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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.
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
Debt statistics
Debt is used to buy a home, pay for bills, buy a car, or pay for a college education. According to the NY Federal Reserve total household debt as of Q1 2024 was $17.69 trillion. Auto loan debt was $1.62 trillion and credit card 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%.
The amount of debt and debt in collections vary by state. For example, in Wyoming, 24% have any kind of debt in collections and the median debt in collections is $2680. Medical debt is common and 17% have that in collections. The median medical debt in collections is $1515.
To maintain an excellent credit score it is vital to make timely payments. However, there are many circumstances that lead to late payments or debt in collections. The good news is that there are a lot of ways to deal with debt including debt consolidation and debt relief solutions.
