Sacramento Debt Consolidation Savings Estimate

We have helped over 400,000 people. See if you qualify and how much you can save every month.

Debt Consolidation Help
BBB A+ Rating

What Type of Debt Do You Have?

How Much Debt Do You Have?

100% free savings estimate and it will not affect your credit score.

Consumer Debt Facts in Sacramento

California Consumer Debt Accumulation by County

Sacramento Consumer Debt Accumulation

$442 dollars in debt in 2016

The average Sacramento resident accumulated $442 dollars in debt in 2016. Sacramento citizens racked up a total of $214.4 million in debt in the 2016 fiscal year.

What are the Debt Consolidation Options available in Sacramento?

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 Sacramento

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 Sacramento

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 737 debt or credit card complaints in Sacramento.

Date Company and Reason
03/28/2018 A complaint against CAPITAL ONE FINANCIAL CORPORATION was filed on 03/28/2018 regarding credit card or prepaid card practices
03/28/2018 A complaint against Receivables Performance Management, LLC filed on 03/28/2018 alleges that Receivables Performance Management, LLC is utilizing inappropriate communication tactics with the consumer during debt collection attempts.
03/27/2018 A complaint against States Recovery Systems, Inc. filed on 03/27/2018 alleges that States Recovery Systems, Inc. is utilizing inappropriate communication tactics with the consumer during debt collection attempts.
03/23/2018 A complaint against ENCORE CAPITAL GROUP INC. was filed on 03/23/2018 regarding debt collection practices
03/16/2018 A complaint against Navient Solutions, LLC. filed on 03/16/2018 alleges that Navient Solutions, LLC. is utilizing inappropriate communication tactics with the consumer during debt collection attempts.
03/14/2018 A complaint against Alliance Data Card Services was filed on 03/14/2018 regarding credit card or prepaid card practices
03/13/2018 A complaint against Convergent Resources, Inc. was filed on 03/13/2018 relating to debt collection practices and alleges that Convergent Resources, Inc. is attempting to collect a debt not owed by the consumer.
03/12/2018 A complaint against CL HOLDINGS LLC filed on 03/12/2018 alleges that CL HOLDINGS LLC is utilizing inappropriate communication tactics with the consumer during debt collection attempts.
03/10/2018 A complaint against PORTFOLIO RECOVERY ASSOCIATES INC was filed on 03/10/2018 relating to debt collection practices and alleges that PORTFOLIO RECOVERY ASSOCIATES INC is attempting to collect a debt not owed by the consumer.
03/08/2018 A complaint against Navient Solutions, LLC. was filed on 03/08/2018 relating to debt collection practices and alleges that Navient Solutions, LLC. is attempting to collect a debt not owed by the consumer.

Last updated: 2018-04-12

Top Reasons for Debt in Sacramento

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

Job Loss

When unemployment in Sacramento 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.

Sacramento County, California annual city consumer debt rankings are in. We have analyzed the average consumer spending behavior across 26 cities and towns in Sacramento County, CA. The average citizen in Sacramento is spending approximately $442 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 Sacramento County California

  1. Gold River ranks 1st out of 26 cities in Sacramento County in consumer debt accumulation with $127 per resident on average in 2016.
  2. Folsom ranks 2nd out of 26 cities in Sacramento County in consumer debt accumulation with $163 per resident on average in 2016.
  3. Elk Grove ranks 3rd out of 26 cities in Sacramento County in consumer debt accumulation with $164 per resident on average in 2016.
  4. Vineyard ranks 4th out of 26 cities in Sacramento County in consumer debt accumulation with $172 per resident on average in 2016.
  5. Galt ranks 5th out of 26 cities in Sacramento County in consumer debt accumulation with $195 per resident on average in 2016.
  6. Antelope ranks 6th out of 26 cities in Sacramento County in consumer debt accumulation with $249 per resident on average in 2016.
  7. Mather ranks 7th out of 26 cities in Sacramento County in consumer debt accumulation with $262 per resident on average in 2016.
  8. Elverta ranks 8th out of 26 cities in Sacramento County in consumer debt accumulation with $276 per resident on average in 2016.
  9. Orangevale ranks 9th out of 26 cities in Sacramento County in consumer debt accumulation with $312 per resident on average in 2016.
  10. Florin ranks 10th out of 26 cities in Sacramento County in consumer debt accumulation with $334 per resident on average in 2016.
  11. Isleton ranks 11th out of 26 cities in Sacramento County in consumer debt accumulation with $357 per resident on average in 2016.
  12. Rancho Cordova ranks 11th out of 26 cities in Sacramento County in consumer debt accumulation with $357 per resident on average in 2016.
  13. Fair Oaks ranks 13th out of 26 cities in Sacramento County in consumer debt accumulation with $367 per resident on average in 2016.
  14. Rio Linda ranks 14th out of 26 cities in Sacramento County in consumer debt accumulation with $389 per resident on average in 2016.
  15. Parkway ranks 15th out of 26 cities in Sacramento County in consumer debt accumulation with $390 per resident on average in 2016.
  16. Citrus Heights ranks 16th out of 26 cities in Sacramento County in consumer debt accumulation with $400 per resident on average in 2016.
  17. Sacramento ranks 17th out of 26 cities in Sacramento County in consumer debt accumulation with $442 per resident on average in 2016.
  18. Carmichael ranks 18th out of 26 cities in Sacramento County in consumer debt accumulation with $444 per resident on average in 2016.
  19. North Highlands ranks 19th out of 26 cities in Sacramento County in consumer debt accumulation with $447 per resident on average in 2016.
  20. La Riviera ranks 20th out of 26 cities in Sacramento County in consumer debt accumulation with $472 per resident on average in 2016.
  21. Rosemont ranks 21st out of 26 cities in Sacramento County in consumer debt accumulation with $483 per resident on average in 2016.
  22. Foothill Farms ranks 22nd out of 26 cities in Sacramento County in consumer debt accumulation with $497 per resident on average in 2016.
  23. Arden-Arcade ranks 23rd out of 26 cities in Sacramento County in consumer debt accumulation with $532 per resident on average in 2016.
  24. Lemon Hill ranks 24th out of 26 cities in Sacramento County in consumer debt accumulation with $632 per resident on average in 2016.
  25. Fruitridge Pocket ranks 25th out of 26 cities in Sacramento County in consumer debt accumulation with $915 per resident on average in 2016.
  26. McClellan Park ranks 26th out of 26 cities in Sacramento County in consumer debt accumulation with $2250 per resident on average in 2016.
How does Sacramento County rank in California?
California County Debt Distribution

12 counties in California accumulated $500+ in debt in 2016. Sacramento averaged $442 per resident.

Debt-Consolidation.com

We can help settle your debt for less.

We've helped thousands and have an A+ rating with the BBB.

Receive a personalized plan based on your debt and income.

Get out of debt sooner and pay less.

Debt Consolidation