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Raleigh is the capital city in the state of North Carolina. The city is home to numerous universities, including North Carolina State. The city was established I 1792, and it was named after Sir Walter Raleigh. While in the city, you can visit museums, relax in the park, or dine at one of the delicious restaurants. The city has been voted the “best place to live in America” numerous times. Unfortunately, debt is not uncommon in Raleigh. Credit card bills and other loans can really add up quickly, and you do not know where to turn. When times are tough and you just cannot pay the bills, you might consider debt settlement as a solution.

Wealth and Poverty in Raleigh

Unfortunately, the number of people in Raleigh who are living in poverty has risen dramatically over the last decade. In fact, it is listed as one of the highest places in the country for poverty growth. The percentage of people in Raleigh living in poverty stands at over 16%. It is estimated that over 130,000 people are living in poverty. The median household income in Raleigh sits at $54,580. The unemployment rate in the city stands at 4.30%, which is below the national average.

Socioeconomics in Raleigh

The population of Raleigh is about 420,000. The median age is 32.5. 83% of the residents speak English, and 10% speak Spanish. 60.9% of the population is white, and 28.4% of the population is African American. The Asian population in Raleigh makes up 4.3% of the people.

What is Debt Settlement and Who Qualifies?

Debt settlement is not suited for everyone who is in debt. You need to have a considerable amount of debt. Most companies require that you have more than $7500 in qualifying debt. Secured debt is not able to be settled. In many cases, you need to be behind on your payments before you can settle your debt.

If you enroll in a debt settlement program, the company will negotiate with your creditors to settle your debt. You will pay much lower than what you actually owe. You do not need a certain credit score to qualify, but you do need to prove to the company that you can make monthly payments. You might also need to prove that you are suffering from financial hardship.

Benefits of Debt Settlement

Debt settlement has many advantages. Some of the benefits include:

  • Alternative to bankruptcy: Bankruptcy should be the last resort. Debt settlement could keep you from having to file for bankruptcy,
  • Quicker way to get out of debt: Debt settlement could eliminate your debt in less than 4 years.
  • Lower monthly payments: With debt settlement, your monthly payment amount will be lower than if you were making payments to your creditors.
  • Eliminate stress: Having debt can be very overwhelming. Debt settlement can alleviate much of the anxiety that you are feeling.
  • Stop calls from creditors: Most debt settlement companies have attorneys working for them. Creditors cannot call you if they know that you have an lawyer working for you.

North Carolina Debt Relief Laws

In the state of North Carolina, debt collectors cannot call you before the time of 8:00 in the morning, and they cannot call you after 9:00 in the evening. They are not permitted to threaten or bully you. They cannot mislead you or lie to you. The statute of limitations for debt in the state of North Carolina is 3 years. Debt collectors are not permitted to call you at work if you tell them not to. If you send them a letter requesting that they not call you, they must abide by your requests.

Raleigh Debt Relief Resources

Raleigh is home to numerous debt relief help options. You can choose credit counseling, debt consolidation, or debt settlement. Make sure you choose a reputable company. A company is not permitted to charge any up-front fees. Also be wary of a company who promises to get you out of debt quick. Getting out of debt takes time.

Raleigh is a city that has so much to offer residents. It is very stressful to have financial problems. You do not have to let debt keep you from enjoying this amazing town. If you have debt problems, consider debt settlement to help you get control of your finances.