Debt Relief For Alabama Residents

Money Fit has proudly helped Alabama residents find debt relief, especially when it comes to paying off their credit card and other unsecured debt, for more than twenty years now. We’re proud to have built wonderful relationships with individuals and organizations over that period of time.

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Alabama Debt Relief: Nonprofit Services & Programs

There are many benefits to getting help with debt from a non-profit debt relief service, such as Money Fit.

We’re not a typical debt relief 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 relief from Money Fit, you’ll receive personalized care.

Credit Card Debt Consolidation is a Pressing Need for Alabamans in 2022

In Alabama, the average cardholder’s credit card debt as of 2022 was $6,005. That number looks to rise in a post-pandemic world, as consumer spending begins to roar back. The key concern is the reliance on credit cards is increasing while inflation and other economic crisis such as high-energy costs and global instability appear to be cemented in for 2022 due in large part to the Russian invasion of Ukraine.

Consumers that can manage their debt by slowing or stopping their credit card use, and focusing on paying it off, could find themselves in a considerably better financial picture than those who don’t. Especially if any other market disturbances arise. A credit card debt consolidation program, such as the program offered by Money Fit, can help speed up the repayment process.

Payday Loan Consolidation Gives Alabamans a Fresh-Start

Payday loans & other short-term loans can help get consumers out of an immediate bind. However, recent trends show that many consumers find themselves relying on taking out one loan, to pay another loan, and continuing this expensive cycle until they either exhaust their budget or are forced into finding alternate means of resolving their loans.

Thankfully, Money Fit specializes in payday loan consolidation and helping Alabamans escape the vicious borrowing cycle that occurs when trapped in payday loans or other unsecured installment loans.

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 regards 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 in Alabama residents have when it comes to dealing with their debt.

Getting Help With Debt

Money Fit recommends that residents take a cautious approach when seeking debt relief 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.

A Pandemic That Posed Many Unique Financial Challenges for Alabamans

The pandemic caused by COVID-19 had drastic financial implications for the state of Alabama, beginning 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.

While the pandemic isn’t over, jobs and employment have made a drastic comeback as the US and world move towards the endemic stages of dealing with the virus.

Money Fit has compiled resources for individuals that have been negatively impacted financially by COVID-19:

Sources:

Additional Links & Resources

More Information:

Money Fit by DRS, Inc. is licensed and can provide Debt Relief Services to all residents in the State of Alabama.

Alabama Securities Commission
445 Dexter Ave. Suite 12000
Montgomery, Alabama 36104

License Number: 378

Additional Resources

Debt
Consolidation

Consolidate your debt into a more affordable monthly payment.

Credit Report
Review

Receive free, unbiased, factual advice from an award-winning non-profit organization!

Debt
Management

We work with your creditors to reduce payments and fees.

Payday
Loan

Get help with your payday loans and break the borrowing cycle!

Budget
Calculators

Our free budget calculators will help you track where your money is going and get you ahead with your finances.

Money Fit
Academy

Courses and other resources to provide you with a financial toolbox.

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