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United Settlement » Debt Settlement » Debt Relief In America
admin April 10, 2018

Debt Relief In America

Consumer debt runs rampant in America, and though it does provide necessary fuel to the American economy, it also leads many individuals down the road toward financial difficulty. Debt is one of the leading contributors to divorce in America and forces many Americans to live from paycheck to paycheck.

Sometimes a consumer falls prey to overspending and gets blindsided by an exogenous event – such as a job loss or medical emergency. There are many ways that excessive consumer debt can lead to financial hardship that often lasts years and alters life trajectories. But, debt does not have to define your financial livelihood. There are numerous forms of debt relief in America that are suitable for different debt circumstances.

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Two Primary Categories of Debt

There are two primary categories into which debt can be divided – unsecured debt and secured debt. With unsecured debt, the amount borrowed is not backed by collateral that can potentially be seized in the event of non-payment by the debtor. The most common forms of unsecured debt are credit card debt, medical bills, student loans and personal/installment loans.

In contrast, secured debt is backed by collateral that can be seized and sold by the creditor in the event of non-payment by the borrower. The most common forms of secured debt are home mortgages, home equity loans, and auto loans. Because secured debt is backed by collateral, creditors will often loan larger amounts at lower interest rates and more favorable terms than are offered in situations involving unsecured debt.

National Household Debt Statistics at Year-end 2017

Economists and statisticians compile data related to the various forms of unsecured and secured debt on a national (and statewide) basis to generate an overall sense of the economy and economic well-being of the American consumer. According to the Federal Reserve Bank of New York, at the end of 2017, total household debt in the United States had increased $193 billion sequentially, an increase of 1.5%, to a record $13.15 trillion. Source

This marked the 14th consecutive quarter of sequential increases while placing aggregate household debt 17.9% above the recent low set in Q2 2013. The record level was led by substantial growth in mortgage balances, the largest component of household debt, which now stand at $8.88 trillion, an increase of $139 billion from Q3 2017. Meantime, credit card debt increased by $26 billion, a 3.2% sequential increase, to $834 billion. Auto loans grew by $8 billion and now total $1.22 trillion nationwide, with 4.1% of auto loan balances delinquent at year-end. Finally, aggregate student loan debt now stands at $1.38 trillion, with 11% of that figure showing as delinquent or in default.

Debt Relief In America By States

A-I

  • Alabama Debt Settlement
  • Arizona Debt Settlement
  • Arkansas Debt Settlement
  • California Debt Settlement
  • Colorado Debt Settlement
  • Delaware Debt Settlement
  • Florida Debt Settlement
  • Georgia Debt Settlement
  • Idaho Debt Settlement
  • Illinois Debt Settlement
  • Indiana Debt Settlement
  • Iowa Debt Settlement

K-P

  • Kentucky Debt Settlement
  • Louisiana Debt Settlement
  • Michigan Debt Settlement
  • Mississippi Debt Settlement
  • Missouri Debt Settlement
  • Montana Debt Settlement
  • Nevada Debt Settlement
  • New Jersey Debt Relief
  • New Mexico Debt Settlement
  • New York Debt Relief
  • North Dakota Debt Settlement
  • Ohio Debt Settlement
  • Oklahoma Debt Settlement
  • Pennsylvania Debt Settlement

R-Z

  • Rhode Island Debt Settlement
  • South Carolina Debt Settlement
  • South Dakota Debt Settlement
  • Tennessee Debt Settlement
  • Texas Debt Settlement
  • Utah Debt Settlement
  • Virginia Debt Settlement
  • Washington Debt Settlement
  • Wisconsin Debt Settlement
  • Wyoming Debt Settlement

If you do not see your state above we may still be able to help you. United Debt Settlement works in most states. See if you qualify by applying for debt relief in America.

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Buddy Ewing

December 28

Time and again, I did not know how to handle my debt

Time and again, I did not know how to handle my debt. Even when I paid my credit cards off, a few months later I was back in the same situation. But this year is different. I contacted United Settlement...

