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Consumer Debt Facts in Fullerton

California Consumer Debt Accumulation by County

Fullerton Consumer Debt Accumulation

$487 dollars in debt in 2016

The average Fullerton resident accumulated $487 dollars in debt in 2016. Fullerton citizens racked up a total of $68.0 million in debt in the 2016 fiscal year.

What are the Debt Consolidation Options available in Fullerton?

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 Fullerton

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 Fullerton

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 CA

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 286 debt or credit card complaints in Fullerton.

Date Company and Reason
03/23/2018 A complaint against Tuition Options LLC was filed on 03/23/2018 regarding debt collection practices
03/07/2018 A complaint against CITIBANK, N.A. was filed on 03/07/2018 regarding credit card or prepaid card practices
03/07/2018 A complaint against CASH AMERICA INTERNATIONAL, INC. was filed on 03/07/2018 relating to debt collection practices and alleges that CASH AMERICA INTERNATIONAL, INC. is attempting to collect a debt not owed by the consumer.
03/02/2018 A complaint against BARCLAYS BANK DELAWARE was filed on 03/02/2018 regarding credit card or prepaid card practices
01/30/2018 A complaint against Deutsche Bank was filed on 01/30/2018 regarding credit card or prepaid card practices
01/08/2018 A complaint against CITIBANK, N.A. was filed on 01/08/2018 regarding debt collection practices
01/05/2018 A complaint against CITIBANK, N.A. was filed on 01/05/2018 regarding credit card or prepaid card practices
01/03/2018 A complaint against AVANTE was filed on 01/03/2018 regarding debt collection practices
12/13/2017 A complaint against CAPITAL ONE FINANCIAL CORPORATION was filed on 12/13/2017 regarding credit card or prepaid card practices
11/30/2017 A complaint against Account Management Services, Inc. was filed on 11/30/2017 relating to debt collection practices and alleges that Account Management Services, Inc. is attempting to collect a debt not owed by the consumer.

Last updated: 2018-04-12

Top Reasons for Debt in Fullerton

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

Job Loss

When unemployment in Fullerton 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.

Orange County, California annual city consumer debt rankings are in. We have analyzed the average consumer spending behavior across 39 cities and towns in Orange County, CA. The average citizen in Fullerton is spending approximately $487 more dollars than they earned annually, compared to the average of $390 across California. All statistics according to the latest data(2016).

Highest Debt Cities in Orange County California

  1. Coto de Caza ranks 1st out of 39 cities in Orange County in consumer debt accumulation with $42 per resident on average in 2016.
  2. Rancho Santa Margarita ranks 2nd out of 39 cities in Orange County in consumer debt accumulation with $56 per resident on average in 2016.
  3. Yorba Linda ranks 3rd out of 39 cities in Orange County in consumer debt accumulation with $86 per resident on average in 2016.
  4. Ladera Ranch ranks 4th out of 39 cities in Orange County in consumer debt accumulation with $102 per resident on average in 2016.
  5. Rossmoor ranks 5th out of 39 cities in Orange County in consumer debt accumulation with $110 per resident on average in 2016.
  6. Aliso Viejo ranks 6th out of 39 cities in Orange County in consumer debt accumulation with $118 per resident on average in 2016.
  7. North Tustin ranks 7th out of 39 cities in Orange County in consumer debt accumulation with $122 per resident on average in 2016.
  8. Mission Viejo ranks 8th out of 39 cities in Orange County in consumer debt accumulation with $136 per resident on average in 2016.
  9. La Palma ranks 9th out of 39 cities in Orange County in consumer debt accumulation with $144 per resident on average in 2016.
  10. Villa Park ranks 10th out of 39 cities in Orange County in consumer debt accumulation with $163 per resident on average in 2016.
  11. Cypress ranks 11th out of 39 cities in Orange County in consumer debt accumulation with $171 per resident on average in 2016.
  12. Brea ranks 11th out of 39 cities in Orange County in consumer debt accumulation with $171 per resident on average in 2016.
  13. Laguna Niguel ranks 13th out of 39 cities in Orange County in consumer debt accumulation with $183 per resident on average in 2016.
  14. Lake Forest ranks 14th out of 39 cities in Orange County in consumer debt accumulation with $193 per resident on average in 2016.
  15. La Habra ranks 15th out of 39 cities in Orange County in consumer debt accumulation with $194 per resident on average in 2016.
  16. Fountain Valley ranks 16th out of 39 cities in Orange County in consumer debt accumulation with $203 per resident on average in 2016.
  17. Laguna Hills ranks 17th out of 39 cities in Orange County in consumer debt accumulation with $220 per resident on average in 2016.
  18. San Juan Capistrano ranks 18th out of 39 cities in Orange County in consumer debt accumulation with $224 per resident on average in 2016.
  19. San Clemente ranks 19th out of 39 cities in Orange County in consumer debt accumulation with $240 per resident on average in 2016.
  20. Huntington Beach ranks 20th out of 39 cities in Orange County in consumer debt accumulation with $245 per resident on average in 2016.
  21. Los Alamitos ranks 21st out of 39 cities in Orange County in consumer debt accumulation with $248 per resident on average in 2016.
  22. Placentia ranks 22nd out of 39 cities in Orange County in consumer debt accumulation with $252 per resident on average in 2016.
  23. Anaheim ranks 23rd out of 39 cities in Orange County in consumer debt accumulation with $258 per resident on average in 2016.
  24. Dana Point ranks 24th out of 39 cities in Orange County in consumer debt accumulation with $276 per resident on average in 2016.
  25. Westminster ranks 25th out of 39 cities in Orange County in consumer debt accumulation with $301 per resident on average in 2016.
  26. Newport Beach ranks 26th out of 39 cities in Orange County in consumer debt accumulation with $315 per resident on average in 2016.
  27. Stanton ranks 27th out of 39 cities in Orange County in consumer debt accumulation with $319 per resident on average in 2016.
  28. Santa Ana ranks 28th out of 39 cities in Orange County in consumer debt accumulation with $325 per resident on average in 2016.
  29. Buena Park ranks 29th out of 39 cities in Orange County in consumer debt accumulation with $332 per resident on average in 2016.
  30. Garden Grove ranks 30th out of 39 cities in Orange County in consumer debt accumulation with $336 per resident on average in 2016.
  31. Tustin ranks 31st out of 39 cities in Orange County in consumer debt accumulation with $344 per resident on average in 2016.
  32. Orange ranks 32nd out of 39 cities in Orange County in consumer debt accumulation with $355 per resident on average in 2016.
  33. Seal Beach ranks 33rd out of 39 cities in Orange County in consumer debt accumulation with $369 per resident on average in 2016.
  34. Laguna Beach ranks 34th out of 39 cities in Orange County in consumer debt accumulation with $382 per resident on average in 2016.
  35. Midway City ranks 35th out of 39 cities in Orange County in consumer debt accumulation with $395 per resident on average in 2016.
  36. Costa Mesa ranks 36th out of 39 cities in Orange County in consumer debt accumulation with $426 per resident on average in 2016.
  37. Laguna Woods ranks 37th out of 39 cities in Orange County in consumer debt accumulation with $474 per resident on average in 2016.
  38. Fullerton ranks 38th out of 39 cities in Orange County in consumer debt accumulation with $487 per resident on average in 2016.
  39. Irvine ranks 39th out of 39 cities in Orange County in consumer debt accumulation with $653 per resident on average in 2016.
How does Orange County rank in California?
California County Debt Distribution

12 counties in California accumulated $500+ in debt in 2016. Fullerton averaged $487 per resident.

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