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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.
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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.
Get rid of your debt faster with debt relief
Take the first step towards a debt-free life with personalized debt reduction strategies.
Choose your debt amount
Or speak to a debt consultant 844-731-0836
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.
According to data gathered by Urban.org from a sample of credit reports, about 26% of people in the US have some kind of debt in collections. The median debt in collections is $1,739. Student loans and auto loans are common types of debt. Of people holding student debt, approximately 10% had student loans in collections. The national Auto/Retail debt delinquency rate was 4%.
Collection and delinquency rates vary by state. For example, in Delaware, 15% have student loan debt. Of those holding student loan debt, 8% are in default. Auto/retail loan delinquency rate is 4%.
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.
