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Daniel Cohen
UpdatedMay 27, 2024
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    1 min read

Tips and Advice to help Consolidate Debt

If you typed "consoladate debt," you probably meant "consolidate debt." When you're searching the internet for information, it's easy to tap a wrong key or type faster than you think. We all type it as consoladate debt on occasion. In fact, it's one of the more common misspellings of the word.

If you're looking for information on debt consolidation, you've come to the right place. Bills.com has advice and resources to help you learn more about debt consolidation and explore consolidation options. When you're ready to consolidate, the Bills.com Savings Center can help you find a great deal with a member of our family of lenders.

Get Out of Debt Today

In addition to debt consolidation, there are several other options and resources to help you get out of debt. You can learn more about them here.

Before you consolidate your debt, carefully consider each option and choose the one that is best for current financial situation and your financial future.

Dealing with debt

If you are struggling with debt, you are not alone. According to the NY Federal Reserve total household debt as of Quarter Q1 2024 was $17.69 trillion. Student loan debt was $1.60 trillion and credit card debt was $1.12 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.

Each state has its rate of delinquency and share of debts in collections. For example, in Arkansas credit card delinquency rate was 5%, and the median credit card debt was $407.

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.

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