If you are one of the many Colorado residents struggling with debt, you may be looking for debt relief. Debt can be stressful and overwhelming, and it can feel like there is no way out.
But don’t worry, there are debt relief options available to you! In this article, we will discuss the different options available to Colorado residents depending on their circumstances.
So whether you have credit card debt, collection accounts, payday loans, or medical bills, there is a solution for you!
Debt Relief is a Growing Need for Coloradans in 2022
The statistics on Colorado’s debt are alarming. Residents have the second-highest debt-to-income ratio in the nation and the fifth-highest rate of credit card debt, with a median of $2,985. It would take the median Colorado resident 15 months and 3 days to pay off their credit card balance.
These high levels of debt can have serious consequences for residents’ financial stability and wellbeing. They can make it difficult to save for retirement or emergencies or to afford basic necessities like food and housing.
There are several steps that Coloradans can take to reduce their debt load. One is to make a budget and stick to it. This means tracking all of your expenses and seeing where you can cut back. Another is to get help if you need it.
There are many resources available for people who are struggling with debt, including credit counseling services and bankruptcy attorneys
Debt Relief Options for Colorado Residents
For Colorado residents with credit card debt, collection accounts, payday loans, or medical bills, there are different options available for debt relief, depending on their circumstances. Some of those options can include a debt management program, a debt consolidation program, or a nonprofit debt consolidation program.
Debt Management Program
A debt management program can be a good option for someone who is struggling to keep up with multiple payments each month. In a debt management program, the debtor will make one monthly payment to the program administrator, who will then distribute the money to each of the debtor’s creditors. This can help borrowers to get caught up on their debts and avoid late payments or defaulting on their loans.
Debt Consolidation Program
A debt consolidation program can be a good option for someone who has multiple high-interest debts and wants to reduce their monthly payments. In a debt consolidation program, the debtor will take out a loan to pay off all of their outstanding debts. This can help borrowers to save money on interest payments and make one monthly payment instead of multiple payments each month.
Nonprofit Debt Consolidation Program
A nonprofit debt consolidation program can be an especially good option for someone who is struggling with their debts and does not have the money to pay for a traditional debt consolidation loan. In a nonprofit debt consolidation program, the debtor will work with a representative from the nonprofit organization to create a plan to pay off their debts. This can help borrowers to get relief from their debts and avoid bankruptcy.
Financial Help in Colorado
The state also provides grant and aid programs to residents, as well as federally funded assistance through rent subsidies for low-income individuals.
Many of these programs can be found through the Colorado Program Eligibility and Application Kit (PEAK) website, where you can apply for medical, food, cash, and early childhood-assistance programs in one place.
Residents of Colorado can get help through the following programs:
- The Health First Colorado program offers state residents grants to help with medical expenses.
- The Housing Choice Voucher Program delivers federally funded rent vouchers to help low-income people pay for housing.
- The Colorado WORKS The state offers cash assistance to residents with very low incomes through monthly payments, emergency household expenditures assistance, and/or services such as counseling, training, and employment help.
- The Colorado Child Care Assistance Program (CCCAP) is a cash assistance program designed to assist low-income families in paying for child care.
- The Low-Income Energy Assistance (LEAP) offers state residents grants to help pay for heating bills.
- The Supplemental Nutrition Assistance Program (SNAP) offers state residents food assistance.
- The Colorado Low Income Telephone Assistance Program offers state residents subsidies to help pay for phone service.
- The Colorado Mortgage Foreclosure Hotline assists homeowners who are at risk of losing their homes to foreclosure.
- The Colorado Child Health Plan Plus (CHP+) offers state residents health insurance for children.
Getting Help With Debt Relief in Colorado
If you are struggling with credit card debt, collection accounts, payday loans, or medical bills, there are many resources available to help you get back on track. You can contact your creditors to negotiate a payment plan, speak with a credit counselor, or enroll in a debt management program.
If you are struggling to make ends meet, you may be eligible for assistance through one of the state or federal programs listed above.
No matter what your situation is, there is help available. If you have any questions about debt relief options in Colorado or need help getting out of debt, schedule a free consultation. An experienced debt relief attorney can help.
Real (Legit) Debt Relief Companies in Colorado
There are also a number of real (legit) debt relief companies in Colorado that can help you get out of debt.
Here are some of the most popular ones:
National Debt Relief: National Debt Relief is one of the largest debt relief companies in the country. They have helped over 100,000 people get out of debt.
CuraDebt Debt: CuraDebt Debt is a debt relief company that has helped over 30,000 people get out of debt.
Freedom Debt Relief: Freedom Debt Relief is one of the most popular debt relief companies in Colorado. They have helped over 15,000 people get out of debt.
The above three companies are all real (legit) debt relief companies that can help you get out of debt. You can learn more about them by visiting their websites or by calling them.
Choose the one that best suits your needs and situation and get on the road to financial freedom!