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Situated on the western portion of the Mississippi River, St. Louis is the 2nd largest city in the state of Missouri. It is located in the Midwestern part of the United States, and the city is known as “America’s most hidden gem. The city is home to museums, landmarks, theater, and vibrant music. Also known as the “Gateway to the West,” St. Louis is home to a gorgeous botanical garden, the St. Louis Cardinals, and beautiful architecture. The city also boasts America’s tallest monument, the Gateway Arch. The city is an excellent place to call home. Unfortunately, numerous citizens of St. Louis are faced with growing debt problems. You might have lost a job, have medical bills, or have an emergency situation. Whatever the reason, debt is not fun. Therefore, you need a solution to get out of debt quickly. In this case, many people turn to debt settlement to help with their financial situation.

Missouri Debt Relief Laws

The state of Missouri does not regulate collection agencies, but these companies are required to abide by the federal laws. Creditors are not permitted to harass you or threaten you in any way. You have the right to be treated fairly when attempting to collect your debt. Collection agencies are required to tell you who they are and why they are calling. You also have the option to tell them to stop calling you. You have the right to dispute an amount that you do not believe you owe. You must dispute this in writing.

Socioeconomics in Missouri

The population of Missouri stands at just over 6 million. 48.6% of the population are males, and 51.4% are females. 15% of the population is over the age of 65. And 23.2% of the residents are under the age of 18. The median age is 36.1. 84.9% of people in the state are white, and 11.2% are African American. 1.1% of the population are Asian, and 2.1% are considered Hispanic.

Wealth and Poverty in Missouri

The poverty rate in Missouri stands at 14.8%. This covers around 875,000 people who are in poverty. Just over 70,000 people are receiving welfare, and just over 13,000 children are in foster care. 37,000 households are receiving housing assistance. More than 178,000 households are enrolled in an energy assistance program. In St. Louis, the median household income is 38,000, which is below the state’s average.

Who Should Consider Debt Settlement?

People who are behind on their payments and have over $7,500 in qualifying debt might want to consider debt settlement. This debt relief option involves negotiating with your creditors to settle your debt for significantly less than what you owe. If you choose a debt settlement company, you will make a monthly payment to this company, and when your account reaches a certain amount, your debt will be paid.

Advantages of Debt Settlement

Debt Settlement has numerous advantages. Some of these benefits include:

  • Lower monthly payment
  • Easier to manage payments
  • You will pay a lower amount
  • Better than bankruptcy
  • Get debt free quicker
  • Relieve stress

St. Louis Debt Relief Resources

You can find numerous debt relief options in the city of St. Louis. However, you want to make sure you choose a reputable company that you can trust. You need to choose a company that charges no upfront fees and no add on fees. The company should offer you a date in which you will be out of the program; you need to have an end in sight. You also need a company that has experience in dealing with debt settlement. The company should not in any way pressure you into choosing their services.

If you are suffering from debt problems, you are not alone. Debt settlement in St. Louis can help get you back on your feet. You can attempt to settle your debts on your own, but dealing with creditors can be stressful and overwhelming. A debt settlement company can negotiate on your behalf, so you can get back on track with your finances. You can then experience financial freedom.