. Debt that is secured through collateral will not qualify for debt settlement. You also usually need to be behind on your payments. You must be able to make payments to the debt relief company. Some companies require that you prove that you have a financial crisis.
Benefits of Debt Settlement
Debt settlement offers numerous advantages to consumers. Some of the benefits include:
- It is better than bankruptcy
- You do not need good credit to qualify
- You will pay less each month
- You can get out of debt quicker
- It can eliminate much anxiety
Having debt problems can affect your way of life. You feel a sense of panic, and it is just hard to catch your breath. Debt settlement can give you some relief and hope.
Wealth and Poverty in Milwaukee
Milwaukee is one of the poorest cities in the country. The poverty rate in the city stands at 34.5%, which is way above the state and national averages. The median household income is just above $37,000. This is below the median income level in the state.
Socioeconomics in Milwaukee
http://business.marquette.edu/content/uploads/cfre/milwaukee_2020_eppli.pdf states that 65.1% are white, and 15.5% are Hispanic. African Americans make up 13.1% of the population, and Asians are responsible for 7.6% of the population. Minorities in Milwaukee are increasing rapidly. 48.2% of the citizens are male, and 51.8% are female.
Wisconsin Debt Relief Laws
In the state of Wisconsin, laws are in place to protect consumers from harassing creditors. Debt collectors cannot call you before 8:00 A.M, and they cannot call you after 9:00 P.M. You have the right to dispute a debt, but you must do so in writing. Creditors cannot call you at work if you tell them not to do so. You can write a letter to tell the creditor to stop calling you.
Wisconsin Debt Relief Resources
You can go online to find numerous resources to get you out of debt. Milwaukee has people ready to help you become debt free. Debt settlement is not a quick process, so do not believe any company who tells you that they can quickly get out of debt. Companies cannot charge you anything up-front. When choosing a debt relief company, find one that is reliable and reputable.
Milwaukee is such an amazing place to live. Debt problems should not prevent you from being happy in the city. If you are knee deep in debt, consider debt settlement as a solution to your growing debt. Debt settlement can help you get back on your feet again, so you can relax and enjoy Milwaukee.