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Consumer Debt Facts in Conway

Arkansas Consumer Debt Accumulation by County

Conway Consumer Debt Accumulation

$604 dollars in debt in 2016

The average Conway resident accumulated $604 dollars in debt in 2016. Conway citizens racked up a total of $38.8 million in debt in the 2016 fiscal year.

What are the Debt Consolidation Options available in Conway?

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 Conway

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 Conway

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 AR

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 28 debt or credit card complaints in Conway.

Date Company and Reason
03/27/2018 A complaint against Convergent Resources, Inc. was filed on 03/27/2018 relating to debt collection practices and alleges that Convergent Resources, Inc. is attempting to collect a debt not owed by the consumer.
02/14/2018 A complaint against Collection Services, Inc. was filed on 02/14/2018 relating to debt collection practices and alleges that Collection Services, Inc. is attempting to collect a debt not owed by the consumer.
12/03/2017 A complaint against Southern Management Systems Inc. was filed on 12/03/2017 relating to debt collection practices and alleges that Southern Management Systems Inc. is attempting to collect a debt not owed by the consumer.
12/02/2017 A complaint against Diversified Consultants, Inc. was filed on 12/02/2017 regarding debt collection practices
05/31/2017 A complaint against Receivables Management Corporation of America was filed on 05/31/2017 relating to debt collection practices and alleges that Receivables Management Corporation of America is attempting to collect a debt not owed by the consumer.
04/09/2017 A complaint against Apex Resolution Group LLC filed on 04/09/2017 alleges that Apex Resolution Group LLC is utilizing inappropriate communication tactics with the consumer during debt collection attempts.
01/17/2017 A complaint against Source Receivables Management LLC was filed on 01/17/2017 regarding debt collection practices
12/13/2016 A complaint against FAIR COLLECTIONS & OUTSOURCING, INC. was filed on 12/13/2016 regarding debt collection practices
11/27/2015 A complaint against Resurgent Capital Services L.P. filed on 11/27/2015 alleges that Resurgent Capital Services L.P. is utilizing inappropriate communication tactics with the consumer during debt collection attempts.
09/24/2015 A complaint against U.S. BANCORP was filed on 09/24/2015 regarding credit card practices

Last updated: 2018-04-12

Top Reasons for Debt in Conway

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 Conway and can't pay all of the bills, we may be able to help.

Job Loss

When unemployment in Conway 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.

Faulkner County, Arkansas annual city consumer debt rankings are in. We have analyzed the average consumer spending behavior across 8 cities and towns in Faulkner County, AR. The average citizen in Conway is spending approximately $604 more dollars than they earned annually, compared to the average of $364 across Arkansas. All statistics according to the latest data(2016).

Highest Debt Cities in Faulkner County Arkansas

  1. Mount Vernon ranks 1st out of 8 cities in Faulkner County in consumer debt accumulation with $89 per resident on average in 2016.
  2. Quitman ranks 2nd out of 8 cities in Faulkner County in consumer debt accumulation with $262 per resident on average in 2016.
  3. Greenbrier ranks 3rd out of 8 cities in Faulkner County in consumer debt accumulation with $325 per resident on average in 2016.
  4. Mayflower ranks 4th out of 8 cities in Faulkner County in consumer debt accumulation with $389 per resident on average in 2016.
  5. Damascus ranks 5th out of 8 cities in Faulkner County in consumer debt accumulation with $391 per resident on average in 2016.
  6. Vilonia ranks 6th out of 8 cities in Faulkner County in consumer debt accumulation with $437 per resident on average in 2016.
  7. Twin Groves ranks 7th out of 8 cities in Faulkner County in consumer debt accumulation with $474 per resident on average in 2016.
  8. Conway ranks 8th out of 8 cities in Faulkner County in consumer debt accumulation with $604 per resident on average in 2016.
How does Faulkner County rank in Arkansas?
Arkansas County Debt Distribution

6 counties in Arkansas accumulated $500+ in debt in 2016. Conway averaged $604 per resident.

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