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Consumer Debt Facts in Mountain Brook

Alabama Consumer Debt Accumulation by County

Mountain Brook Consumer Debt Accumulation

$109 dollars in debt in 2016

The average Mountain Brook resident accumulated $109 dollars in debt in 2016. Mountain Brook citizens racked up a total of $2.2 million in debt in the 2016 fiscal year.

What are the Debt Consolidation Options available in Mountain Brook?

Facing Debt: You have options

If you've got some serious debt accumulating, it can be extremely daunting. When the bills keep piling up, and you might not know where to turn to for help. Maybe you've heard a bit about debt consolidation but aren't too sure on how it can help you climb your way out from the hole you're in.

Debt consolidation doesn't have to be scary, and there are many options which will help you get out of debt faster. Research all of your options and then pick the one that works best for you and your financial situation.

Secured Debt Consolidation Loans in Mountain Brook

Typically a secured debt consolidation loan allows you to lump most of your debt payments under a single bill at a lower rate than the individual rates you may have been getting. However, in order to secure a lower rate with a secured debt consolidation loan, you must have some type of asset to use as collateral, such as your home. More information on that can be found below.

How much of a loan you can get depends on the type of collateral you have and how much it's worth. These types of loans can also be repaid back over a long length of time, anywhere from 5 to 30 years, and they can often boost your credit rating if managed properly. Otherwise, you risk defaulting on the loan and losing the asset used as collateral.

Unsecured Debt Consolidation Loans in Mountain Brook

Much like a secured debt consolidation loan, an unsecured debt consolidation loan lets you combine your debt payments under one lump sum with one interest rate. However, unlike a secured debt consolidation loan, you're not required to have an asset or collateral to receive such a loan.

Because you aren't offering up any collateral for such a loan, it's a much riskier loan for debt consolidators, and your interest rate could be somewhat high. These loans are determined according to your credit history and score, and the upside to an unsecured debt consolidation loan is that you aren't in jeopardy of losing your asset should you default.

Using a Home Equity Loan as Debt Consolidation in AL

A home equity loan lets you borrow money, using your home as collateral. This home equity loan is essentially a second mortgage that allows you to turn the equity on your home (the money your property is worth minus the amount you owe on it) into cash to be used at your discretion, such as debt consolidation. These loans are set up to be repaid quicker than your mortgage in equal payments with a fixed interest rate.

Home equity loans are secured loans which have the same risks and rewards already mentioned.

There are also programs which permit you to consolidate all of your credit card debt into one single payment (and interest rate). If you've got good credit, you could also be able to negotiate a lower interest rate on your credit cards, making it easier to repay.

Another option is to qualify for a new credit card at a low introductory interest rate (possibly as low as 0%) and transfer your credit card balance to your new card. While you're in your interest free rate, you should pay double payments in order to pay off your debt faster. But understand that the interest may very well be fairly high after the promotional period. Consider this way of consolidating debt only if you know you can pay off the debt while the introductory rate is in effect.

Another option with respect to debt consolidation is to enroll in a debt management program. A credit counseling agency will help you set up a debt management plan to help you pay off your debt as quickly as possible. This agency will also usually negotiate with your debtors so that they can reduce interest rates and fees.

Once the repayments are negotiated you will usually set up an account with the credit counseling agency and pay one lump sum a month into the account. The credit counseling agency will then disburse the payments out to each creditor. This benefits you because you only have to make one payment, and additionally it gives creditors more assurance that your payments will be made on time every month.

Credit counseling agencies can also help you develop a budget that's simple for you to follow and help alleviate some of the stress your debt has been causing you. If you stick to the plan a debt management program can help you save money, get rid of debt sooner and have a positive effect on your credit score.

Debt settlement is a strategy intended to pay off debts for less than you owe in a timeframe less than if you pay the debt in full. Debt Settlements are usually reserved for higher debt amounts of at least $10,000. Usually, the consumer enlists the help of a professional debt settlement company and/or lawfirm.

Those who choose to settle their debt can end up paying less than the full amount they owe. You will usually damage your credit in the short term, and there is a risk of litigration from creditors.

If you are serious about settling your debt, give us a call and we will see if you qualify.

Consumers have recently filed 66 debt or credit card complaints in Mountain Brook.

Date Company and Reason
03/12/2018 A complaint against Credit Systems International, Inc. was filed on 03/12/2018 relating to debt collection practices and alleges that Credit Systems International, Inc. is attempting to collect a debt not owed by the consumer.
10/17/2017 A complaint against AMERICAN EXPRESS COMPANY was filed on 10/17/2017 regarding credit card or prepaid card practices
07/28/2017 A complaint against BARCLAYS BANK DELAWARE was filed on 07/28/2017 regarding credit card or prepaid card practices
06/20/2017 A complaint against TRANSWORLD SYSTEMS INC was filed on 06/20/2017 relating to debt collection practices and alleges that TRANSWORLD SYSTEMS INC is attempting to collect a debt not owed by the consumer.
04/11/2017 A complaint against AMERICAN EXPRESS COMPANY was filed on 04/11/2017 regarding credit card practices
03/29/2017 A complaint against I.Q. DATA INTERNATIONAL, INC. was filed on 03/29/2017 regarding debt collection practices
02/24/2017 A complaint against Viking Client Services, Inc. was filed on 02/24/2017 regarding debt collection practices
12/27/2016 A complaint against Viking Client Services, Inc. was filed on 12/27/2016 regarding debt collection practices
11/01/2016 A complaint against SYNCHRONY FINANCIAL was filed on 11/01/2016 regarding debt collection practices
11/01/2016 A complaint against ENCORE CAPITAL GROUP INC. was filed on 11/01/2016 regarding debt collection practices

Last updated: 2018-04-12

Top Reasons for Debt in Mountain Brook

OverSpending

The single most common form of debt help that people seek is for credit cards that got out of control.

