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Debt Consolidation in Orange County

Debt Consolidation in Orange County
Mark Cappel
UpdatedNov 25, 2022
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    3 min read

Debt Consolidation in Orange County

What You Need to Know to Consolidate Your Debt

There are over 3 million people living in Orange County. Some of them are in the exact same boat you are — in need of debt help. The median household income in Orange County, CA is just under $56,000 which is enough to get by for some, but not enough for others. Debt can quickly get out of hand and if you don't closely watch your budget, you could end up thousands of dollars in debt with no way to pay it off.

If you're looking for debt consolidation options in Orange County, CA, all you need to know is that debt help is out there. Regardless of if you live in Fullerton or Laguna Beach, it is possible to consolidate and start tackling your debt. You just need to know what options are available to you.

Your Debt Consolidation Options in Orange County, CA

When it comes to debt consolidation, you have three primary options

  • Debt Consolidation Loan
  • Debt Settlement
  • Credit Counseling

Here's an explanation of each one.

Debt Consolidation Loan: This is a type of loan that allows you to pay off all your debt. It's important to get a debt consolidation loan that just covers the total amount you owe. You don't want to get a large loan that leaves you with a ton of extra money. Even though it sounds good, the more money you borrow from the bank, the more it will cost you in the long run. Remember, a debt consolidation loan doesn't eliminate your debt, it simply consolidates multiple payments into one payment.

Debt Settlement: Depending on the type of debt and the individual lender, it is possible to settle your debt for pennies on the dollar. You might be able to settle with your creditors yourself, but often times it requires the skilled negotiating skills of a debt settlement company. Call around and explain your specific situation. There are debt settlement services all throughout Orange County, CA, including Santa Ana, Buena Park, and others.

Credit Counseling: This debt consolidation solution involves working with a credit counseling specialist to establish a plan to tackle your debt. This includes ways to consolidate debt and start paying down what you owe. Often times all you need is a solid plan to pay off your debt. So check online or the yellow pages for credit counseling services in Orange County, CA. There are companies that service residents in all parts of the O.C., including Newport Beach, La Habra, and Anaheim Hills.

Orange County, CA is a great place to live. It's a very diverse community with almost a million households. In many households, there is someone dealing with massive debt. If you're one of those people, don't worry. There are ways to gain control of your debt. If you're interested in other debt consolidation solutions, check out our debt help resource center for additional guidance, advice, and services.

Struggling with debt?

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 Q2 2022 was $16.15 trillion. Auto loan debt was $1.50 trillion and credit card 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 Connecticut, 22% have any kind of debt in collections and the median debt in collections is $1427. Medical debt is common and 10% have that in collections. The median medical debt in collections is $490.

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.

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