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Debt Conolidation or Debt Consolidation?
Typing debt conolidation instead of debt consolidation is a common mistake when you are in a hurry. Typing quickly can lead to debt conolidation in your search field, but that does not mean that you need the information any less. The most important thing is that you get the right information concerning debt consolidation, even when you end up searching for debt conolidation.
Debt conolidation has led you to the right place.
Bills.com has all the info on consolidating, whether you spell it debt conolidation or debt consolidation. We can give you all the information on how debt consolidation works, information on other options, as well as guidance concerning the best way to tackle your finances. Check out our Debt Consolidation Savings Center and discover services that can help you.
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Bill.com is here to help you make the right choices regarding debt consolidation. Next time you search, type debt conolidation with confidence, knowing will lead you to the right place.
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 Q2 2022 was $16.15 trillion. Student loan debt was $1.59 trillion and credit card debt was $0.89 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 Texas, 37% have any kind of debt in collections and the median debt in collections is $1997. Medical debt is common and 19% have that in collections. The median medical debt in collections is $835.
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.