Debt Settlement in Arizona: What it is and How it Works
Struggling to keep up with debt payments has become the norm for many Americans. With increased rates of inflation and unemployment, it’s no wonder that many people rely heavily on credit cards and other forms of debt to stay above water. This is especially true for residents of Arizona. The unemployment rate in Arizona is higher than the national average. This unemployment rate could be one reason why the debt to income ratio in Arizona is very high. Struggling to keep up with repaying debt while paying other expenses on time causes a lot of unnecessary stress for many individuals. Debt settlement in Arizona may be an option for those struggling with debt they cannot reasonably afford.
Debt Settlement in Arizona
Residents of Arizona have been turning to debt settlement options more and more and for good reason. Below are a few statistics regarding the debt crisis in Arizona.
- The average median income in Arizona is $53,510, and the total debt per capita in AZ is $51,300. That puts the debt to income ratio at .96— making it extremely hard for Arizona residents to get out of debt.
- The average Arizona resident carries over $7,000 of credit card debt.
- 87% of people 35-44 are in debt, with an average debt balance of over $100,000.
- People who carry debt are twice as likely to suffer from anxiety and depression as those who do not carry debt.
Carrying debt has significant consequences. While it is common for most people to be deeply in debt, you do not have to stay in debt. In fact, there are solutions available to help get out of debt.
What is Debt Settlement?
If you have been struggling with repaying your debt, you may be wondering what options there are. Debt settlement is one solution that has helped people get out of debt and take back control over their finances. Let’s review what it is, and how debt settlement in Arizona may be exactly what you need.
Debt Settlement may reduce overall debt balances on unsecured debts. Unsecured debts include credit card balances, medical bills, and other forms of unsecured debt. With debt settlement, you still tackle the debts that you owe, but typically you end up paying less than the total amount owed to those creditors. This is done with the help of a debt settlement professional.
Is Debt Settlement Right for Me?
Debt settlement may be a good option for many people with unsecured debt that is a struggle to repay. If the majority of your income goes towards making payments, and you keep finding yourself in more and more debt, then debt settlement may be the right option for you. UmbrellaDEBT offers debt settlement options for those who are feeling overwhelmed and hopeless about the amount of debt they have.
At UmbrellaDEBT, we’ll walk you through the process and help you decide if debt settlement is the right option for you. If you choose to proceed, you will work directly with experienced debt negotiators to assist in getting your balances lowered. You’ll feel confident knowing you are in control: once you agree to the new terms, you will start your journey towards a debt-free life!
Call UmbrellaDEBT today to get started.