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Debt Consolidation in Oregon

With its diverse landscape featuring beaches, waterfalls, lakes, mountains and forests, Oregon is a truly beautiful place for long-term residents and holidaymakers alike. Tourism however is only a small part of the states economy, which also consists of agriculture, technology, forestry and fisheries. By GDP (gross domestic product) Oregon is ranked the 26th wealthiest state in the nation. It was also recently ranked as the Americas 'Top Moving Destination', as studies revealed that twice as many families or households were opting to move into Oregon compared to those who were moving out. The population continues to increase and with it the standard of life improves while the economy grows.

Although the average personal income is over $44,000, Oregon boasts a fairly high unemployment rate of 6.7%. Despite having an economy based upon a wide range of areas, the state wasn't immune to the affects of the recent financial crisis. In fact many individuals, not to mention local businesses, struggled to stay afloat. The dot-com bust also had large affect on the regions previously flourishing technology sector with many businesses forced into bankruptcy and nearly all having to make employee cut backs. It goes without saying that paying off existing debt is made significantly harder when income is decreased or lost completely. Debt consolidation allowed some people to reduce their monthly payments and get back on top of their debts and expenditures.

Oregon, just like the rest of the United States, has high amounts of personal debt. Households owe money in a number of different areas including credit cards and student loans. In fact the average amount of student debt owed by individuals in Oregon is a massive $24,000 with some graduates owing as much as $50,000 and even $100,000. These figures were featured in the Federal Reserve Bank of New York's Household Debt and Credit Report, which also revealed that of all of the credit history bearing residents of Oregon, 17.1% had some form of student loan contributing to their overall personal debt.

As if that wasn't enough stress to take on, most Oregon households are not dealing purely or even primarily with student debt but also have the mortgage, credit card bills and auto loans to pay in full and on time each and every month in order to prevent their credit history from being negatively affected. Through debt consolidation, however it is possible to combine all debts into one easily manageable solution. Through reducing payments in this way and with the improving economy, it is likely that Oregon residents will successfully fight their way out of their personal debt.

 

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Debt Consolidation In The News

9 Common Student Loan Myths That Can Cost Borrowers Big Time

Myth 2: Federal student loan consolidation will save you money on interest. Truth: A lot of times, the terms "consolidation" and "refinancing" are used interchangeably. In reality, they're two very di...

Published:  Thu, 19 Jul 2018 08:34:00 GMT



More student borrowers may be eligible to cancel federal student loans than have applied for relief

The large number of California students who attended for-profit colleges at the time of their closure suggests many more may be eligible for student loan debt relief than have applied under the federa...

Published:  Thu, 19 Jul 2018 21:20:00 GMT



Sobering Study Shows PLUS Loans Actually Widening Income Gap for African-American Families, Says Ameritech Financial

While PLUS loans were expanded to increase access to low-income students, they had the negative consequence of burdening two generations within the same family," said Knickerbocker. "At Ameritech Fina...

Published:  Thu, 19 Jul 2018 13:18:00 GMT



One loan vs many: Is debt consolidation the answer

PETALING JAYA: For those who are left with only meagre funds in their bank accounts after paying their personal loans every month, debt consolidation can sound like a very attractive prospect. Debt co...

Published:  Sat, 23 Jun 2018 05:00:00 GMT



IMF: Greek economy improved, but may need more debt relief

ATHENS, Greece (AP) - Greece has significantly improved its economy as it heads toward the end of its bailout program in August, but its debt will remain difficult to manage in the long term, the Inte...

Published:  Fri, 29 Jun 2018 12:41:00 GMT



How Greece's PM celebrated European debt relief package

Greece's Prime Minister has welcomed the decision by eurozone creditors to offer debt relief - and marked the occasion by wearing a tie. Alexis Tsipras often joked that he would start wearing a tie on...

Published:  Fri, 22 Jun 2018 15:48:00 GMT



Are you eligible to have your federal student loan debt canceled

Education Department Information on Debt Relief Process Consumer Financial Protection Bureau Information About Student Debt The Institute for College Access & Success Public Law Center The Debt Collec...

Published:  Thu, 19 Jul 2018 21:22:00 GMT



Nearly 35,000 former Corinthian College students in California will see debt relief

Almost 35,000 former Corinthian College students in California will have the remainder of their private loan balances forgiven and some may receive payment refunds after an investigation by the state ...

Published:  Fri, 15 Jun 2018 03:30:00 GMT




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