Divorce

If you are going through a change in marital status in Mountain Brook and can't pay all of the bills, we may be able to help.

Job Loss

When unemployment in Mountain Brook rises, many consumers are left unable to pay their bills. Debt management options are available.

Medical Bills

Unexpected medical expenses happen. A simple treatment can be billed at outrageous rates. Many consumers prefer to settle their medical debt.

Jefferson County, Alabama annual city consumer debt rankings are in. We have analyzed the average consumer spending behavior across 34 cities and towns in Jefferson County, AL. The average citizen in Mountain Brook is spending approximately $109 more dollars than they earned annually, compared to the average of $366 across Alabama. All statistics according to the latest data(2016).

Highest Debt Cities in Jefferson County Alabama

  1. Trussville ranks 1st out of 34 cities in Jefferson County in consumer debt accumulation with $48 per resident on average in 2016.
  2. West Jefferson ranks 2nd out of 34 cities in Jefferson County in consumer debt accumulation with $65 per resident on average in 2016.
  3. Helena ranks 3rd out of 34 cities in Jefferson County in consumer debt accumulation with $81 per resident on average in 2016.
  4. Mountain Brook ranks 4th out of 34 cities in Jefferson County in consumer debt accumulation with $109 per resident on average in 2016.
  5. Hoover ranks 5th out of 34 cities in Jefferson County in consumer debt accumulation with $123 per resident on average in 2016.
  6. Vestavia Hills ranks 6th out of 34 cities in Jefferson County in consumer debt accumulation with $132 per resident on average in 2016.
  7. Forestdale ranks 7th out of 34 cities in Jefferson County in consumer debt accumulation with $142 per resident on average in 2016.
  8. Morris ranks 8th out of 34 cities in Jefferson County in consumer debt accumulation with $147 per resident on average in 2016.
  9. Gardendale ranks 9th out of 34 cities in Jefferson County in consumer debt accumulation with $154 per resident on average in 2016.
  10. Brookside ranks 10th out of 34 cities in Jefferson County in consumer debt accumulation with $165 per resident on average in 2016.
  11. Pleasant Grove ranks 11th out of 34 cities in Jefferson County in consumer debt accumulation with $208 per resident on average in 2016.
  12. Sumiton ranks 12th out of 34 cities in Jefferson County in consumer debt accumulation with $211 per resident on average in 2016.
  13. Sylvan Springs ranks 13th out of 34 cities in Jefferson County in consumer debt accumulation with $218 per resident on average in 2016.
  14. Pinson ranks 13th out of 34 cities in Jefferson County in consumer debt accumulation with $218 per resident on average in 2016.
  15. Leeds ranks 15th out of 34 cities in Jefferson County in consumer debt accumulation with $234 per resident on average in 2016.
  16. Grayson Valley ranks 16th out of 34 cities in Jefferson County in consumer debt accumulation with $247 per resident on average in 2016.
  17. Hueytown ranks 17th out of 34 cities in Jefferson County in consumer debt accumulation with $250 per resident on average in 2016.
  18. Homewood ranks 18th out of 34 cities in Jefferson County in consumer debt accumulation with $285 per resident on average in 2016.
  19. Midfield ranks 19th out of 34 cities in Jefferson County in consumer debt accumulation with $290 per resident on average in 2016.
  20. Center Point ranks 20th out of 34 cities in Jefferson County in consumer debt accumulation with $300 per resident on average in 2016.
  21. Adamsville ranks 21st out of 34 cities in Jefferson County in consumer debt accumulation with $305 per resident on average in 2016.
  22. Lipscomb ranks 22nd out of 34 cities in Jefferson County in consumer debt accumulation with $308 per resident on average in 2016.
  23. Kimberly ranks 23rd out of 34 cities in Jefferson County in consumer debt accumulation with $313 per resident on average in 2016.
  24. Irondale ranks 24th out of 34 cities in Jefferson County in consumer debt accumulation with $342 per resident on average in 2016.
  25. Mulga ranks 25th out of 34 cities in Jefferson County in consumer debt accumulation with $350 per resident on average in 2016.
  26. Fairfield ranks 26th out of 34 cities in Jefferson County in consumer debt accumulation with $369 per resident on average in 2016.
  27. Argo ranks 27th out of 34 cities in Jefferson County in consumer debt accumulation with $393 per resident on average in 2016.
  28. Graysville ranks 28th out of 34 cities in Jefferson County in consumer debt accumulation with $405 per resident on average in 2016.
  29. McDonald Chapel ranks 29th out of 34 cities in Jefferson County in consumer debt accumulation with $406 per resident on average in 2016.
  30. Tarrant ranks 30th out of 34 cities in Jefferson County in consumer debt accumulation with $460 per resident on average in 2016.
  31. Bessemer ranks 31st out of 34 cities in Jefferson County in consumer debt accumulation with $469 per resident on average in 2016.
  32. Brighton ranks 32nd out of 34 cities in Jefferson County in consumer debt accumulation with $543 per resident on average in 2016.
  33. Trafford ranks 33rd out of 34 cities in Jefferson County in consumer debt accumulation with $560 per resident on average in 2016.
  34. Birmingham ranks 34th out of 34 cities in Jefferson County in consumer debt accumulation with $599 per resident on average in 2016.
How does Jefferson County rank in Alabama?
Alabama County Debt Distribution

8 counties in Alabama accumulated $500+ in debt in 2016. Mountain Brook averaged $109 per resident.

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