Lianne Finnegan

December 27

Business debt relief is what I needed when I contacted the United Settlement crew

Business debt relief is what I needed when I contacted the United Settlement crew. They are committed to helping people like me who requires more help with business debt problems. I had several loans out...

Wren Herrera

December 26

Student loan debt was the reason that I reached out to United Settlement

Student loan debt was the reason that I reached out to United Settlement. I had about 200K plus in student loan debt for my business degree. I recognized that I had to do something when I struggled to make...

Jardel Shah

December 20

There is nothing worse than falling ill and then having to deal with super expensive medical bills

There is nothing worse than falling ill and then having to deal with super expensive medical bills that you really do not have the patience or experience to handle. I was pleased with my experience with...

Iain Holt

December 14

I took out a few personal credit cards to open my boutique

I took out a few personal credit cards to open my boutique. When than money ran out, I went on to take out more loans for my business. However, this quickly turned into a disaster. Today, I now have a mountain...

Avaya Adkins

December 12

Who knew that auto loans were so negative for your credit lines

Who knew that auto loans were so negative for your credit lines? Especially, if they are not paid off right away. As a married couple, we had vowed to keep auto loan debt at bay. But, we found ourselves...

Lucien Rojas

December 07

I didn’t have a ton of debt when I contacted United Settlement

I didn’t have a ton of debt when I contacted United Settlement, but what I wanted from them was some information about how to handle my debt management. I knew that I needed some more information to get...

Madiha Matthams

December 04

Federal student loans were the reason I ended up at United Settlement

Federal student loans were the reason I ended up at United Settlement. I had about $200K to pay back and I was not quite sure where to tackle that debt once I got out of school. But I reached out to that...

Asim Horner

December 03

Everyone knows how horrible student loans are

Everyone knows how horrible student loans are. For me and my family, they had become more than just an annoying monthly bill. They had taken over our lives. That’s why I decided to take action and find...

Frankie Mckee

December 03

I wanted to be more informed about my own personal and business debt

The number one reason I chose to contact United Settlement was I wanted to be more informed about my own personal and business debt. When you have credit card debt, it can be extremely frustrating. Especially...

Justine O'Ryan

November 29

I cannot believe I was finally able to find a company to actually help me pay off my debt

I cannot believe I was finally able to find a company to actually help me pay off my debt! I thought I would forever be chained to debt. But United Settlement offered me multiple solutions for paying off...

Jerry Conley

November 21

What your money can do for you.

The great reviews that you have thanks.

Cathal Brett

November 19

Dealing with high interest auto loan debt was difficult for me and my wife

Dealing with high interest auto loan debt was difficult for me and my wife. We thought we got a good deal, but it actually was a horrible loan. So, we reached out to United Settlement, and they got to work...

Aliesha Ward

November 12

No one really wants to go bankrupt, and neither did my family

No one really wants to go bankrupt, and neither did my family. But fortunately, we did not have to go that route. It was our last resort, but United Settlement helped us figure out a way around bankruptcy...

Filip Rosas

November 08

I had been through about 5 different credit counseling agencies before I found United Settlement

I had been through about 5 different credit counseling agencies before I found United Settlement. I had read through their reviews and made the decision to move forward with them. I also was so impressed...

Susanna Fasenmyer

November 07

Save time and money

Just what I needed, already had a company I was working with and I switched because I was able to same some money. Brian and Alfred were really nice and helpful

Warren Hutchinson

November 07

As a business facing some unwanted financial difficulties

As a business facing some unwanted financial difficulties, we were at a loss for what to do next when our debt started to soar. We took a closer look at our financial situation by contacting United Settlement....

Bobbi O'Quinn

November 02

I had no clue how to create a debt management plan

I had no clue how to create a debt management plan and in fact, I didn't even know what a debt management plan was. Fortunately, I reached out to United Settlement before I had too much debt to tackle....

Dawn Mercer

October 31

Being burdened by debt is one of the biggest struggles we faced as a family

Being burdened by debt is one of the biggest struggles we faced as a family. But these people at United Settlement were very helpful in deciphering the different debts we had and then coming up with a debt...

