Oklahoma City is known for the NBA’s Thunder, tornadoes, Native Americans, and a rich western heritage. The city was also the site of the bombing of the Murrah Federal Building in downtown Oklahoma City. College football is extremely popular in the city, and the city is home to the National Cowboy and Western Heritage Museum. It is the capital city of the state, and the capital city sits on an oil well. The city has faced more tornadoes than any city in the nation. The Oklahoma City Zoo is considered one of the best in the United States. Unfortunately, the people of Oklahoma City are faced with a significant amount of debt. The average credit card debt in the city stands at $5235, which is lower than the nation’s average. When you have debt that is out of control, debt settlement could be the solution you seek.
Wealth and Poverty in Oklahoma
The median household income in Oklahoma sits at just over $41,000, which is less than the nation’s average. Oklahoma City is the largest city in the state. The unemployment rate in the state is 5.4%. Oklahoma City’s unemployment rate is slightly lower at 4.7%. 16.% of people in Oklahoma City are said to live in poverty. 29.3% of people in Oklahoma over the age of 65 do not have health insurance coverage.
Socioeconomics in Oklahoma
Around 3.7 million people call Oklahoma home, making it the 28th most populous state. 29.9% of people are African American, 21.5% are Native American, and 13.9% are Asian. 27.2% of people in Oklahoma are Latino. 85% of citizens have graduated from high school, and 33.4% have achieved higher education.
Oklahoma City Debt Relief Resources
Many debt relief services are available to the residents of Oklahoma City. You can consider debt consolidation, debt negotiation, or credit counseling. It is a good idea to research your options to see what form of debt relief works for you. Do not consider a company that charges any up-front fees. Find your options online, and make sure the company you choose has good reviews.
Oklahoma Debt Relief Laws
Creditors are forbidden to use violence or threaten you will criminal charges for failing to pay your debt. A collection agency cannot charge you more than 6%. The statute of limitations for debt in Oklahoma is 3 years. After a debt has become delinquent, the creditor cannot pursue payment after 3 years is complete. Creditors are not permitted to 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 the dispute must be in writing. Creditors are forbidden to threaten you, and they cannot mislead you.
What is Debt Settlement?
With debt settlement, you or a debt settlement company negotiate with your creditors to come up with a settlement. You are behind on your monthly payments, and you need some type of relief. A creditor will agree to a partial amount in exchange for a lump sum payment. After the payment, your debt will be considered paid in full. Credit cards, unsecured loans, and medical bills are the best debt to settle. Secured debt will not qualify for a debt settlement program.
Best Candidates for Debt Settlement
To qualify for debt settlement, you usually need to be behind on your payments. You also need to have over $7,500 in unsecured debt. Debt that has collateral attached does not qualify for debt settlement.
Advantages of Debt Settlement
- You can avoid bankruptcy
- Lower monthly payments
- Become Debt free quicker
- Reduce stress
- Get creditors off your case
Financial relief is attainable with debt relief services. Oklahoma City residents can qualify for a debt settlement program, and you can regain control of their finances. You can then pay off your debt and obtain a fresh financial start. Your will then have a bright future free from debt.