There are many benefits to getting help with debt from a nonprofit debt consolidation service, such as Money Fit.
We’re not a typical debt consolidation organization, in fact, we’re so much more. We spend hundreds of hours each year teaching people of all ages about the perils of being in debt and how they can build a solid financial foundation. We take a proactive approach to finances, however, if there are current financial issues, we’re ready and willing to assist.
It’s our goal to help prevent financial discourse through education, which to some businesses could seem counter-intuitive, however, it’s our mission that “Everything Revolves Around Education.” Our belief is that the healthier the personal finances are within our community, the better everyone’s quality of life can be.
Money Fit Credit Counselors are well-versed in personal finance and qualified to help. They’ll treat you with care, compassion, and understanding. You will be treated as an individual. We know that your situation is unique and when you seek debt consolidation from Money Fit, you’ll receive personalized care.
Pandemic Poses Many Unique Financial Challenges for Alabamans
The pandemic caused by COVID-19 had drastic financial implications for the state of Alabama in 2020.
Early in 2020, when COVID-19 lockdowns went into effect, Alabama saw a large spike in unemployment insurance claims, and while the long-term economic impact isn’t fully known, it will certainly have a lasting impact.
COVID-19 Impact on Unemployment Rate in Alabama
Money Fit has compiled resources for individuals that have been negatively impacted financially by COVID-19:
Alabama Statistics That Show The Need For Debt Consolidation
The average household credit card debt in Alabama in 2018 was $7,105. To put it in perspective, in comparison to the other states on the list, Alabama ranks 29th when it comes to average household credit card debt. Credit card debt, unless paid in full each month, can be expensive, and take years to repay.
Delinquency rates are high in Alabama
When a debt isn’t paid on time, it can become much more expensive, especially once the late or over-the-limit fees are tacked on. Then, especially in regard to credit cards, after a payment is missed, the lender may raise the APR rates. None of this bodes well for the consumer as it makes an already difficult situation that much harder to deal with.
7.7% of all credit card payments are delinquent in Alabama which places the state (when reviewing the delinquency index of various loan products) in the 8th worst position in the country and highlights the needs that many Alabama residents have when it comes to dealing with their debt.
Getting Help With Debt In Alabama
Money Fit recommends that residents take a cautious approach when seeking debt consolidation services. Unfortunately, there are several for-profit businesses that have poor track records. If you find a deal that appears too good to be true, it’s likely that it is.
We know that dealing with debt can be tiring and frustrating. We’ve heard from several individuals that they wish they’d first researched a business that they signed up with, however, they were quick to shed the burden of debt and in some cases, their situation ended up worse.
We recommend that you take time with your research and reflect on the short-term and long-term implications such as the total costs to you as well as what, if any, damages may be made to important items such as your personal credit history and score. There is much is on the line, being up-front and asking questions, and doing research will greatly improve the chances that you’ll find a resolution to your debt that satisfies your needs.
Additional Links & Resources
- Birmingham Debt Consolidation
- Montgomery Debt Consolidation
- Mobile Debt Consolidation
- Huntsville Debt Consolidation
Money Fit by DRS, Inc. is licensed and can provide Debt Consolidation Services to all residents in the State of Alabama.
Alabama Securities Commission
445 Dexter Ave. Suite 12000
Montgomery, Alabama 36104
License Number: 378