Debt Consolidation For Alaska Residents

While the cost-of-living and total household credit card debt in Alaska can be a ‘bear’ to deal with, Money Fit has excellent personal finance services that can help.

Alaska Debt Consolidation
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Alaska residents have leaned on Money Fit for support with their personal finances, especially when it comes to paying off their credit card and other unsecured debt for over twenty years. We’re proud to have built such a wonderful relationship with many organizations in and around the Anchorage area in that time, though we proudly assist residents all throughout the Great State of Alaska.

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 Alaskans

The pandemic caused by COVID-19 had drastic financial implications for the state of Alaska in 2020.

Early in 2020, when COVID-19 lockdowns went into effect, Alaska 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 Alaska

September 2019 – August 2020 – Data From stlouisfed.org

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

Alaska Statistics That Display The Need For Debt Consolidation

The average household credit card debt in Alaska as of April 2019 at a whopping $13,048. To put it in perspective, in comparison to the other states on the list, Alaska ranks 1st when it comes to total credit card debt. The State of Ohio held the lowest household credit card debt with an average of $5,446. This means that Alaskan households have 140% higher credit card balances than those in Ohio.

Alaska Isn’t Cheap: How Prices In Alaska Affect Personal Budgets

The cost of living in Alaska has widely been regarding as one of the more expensive states to reside in. First, Alaska is a long way from the lower 48 and therefore it costs more to bring consumer goods into the state. Food costs are high, essentially because the food on shelves must travel quite the distance to arrive. Residents, fortunately, have access to Permanent Fund Dividend checks that can help offset some of those higher costs.

The remoteness comes with epic sweeping views of mountain ranges, stunning rivers, and inlets, as well as ample opportunity to catch a peek at wildlife and makes living in Alaska worth every penny to many full-time residents.

The Anchorage Daily News published a well-written article about the cost of living in Alaska and interprets items in the data that should be improved upon. Read the article for an idea of how the gap in the cost of living affects residents. Coupling the state’s cost of living with the average household credit card debt statistics highlights the need for debt consolidation.

Getting Help With Debt In Alaska

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.

Sources:

Average Credit Card Debt By State

The Price of Alaska: Cost-of-living Data Shows Us Where We Must Improve

Additional Links & Resources

More Information:

We provide debt consolidation to all Alaska residents. If you’re from one of the cities listed above you can read detailed information as to the statistics behind why debt consolidation is needed by many individuals in your area. Just remember, you are not alone in your goal to live debt-free!

Money Fit by DRS, Inc. is licensed and provides Debt Consolidation Services in the State of Alaska.

Alaska Division of Corporations
550 W 7th Ave Ste 1500
Anchorage, Alaska 99501

License Number: 715411

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