Georgia has an estimated average score of 644 and an estimated $6,470 in debt per person. It ranks 24th in debt and has 18% of its population with declining credit. The terrific news about this amazing state is that it is on fire economically. Its largest city in Atlanta is blowing up with jobs and new businesses are moving into this city because it has low taxes and favorable business regulations.
The estimated median household income of Georgia was $51,244, as of 2016, which is lesser than the National Average. Income being less is another reason for people getting into debt, as the cost of living in GA is moderately high.
Grocery, transportation, housing, and utilities are all priced according to the area in which you live. The rural parts have a lower cost of living in comparison to the urban parts of Georgia.
Also, the low average credit score of the state is not flattering. It may indicate mismanagement of debt in the state. People may be spending more than they earn, and without budgeting their expenditure.
Personal Loans for Debt Consolidation
Managing debt can be quite tough if there are several credit cards with varying interest rates. In a bid to manage this, many people only end up paying only monthly minimum payments, which does not help them pay down the debt.
Since they cannot pay down the debt, saving money becomes a distant possibility. In such cases, one can look at Personal Loans as an option.
You can take out a personal loan, and pay down the debts on all your cards with high-interest rates. This now means that there is only one debt, with one interest rate to be worried about.
Since personal loans have fixed interest rates, and fixed term, it may be easy to plan the repayment.
Since this involves following up with just one payment, the hassle of late or missed payments is not there. If you pay this loan properly, it will improve your credit score, and help in building a positive credit history as well.
Personal Loans for Medical Expenses
Health care is quickly becoming an expensive thing for people in Georgia. Even people with good health insurance are finding it difficult to cover the cost of health care.
Health care premiums, copays, hidden fees for out-of-network providers, emergency services, uncovered treatments, and so forth are creating a crater in people’s pockets.
Though budgeting and a line of credit may help with regular payments, sometimes emergencies might leave you with a hefty medical bill.
You can look at personal loans as an option to clear the medical bills, and then go about repaying the loan to be debt free.