Steeped in jazz, rich culture and traditions, Louisiana has a lot to offer. But it also has a problem: it’s one of the worst states in debt delinquency, with families struggling to make monthly payments on student and auto loans as well as high-interest credit card balances. Thankfully, for the more than 4 million residents of the state, there are options to help reduce their debt load and improve their financial health.
Among the most popular is a debt consolidation loan, which allows you to combine multiple monthly bills into a single, easier-to-manage payment. The best lenders for debt consolidation in Louisiana have low interest rates and are highly transparent about fees, which can save you money in the long run. However, this type of solution may not be ideal if you have poor credit or a high debt-to-income ratio (DTI).
Another option is to enroll in a debt management program, or DMP. These are a set of monthly payments negotiated by a credit counseling agency on your behalf that can include your unsecured debts like credit card debt, medical bills and payday loans. You’ll pay a flat monthly fee, and the agency will work with creditors to potentially lower your interest rates and waive late fees.
You can also opt for debt settlement, which involves negotiating with your creditors to settle your debts for less than you owe. It can be expensive—but it’s an effective way to reduce your debt load quickly, especially if you have a large amount of credit card debt. Just be sure to research companies thoroughly, avoid any that request upfront fees and confirm that they only charge once your creditors agree to the deal.
Lastly, you can consider filing for bankruptcy. While it is an extreme option, it can provide immediate relief by wiping out your unsecured debt and eliminating collection accounts and late fees. You’ll have to rebuild your credit after bankruptcy, though, and it can take up to a year before you can get approved for a mortgage or car loan again.
The top-rated Debt Relief Company in Louisiana is National Debt Relief, which offers several types of debt relief solutions including debt negotiation and debt consolidation. Its customer reviews laud its personalized service and thorough explanations from staff members, and it has accreditations with the BBB and the AFCC. It also provides a free debt calculator to help you explore your options. JG Wentworth is another highly rated option, offering a free consultation and a budgeting tool to get you started. It specializes in debt settlement and is transparent about the process, telling prospects that their creditors may not negotiate with them but it’s still an affordable alternative to filing for bankruptcy. The company has resolved more than $10 billion in debt for its customers since 2002. Call Optimal Debt Solutions at (844) 402-3893 for your Free Evaluation with a Louisiana Debt Relief specialist!