As one of the largest metropolitan areas in the country, Phoenix has tremendous growth and employment opportunities. These continue to expand as the years go by. With a positive population increase for the past few decades, culturally diversity has contributed to a rich way of life that many have grown to appreciate. This has given way to a favorable economic climate that continues to attract new employers to the region. It does seem that things are looking up for many residents, but many others have been saddled with the burden of debt to the rising cost of living. Salaries simply have not kept pace. It is because of this that many residents need to look into debt settlement programs being offered to them.
Debt Relief Laws and Regulations in Arizona
Residents of Phoenix who have more than $10,000 in consumer related debt can seek settlement relief. This is a welcome and encouraging sign for individuals mired in personal debt that can keep them from advancing and enjoying a better quality of life. Because of the rising consumer debt in the area, various debt settlement laws have come into effect in recent years. These laws are designed to help everyday consumers reduce the amount of debt that they have taken on, thereby improving their quality of life over time. Debt settlement involves the process of combining a bunch of debt that has accrued and lumping it all into one concise debt that is meant to be more manageable in both the short and long run.
Virtually any resident of Phoenix who is saddled with large amounts of consumer debt can take advantage of any of a number of debt settlement programs offered by the state. The law is particularly designed to help individuals who are suffering from a dramatic, sudden, and unexpected loss of income. This might be by way of a layoff, termination, or any of a number of factors that result in employment opportunities suddenly becoming unavailable. In order to avoid consumers having to decide between keeping their home and paying a credit card bill, debt settlement laws exist for just this purpose.
Current Socioeconomics in Phoenix
Phoenix definitely has a great deal going it for it, but a considerable portion of the city is living paycheck to paycheck, unable to get ahead of the debt that they have accumulated. It is estimated that the average resident now carries consumer credit debt in the amount of more than $5,000, which is more than $300 over the average for the country as a whole. This amount does not actually include the amount of debt held on department store credit cards, and the use of these has skyrocketed throughout the Phoenix area in recent years.
Unemployment in the Phoenix area continues to outpace the national average as well, although the city does fare slight better than the state as a whole. The unemployment rate in Arizona currently stands at 7.8 percent, while Phoenix is somewhat lower at 7.5 percent. There are encouraging signs on the horizon, however, with more major corporations moving to the state, creating jobs an unprecedented level.
Wealth and Poverty in the Phoenix Metro Area
The Phoenix Metro area is a region of contrasts. Some of the highest property values and net worth individuals in the country live in the area, only to be surrounded by areas of extreme poverty. Disparity in the public school systems in the city are evident, and the gap between the wealthy and the poor continue to grow. Thanks to the construction boom of the 1990s, wealth came to the city in numerous ways. With the slowdown in housing, however, the region has yet to fully recover. Countless residents have been forced out of their occupation and have been unable to reenter at the same income level. Because of this, income levels simply did not keep up and many individuals have simply been unable to live up to their financial obligations.
Benefits of Debt Relief Programs
Debt relief programs bring numerous benefits to consumers and the community as a whole. When individuals are saddled with debt, overall quality of life diminishes, and along with that comes decreased purchasing power. By helping consumers better manage their level of debt, disposable income rises accordingly. In addition, lending institutions are more likely to get repaid for the money they have issued to consumers, as opposed to letting it slip into default. It is a win win situation for all individuals and agencies involved.
Prime Candidates for Debt Relief
Any consumer with a large amount of debt and an unexpected decrease in income is a prime candidate for debt relief. Any individual who seeks debt settlement options in Phoenix, however, needs to be committed to paying down their debt and getting back on the path to fiscal responsibility. That being the case, a lower overall payment that consolidates all debt into one lump sum can great help consumers get back on track and begin to enjoy living life to the fullest in Phoenix once again.