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Even though the unemployment rate in Virginia is one of the lowest in the nation, there are still many people who are suffering from underemployment. Being underemployed means that you are receiving a regular paycheck, but the income isn't enough to cover your living expenses. People who find themselves in this position often dig into large amounts of debt, because they are just looking for ways to get by from one month to the next.
The median income in Virginia is fairly high compared with other states, but the median income doesn't give an accurate picture about the personal debt that is being accrued. Some people might be earning a reasonable income, and at the same time they are spending more money than they are bringing in. A common solution to these personal debt problems is to turn to debt consolidation to make it easier to pay off the debt and get ahead financially.
Virginia has a wide variety of income sources, including business, farming, military, and government jobs. At the same time, Virginia is an employment-at-will state, which means that anyone can be let go at any time. Unexpected unemployment might result in a situation where you need to consider debt solutions because you don't have the cash flow to pay for living expenses while you are out of work.
Debt consolidation is a great solution to consider if you can't keep up with your cost of living. Some people find that it is too much of a hassle to juggle multiple debtors and keep up with all of the payments that are required. With a consolidation solution, all of your debts are rolled into one easy payment, so that you have the ability to get caught up on your bills and create the possibility of future financial success. When you can meet your monthly payments, it is much easier to pay down the balances and even save a little extra money in the bank.
Debt Consolidation In The News
Secretary of Education Betsy DeVos was hit with another lawsuit Tuesday claiming she failed to cancel student debt owed by people whose for-profit colleges have been shut down. The new lawsuit ...
Published: Tue, 13 Nov 2018 13:37:00 GMT
The relief program, called borrower defense, became a popular way for students to seek debt forgiveness after several major for-profit schools went bust in recent years. During the Obama administratio...
Published: Mon, 12 Nov 2018 19:24:00 GMT
The lawsuit states DeVos hasn't implemented the protections since the ruling, preventing elligible borrowers who attended school on about 1,400 campuses between November 2013 and November 2015 from re...
Published: Tue, 13 Nov 2018 17:16:00 GMT
T.J. Donovan said Tuesday that his office, and colleagues around the country, have been hearing from borrowers who thought they were dealing with debt relief companies or paperwork completion provider...
Published: Tue, 13 Nov 2018 18:49:00 GMT
"It makes us competitive on deals we couldn't do before WesBanco. In fact, we've approved a loan that's more than triple our previous legal lending limit," said Geoff Sheils, Huntington market preside...
Published: Tue, 13 Nov 2018 21:42:00 GMT
Last month a court ruled that the Obama-era debt regulations had to be implemented after over ... the Department of Education seems determined to deny student borrowers the financial relief to which t...
Published: Tue, 13 Nov 2018 22:30:00 GMT
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