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- 1 min read
Debt Consol can be Short for Debt Consolidation
Were not able to find what you were looking for when you searched for debt consolidation? Sometime people search for the abbreviation debt consol to see if they can get better results. Sometimes you are in such a hurry that you hit enter and search for debt consol before you were able to complete your thought. Debt consol may be a shorter version of consolidation, but that does not mean that you need less information regarding options for your finances.
You have found the best information on debt consolidation.
Find out more about consolidating your debt and other options at Bills.com. With guides and articles on financial solutions, we have all the information that you will need to make good decisions. Visit our Debt Consolidation Savings Center to find out more about the services available to you.
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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%.
The amount of debt and debt in collections vary by state. For example, in Alabama, 34% have any kind of debt in collections and the median debt in collections is $1798. Medical debt is common and 16% have that in collections. The median medical debt in collections is $851.
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.
