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Consumer Debt Facts in Delray Beach

Florida Consumer Debt Accumulation by County

Delray Beach Consumer Debt Accumulation

$481 dollars in debt in 2016

The average Delray Beach resident accumulated $481 dollars in debt in 2016. Delray Beach citizens racked up a total of $31.3 million in debt in the 2016 fiscal year.

What are the Debt Consolidation Options available in Delray Beach?

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 Delray Beach

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 Delray Beach

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 FL

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 144 debt or credit card complaints in Delray Beach.

Date Company and Reason
03/30/2018 A complaint against Dynamic Recovery Solutions, LLC was filed on 03/30/2018 regarding debt collection practices
02/18/2018 A complaint against HCFS Health Care Financial Services, Inc. was filed on 02/18/2018 regarding debt collection practices
02/17/2018 A complaint against Helvey & Associates was filed on 02/17/2018 regarding debt collection practices
01/30/2018 A complaint against Southwest Credit Systems, L.P. was filed on 01/30/2018 regarding debt collection practices
01/30/2018 A complaint against National Credit Systems,Inc. was filed on 01/30/2018 regarding debt collection practices
01/16/2018 A complaint against MIDFIRST BANK was filed on 01/16/2018 relating to debt collection practices and alleges that MIDFIRST BANK is attempting to collect a debt not owed by the consumer.
01/16/2018 A complaint against CITIBANK, N.A. was filed on 01/16/2018 relating to debt collection practices and alleges that CITIBANK, N.A. is attempting to collect a debt not owed by the consumer.
01/16/2018 A complaint against Choice Recovery, Inc. was filed on 01/16/2018 relating to debt collection practices and alleges that Choice Recovery, Inc. is attempting to collect a debt not owed by the consumer.
01/16/2018 A complaint against DataMax Corporation was filed on 01/16/2018 relating to debt collection practices and alleges that DataMax Corporation is attempting to collect a debt not owed by the consumer.
11/03/2017 A complaint against BARCLAYS BANK DELAWARE was filed on 11/03/2017 regarding credit card or prepaid card practices

Last updated: 2018-04-12

Top Reasons for Debt in Delray Beach

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

Job Loss

When unemployment in Delray Beach 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.

Palm Beach County, Florida annual city consumer debt rankings are in. We have analyzed the average consumer spending behavior across 41 cities and towns in Palm Beach County, FL. The average citizen in Delray Beach is spending approximately $481 more dollars than they earned annually, compared to the average of $371 across Florida. All statistics according to the latest data(2016).

