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Consumer Debt Facts in Riverside

California Consumer Debt Accumulation by County

Riverside Consumer Debt Accumulation

$435 dollars in debt in 2016

The average Riverside resident accumulated $435 dollars in debt in 2016. Riverside citizens racked up a total of $138.9 million in debt in the 2016 fiscal year.

What are the Debt Consolidation Options available in Riverside?

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 Riverside

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 Riverside

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 330 debt or credit card complaints in Riverside.

Date Company and Reason
03/23/2018 A complaint against Alliance Data Card Services was filed on 03/23/2018 regarding credit card or prepaid card practices
03/16/2018 A complaint against ERC was filed on 03/16/2018 relating to debt collection practices and alleges that ERC is attempting to collect a debt not owed by the consumer.
03/15/2018 A complaint against Resurgent Capital Services L.P. was filed on 03/15/2018 regarding debt collection practices
03/09/2018 A complaint against UNITED SERVICES AUTOMOBILE ASSOCIATION was filed on 03/09/2018 regarding credit card or prepaid card practices
03/07/2018 A complaint against ENCORE CAPITAL GROUP INC. was filed on 03/07/2018 regarding debt collection practices
02/28/2018 A complaint against CAPITAL ONE FINANCIAL CORPORATION was filed on 02/28/2018 regarding credit card or prepaid card practices
02/28/2018 A complaint against ARC Management Group, LLC filed on 02/28/2018 alleges that ARC Management Group, LLC is utilizing inappropriate communication tactics with the consumer during debt collection attempts.
02/23/2018 A complaint against Omega RMS, LLC was filed on 02/23/2018 regarding debt collection practices
02/02/2018 A complaint against Niagara Credit Solutions, Inc was filed on 02/02/2018 regarding debt collection practices
02/01/2018 A complaint against BANK OF AMERICA, NATIONAL ASSOCIATION was filed on 02/01/2018 regarding credit card or prepaid card practices

Last updated: 2018-04-12

Top Reasons for Debt in Riverside

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

Job Loss

When unemployment in Riverside 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.

Riverside County, California annual city consumer debt rankings are in. We have analyzed the average consumer spending behavior across 60 cities and towns in Riverside County, CA. The average citizen in Riverside is spending approximately $435 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 Riverside County California

