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- 1 min read
Consoladation Debt
When you typed "consoladation debt," did you mean "consolidation debt?" Many of us occasionally misspell words when we're in rush to find information online. "Consoladation debt" is a very common misspelling.
No matter how you spelled it, Bills.com has the information, advice, and resources you need to consolidate your debts or decide which debt consolidation option is best for you. Once you've chosen a debt consolidation method, the Bills.com Savings Center can help you apply for a loan from a member of our family of lenders.
Conquer Your Debt Today
Your debt doesn't have to weigh you down anymore. Bills.com has everything you need to reduce your expenses, pay down your debt, and restore your credit rating. You'll find articles on a variety of debt-related topics, including:
The first step to getting out of debt is learning that you control your debt, not the other way around. Bills.com can help you come out on top.
Debt statistics
Mortgages, credit cards, student loans, personal loans, and auto loans are common types of debts. According to the NY Federal Reserve total household debt as of Q4 2023 was $17.503 trillion. Housing debt totaled $12.612 trillion and non-housing debt was $4.891 trillion.
A significant percentage of people in the US are struggling with monthly payments and about 26% of households in the United States have debt in collections. According to data gathered by Urban.org from a sample of credit reports, the median debt in collections is $1,739. Credit card debt is prevalent and 3% have delinquent or derogatory card debt. The median debt in collections is $422.
The amount of debt and debt in collections vary by state. For example, in Virginia, 25% have any kind of debt in collections and the median debt in collections is $1647. Medical debt is common and 14% have that in collections. The median medical debt in collections is $690.
Avoiding collections isn’t always possible. A sudden loss of employment, death in the family, or sickness can lead to financial hardship. Fortunately, there are many ways to deal with debt including an aggressive payment plan, debt consolidation loan, or a negotiated settlement.
