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Consoladation Debt

Consoladation Debt

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Daniel Cohen
UpdatedJun 12, 2024
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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 Q1 2024 was $17.69 trillion. Housing debt totaled $12.82 trillion and non-housing debt was $4.88 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 Georgia credit card delinquency rate was 5%, and the median credit card debt was $390.

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.

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