  1. French Valley ranks 1st out of 60 cities in Riverside County in consumer debt accumulation with $108 per resident on average in 2016.
  2. Vista Santa Rosa ranks 2nd out of 60 cities in Riverside County in consumer debt accumulation with $132 per resident on average in 2016.
  3. Thermal ranks 3rd out of 60 cities in Riverside County in consumer debt accumulation with $150 per resident on average in 2016.
  4. Temecula ranks 4th out of 60 cities in Riverside County in consumer debt accumulation with $169 per resident on average in 2016.
  5. Woodcrest ranks 5th out of 60 cities in Riverside County in consumer debt accumulation with $172 per resident on average in 2016.
  6. Eastvale ranks 6th out of 60 cities in Riverside County in consumer debt accumulation with $174 per resident on average in 2016.
  7. Murrieta ranks 7th out of 60 cities in Riverside County in consumer debt accumulation with $175 per resident on average in 2016.
  8. Canyon Lake ranks 8th out of 60 cities in Riverside County in consumer debt accumulation with $196 per resident on average in 2016.
  9. Indio Hills ranks 9th out of 60 cities in Riverside County in consumer debt accumulation with $209 per resident on average in 2016.
  10. Meadowbrook ranks 10th out of 60 cities in Riverside County in consumer debt accumulation with $217 per resident on average in 2016.
  11. Corona ranks 11th out of 60 cities in Riverside County in consumer debt accumulation with $220 per resident on average in 2016.
  12. Beaumont ranks 12th out of 60 cities in Riverside County in consumer debt accumulation with $222 per resident on average in 2016.
  13. Blythe ranks 13th out of 60 cities in Riverside County in consumer debt accumulation with $226 per resident on average in 2016.
  14. Norco ranks 14th out of 60 cities in Riverside County in consumer debt accumulation with $228 per resident on average in 2016.
  15. La Quinta ranks 15th out of 60 cities in Riverside County in consumer debt accumulation with $237 per resident on average in 2016.
  16. Indian Wells ranks 16th out of 60 cities in Riverside County in consumer debt accumulation with $241 per resident on average in 2016.
  17. Garnet ranks 17th out of 60 cities in Riverside County in consumer debt accumulation with $249 per resident on average in 2016.
  18. Lake Elsinore ranks 18th out of 60 cities in Riverside County in consumer debt accumulation with $251 per resident on average in 2016.
  19. Bermuda Dunes ranks 19th out of 60 cities in Riverside County in consumer debt accumulation with $262 per resident on average in 2016.
  20. Wildomar ranks 20th out of 60 cities in Riverside County in consumer debt accumulation with $263 per resident on average in 2016.
  21. Menifee ranks 21st out of 60 cities in Riverside County in consumer debt accumulation with $266 per resident on average in 2016.
  22. Coachella ranks 22nd out of 60 cities in Riverside County in consumer debt accumulation with $271 per resident on average in 2016.
  23. Moreno Valley ranks 23rd out of 60 cities in Riverside County in consumer debt accumulation with $273 per resident on average in 2016.
  24. Lake Mathews ranks 24th out of 60 cities in Riverside County in consumer debt accumulation with $276 per resident on average in 2016.
  25. Oasis ranks 25th out of 60 cities in Riverside County in consumer debt accumulation with $295 per resident on average in 2016.
  26. Perris ranks 26th out of 60 cities in Riverside County in consumer debt accumulation with $307 per resident on average in 2016.
  27. Indio ranks 27th out of 60 cities in Riverside County in consumer debt accumulation with $309 per resident on average in 2016.
  28. Homeland ranks 28th out of 60 cities in Riverside County in consumer debt accumulation with $313 per resident on average in 2016.
  29. Banning ranks 29th out of 60 cities in Riverside County in consumer debt accumulation with $316 per resident on average in 2016.
  30. Lakeview ranks 30th out of 60 cities in Riverside County in consumer debt accumulation with $327 per resident on average in 2016.
  31. East Hemet ranks 31st out of 60 cities in Riverside County in consumer debt accumulation with $344 per resident on average in 2016.
  32. Home Gardens ranks 32nd out of 60 cities in Riverside County in consumer debt accumulation with $352 per resident on average in 2016.
  33. Coronita ranks 33rd out of 60 cities in Riverside County in consumer debt accumulation with $356 per resident on average in 2016.
  34. Warm Springs ranks 34th out of 60 cities in Riverside County in consumer debt accumulation with $360 per resident on average in 2016.
  35. Mead Valley ranks 35th out of 60 cities in Riverside County in consumer debt accumulation with $365 per resident on average in 2016.
  36. San Jacinto ranks 36th out of 60 cities in Riverside County in consumer debt accumulation with $371 per resident on average in 2016.
  37. Hemet ranks 37th out of 60 cities in Riverside County in consumer debt accumulation with $380 per resident on average in 2016.
  38. Palm Desert ranks 38th out of 60 cities in Riverside County in consumer debt accumulation with $389 per resident on average in 2016.
  39. Winchester ranks 39th out of 60 cities in Riverside County in consumer debt accumulation with $393 per resident on average in 2016.
  40. El Cerrito ranks 39th out of 60 cities in Riverside County in consumer debt accumulation with $393 per resident on average in 2016.
  41. Valle Vista ranks 41st out of 60 cities in Riverside County in consumer debt accumulation with $413 per resident on average in 2016.
  42. Rancho Mirage ranks 42nd out of 60 cities in Riverside County in consumer debt accumulation with $418 per resident on average in 2016.
  43. Thousand Palms ranks 43rd out of 60 cities in Riverside County in consumer debt accumulation with $426 per resident on average in 2016.
  44. Desert Palms ranks 44th out of 60 cities in Riverside County in consumer debt accumulation with $428 per resident on average in 2016.
  45. Cathedral City ranks 45th out of 60 cities in Riverside County in consumer debt accumulation with $430 per resident on average in 2016.
  46. Idyllwild-Pine Cove ranks 46th out of 60 cities in Riverside County in consumer debt accumulation with $433 per resident on average in 2016.
  47. Riverside ranks 47th out of 60 cities in Riverside County in consumer debt accumulation with $435 per resident on average in 2016.
  48. Cherry Valley ranks 48th out of 60 cities in Riverside County in consumer debt accumulation with $447 per resident on average in 2016.
  49. Calimesa ranks 49th out of 60 cities in Riverside County in consumer debt accumulation with $448 per resident on average in 2016.
  50. Anza ranks 50th out of 60 cities in Riverside County in consumer debt accumulation with $468 per resident on average in 2016.
  51. Desert Edge ranks 51st out of 60 cities in Riverside County in consumer debt accumulation with $492 per resident on average in 2016.
  52. Desert Hot Springs ranks 52nd out of 60 cities in Riverside County in consumer debt accumulation with $500 per resident on average in 2016.
  53. Desert Center ranks 53rd out of 60 cities in Riverside County in consumer debt accumulation with $507 per resident on average in 2016.
  54. Good Hope ranks 54th out of 60 cities in Riverside County in consumer debt accumulation with $557 per resident on average in 2016.
  55. Highgrove ranks 55th out of 60 cities in Riverside County in consumer debt accumulation with $607 per resident on average in 2016.
  56. Lakeland Village ranks 56th out of 60 cities in Riverside County in consumer debt accumulation with $614 per resident on average in 2016.
  57. Sky Valley ranks 57th out of 60 cities in Riverside County in consumer debt accumulation with $620 per resident on average in 2016.
  58. Palm Springs ranks 58th out of 60 cities in Riverside County in consumer debt accumulation with $640 per resident on average in 2016.
  59. March ARB ranks 59th out of 60 cities in Riverside County in consumer debt accumulation with $729 per resident on average in 2016.
  60. Ripley ranks 60th out of 60 cities in Riverside County in consumer debt accumulation with $1278 per resident on average in 2016.
How does Riverside County rank in California?
California County Debt Distribution

12 counties in California accumulated $500+ in debt in 2016. Riverside averaged $435 per resident.

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