Highest Debt Cities in Palm Beach County Florida

  1. San Castle ranks 1st out of 41 cities in Palm Beach County in consumer debt accumulation with $93 per resident on average in 2016.
  2. Wellington ranks 2nd out of 41 cities in Palm Beach County in consumer debt accumulation with $134 per resident on average in 2016.
  3. South Bay ranks 3rd out of 41 cities in Palm Beach County in consumer debt accumulation with $140 per resident on average in 2016.
  4. Jupiter Inlet Colony ranks 4th out of 41 cities in Palm Beach County in consumer debt accumulation with $161 per resident on average in 2016.
  5. Juno Beach ranks 5th out of 41 cities in Palm Beach County in consumer debt accumulation with $165 per resident on average in 2016.
  6. Royal Palm Beach ranks 6th out of 41 cities in Palm Beach County in consumer debt accumulation with $166 per resident on average in 2016.
  7. Hypoluxo ranks 7th out of 41 cities in Palm Beach County in consumer debt accumulation with $184 per resident on average in 2016.
  8. Jupiter Farms ranks 8th out of 41 cities in Palm Beach County in consumer debt accumulation with $189 per resident on average in 2016.
  9. South Palm Beach ranks 9th out of 41 cities in Palm Beach County in consumer debt accumulation with $197 per resident on average in 2016.
  10. North Palm Beach ranks 10th out of 41 cities in Palm Beach County in consumer debt accumulation with $198 per resident on average in 2016.
  11. Haverhill ranks 11th out of 41 cities in Palm Beach County in consumer debt accumulation with $205 per resident on average in 2016.
  12. Jupiter ranks 12th out of 41 cities in Palm Beach County in consumer debt accumulation with $209 per resident on average in 2016.
  13. Tequesta ranks 13th out of 41 cities in Palm Beach County in consumer debt accumulation with $214 per resident on average in 2016.
  14. Palm Beach ranks 14th out of 41 cities in Palm Beach County in consumer debt accumulation with $225 per resident on average in 2016.
  15. Briny Breezes ranks 15th out of 41 cities in Palm Beach County in consumer debt accumulation with $227 per resident on average in 2016.
  16. Palm Beach Gardens ranks 16th out of 41 cities in Palm Beach County in consumer debt accumulation with $233 per resident on average in 2016.
  17. The Acreage ranks 17th out of 41 cities in Palm Beach County in consumer debt accumulation with $252 per resident on average in 2016.
  18. Lake Belvedere Estates ranks 18th out of 41 cities in Palm Beach County in consumer debt accumulation with $263 per resident on average in 2016.
  19. Loxahatchee Groves ranks 18th out of 41 cities in Palm Beach County in consumer debt accumulation with $263 per resident on average in 2016.
  20. Greenacres ranks 20th out of 41 cities in Palm Beach County in consumer debt accumulation with $280 per resident on average in 2016.
  21. Highland Beach ranks 21st out of 41 cities in Palm Beach County in consumer debt accumulation with $355 per resident on average in 2016.
  22. Riviera Beach ranks 22nd out of 41 cities in Palm Beach County in consumer debt accumulation with $371 per resident on average in 2016.
  23. Kenwood Estates ranks 23rd out of 41 cities in Palm Beach County in consumer debt accumulation with $375 per resident on average in 2016.
  24. Boynton Beach ranks 24th out of 41 cities in Palm Beach County in consumer debt accumulation with $384 per resident on average in 2016.
  25. Boca Raton ranks 25th out of 41 cities in Palm Beach County in consumer debt accumulation with $385 per resident on average in 2016.
  26. Pahokee ranks 26th out of 41 cities in Palm Beach County in consumer debt accumulation with $402 per resident on average in 2016.
  27. Ocean Ridge ranks 27th out of 41 cities in Palm Beach County in consumer debt accumulation with $406 per resident on average in 2016.
  28. Watergate ranks 28th out of 41 cities in Palm Beach County in consumer debt accumulation with $410 per resident on average in 2016.
  29. Palm Springs ranks 29th out of 41 cities in Palm Beach County in consumer debt accumulation with $412 per resident on average in 2016.
  30. Mangonia Park ranks 30th out of 41 cities in Palm Beach County in consumer debt accumulation with $413 per resident on average in 2016.
  31. Royal Palm Estates ranks 31st out of 41 cities in Palm Beach County in consumer debt accumulation with $414 per resident on average in 2016.
  32. Lake Park ranks 32nd out of 41 cities in Palm Beach County in consumer debt accumulation with $415 per resident on average in 2016.
  33. West Palm Beach ranks 33rd out of 41 cities in Palm Beach County in consumer debt accumulation with $418 per resident on average in 2016.
  34. Delray Beach ranks 34th out of 41 cities in Palm Beach County in consumer debt accumulation with $481 per resident on average in 2016.
  35. Lantana ranks 35th out of 41 cities in Palm Beach County in consumer debt accumulation with $515 per resident on average in 2016.
  36. Glen Ridge ranks 36th out of 41 cities in Palm Beach County in consumer debt accumulation with $535 per resident on average in 2016.
  37. Belle Glade ranks 37th out of 41 cities in Palm Beach County in consumer debt accumulation with $573 per resident on average in 2016.
  38. Palm Beach Shores ranks 38th out of 41 cities in Palm Beach County in consumer debt accumulation with $574 per resident on average in 2016.
  39. Westgate ranks 39th out of 41 cities in Palm Beach County in consumer debt accumulation with $636 per resident on average in 2016.
  40. Lake Worth ranks 40th out of 41 cities in Palm Beach County in consumer debt accumulation with $675 per resident on average in 2016.
  41. Juno Ridge ranks 41st out of 41 cities in Palm Beach County in consumer debt accumulation with $880 per resident on average in 2016.
How does Palm Beach County rank in Florida?
Florida County Debt Distribution

8 counties in Florida accumulated $500+ in debt in 2016. Delray Beach averaged $481 per resident.

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