Forrest Guest

October 29

Student loan debt was my worst enemy before I ran into United Settlement

Student loan debt was my worst enemy before I ran into United Settlement. I really thought I would just have terrible credit for the rest of my life because I will never get out from underneath it. It was...

Household Debt - The Top Ten States

Please note that the following figures are for ALL households in a given state or region. (For example – Mortgage debt averages include those households with zero mortgage debt, as well) The national average for household debt is $48,800, of which mortgage debt represents $32,940. All figures are culled from quarterly data compiled by the New York Federal Reserve.

1) Though technically not a state, Washington D.C. tops the list with average household debt of $84,380, driven by nationwide leading mortgage debt for all households (including non-mortgage borrowers) of $62,080. These figures are 73% and 88% above the national averages, respectively.

2) Hawaii checks in at #2, with household debt of $71,170, of which 54,680 is mortgage debt. These figures are 46% and 66% above the national averages, respectively. With an average FICO score of 691, Hawaii is the runner-up in that category on this list.

3) California comes next, just below Hawaii, with household debt of $70,100, of which $54,640 is mortgage debt. These figures are 44% and 66% above the national averages, respectively.

4) Checking in next is Maryland, with household debt of $70,010, of which $50,900 is mortgage debt. Maryland also has a higher than average household credit card debt level of $3,780, 22% higher than the nationwide individual state figure of $3,100.

5) Colorado comes next at $68,450, with above-average levels of mortgage debt and credit card debt, at $50,900 and $3,530, respectively.

6) Next comes Virginia, at $65,050, who also show above-average levels of mortgage debt and credit card debt, at $47,370 and $3,760, respectively.

7) Massachusetts places seventh, at $63,070, of which $45,760 is mortgage debt. These figures are 29% and 39% above the national averages, respectively. With an average FICO score of 694, Massachusetts takes top honors in that category on this list.

8) Washington State places eighth, at $62,560, of which $47,110 is mortgage debt. These figures are 28% and 43% above the national averages, respectively.

9) Connecticut places ninth, at $58,860, of which $41,790 is mortgage debt, the second lowest figure on this list. These figures are 21% and 27% above the national averages, while the state’s average household credit card debt of $3,730 is 20% above the national average of $3,100.

10) Alaska completes the Top Ten, with average household debt of $57,850, of which $41,580 represents mortgage debt. These figures are 19% and 26% above the national averages, respectively.

Household Debt Problem? United Settlement Can Help!

At United Settlement, we can help you get your household debt under control. In an initial 30-45 minute phone interview session, one of our experienced debt counselors will ask questions relative to your income, expenses and debts, and discuss solutions specific to your household debt situation. Among the more common solutions available is the Debt Management Plan (DMP), which involves streamlining multiple credit card payments into one simple monthly payment.

Included in the advantages of enrolling in a DMP are lower interest rates and a lower overall monthly payment. However, if you’re already delinquent on some credit card accounts, Debt Settlement may be the better option for you, as it can result in creditors accepting lower balance payoffs. Or, if you have a variety of different creditors beyond unsecured credit card debt, a Debt Consolidation Loan can pay off many of your creditors while also resulting in a lower blended monthly interest rate and payment.

Contact us here at United Settlement 888-574-5454 to discuss these available options and get going toward alleviating your household debt problem.

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    Clients who stay according to debt relief program can realize approximate savings of 50% before fees, or 30% including fees, over 12 to 48 months. All claims are based on enrolled debts. Not all debts are eligible for enrollment. Not all clients complete our program for reasons such as: their ability to save sufficient funds. Estimates based on prior results, which will vary based on specific circumstances. We do not guarantee that your debts will be lowered by a specific amount or percentage or that you will be debt-free within a specific period. We do not assume consumer and/or business debt, provide tax, bankruptcy, accounting, legal or credit repair services/ advice. Our program is not available in all states. Please contact a tax professional to discuss tax consequences of settlement. Please consult with a bankruptcy attorney for more information on bankruptcy. If you have any additional questions please contact us.
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