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Consumer Debt Facts in Hialeah

Florida Consumer Debt Accumulation by County

Hialeah Consumer Debt Accumulation

$428 dollars in debt in 2016

The average Hialeah resident accumulated $428 dollars in debt in 2016. Hialeah citizens racked up a total of $101.0 million in debt in the 2016 fiscal year.

What are the Debt Consolidation Options available in Hialeah?

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 Hialeah

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 Hialeah

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 222 debt or credit card complaints in Hialeah.

Date Company and Reason
04/09/2018 A complaint against HCFS Health Care Financial Services, Inc. was filed on 04/09/2018 regarding debt collection practices
03/22/2018 A complaint against HCFS Health Care Financial Services, Inc. was filed on 03/22/2018 relating to debt collection practices and alleges that HCFS Health Care Financial Services, Inc. is attempting to collect a debt not owed by the consumer.
03/16/2018 A complaint against LINEBARGER GOGGAN BLAIR & SAMPSON LLP was filed on 03/16/2018 regarding debt collection practices
03/16/2018 A complaint against CITIBANK, N.A. was filed on 03/16/2018 regarding credit card or prepaid card practices
03/08/2018 A complaint against ERC was filed on 03/08/2018 regarding debt collection practices
03/08/2018 A complaint against Diversified Consultants, Inc. was filed on 03/08/2018 regarding debt collection practices
02/23/2018 A complaint against OCWEN LOAN SERVICING LLC was filed on 02/23/2018 relating to debt collection practices and alleges that OCWEN LOAN SERVICING LLC is attempting to collect a debt not owed by the consumer.
02/13/2018 A complaint against ENCORE CAPITAL GROUP INC. was filed on 02/13/2018 regarding debt collection practices
01/25/2018 A complaint against PORTFOLIO RECOVERY ASSOCIATES INC was filed on 01/25/2018 regarding debt collection practices
01/18/2018 A complaint against TENET HEALTHCARE CORPORATION was filed on 01/18/2018 regarding debt collection practices

Last updated: 2018-04-12

Top Reasons for Debt in Hialeah

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

Job Loss

When unemployment in Hialeah 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.

Miami-Dade County, Florida annual city consumer debt rankings are in. We have analyzed the average consumer spending behavior across 68 cities and towns in Miami-Dade County, FL. The average citizen in Hialeah is spending approximately $428 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 Miami-Dade County Florida

  1. Miami Shores ranks 1st out of 68 cities in Miami-Dade County in consumer debt accumulation with $75 per resident on average in 2016.
  2. Pinecrest ranks 2nd out of 68 cities in Miami-Dade County in consumer debt accumulation with $83 per resident on average in 2016.
  3. Palmetto Bay ranks 3rd out of 68 cities in Miami-Dade County in consumer debt accumulation with $105 per resident on average in 2016.
  4. Three Lakes ranks 4th out of 68 cities in Miami-Dade County in consumer debt accumulation with $106 per resident on average in 2016.
  5. Richmond West ranks 5th out of 68 cities in Miami-Dade County in consumer debt accumulation with $118 per resident on average in 2016.
  6. West Miami ranks 6th out of 68 cities in Miami-Dade County in consumer debt accumulation with $141 per resident on average in 2016.
  7. Key Biscayne ranks 7th out of 68 cities in Miami-Dade County in consumer debt accumulation with $146 per resident on average in 2016.
  8. Kendall West ranks 8th out of 68 cities in Miami-Dade County in consumer debt accumulation with $153 per resident on average in 2016.
  9. Cutler Bay ranks 9th out of 68 cities in Miami-Dade County in consumer debt accumulation with $165 per resident on average in 2016.
  10. Doral ranks 10th out of 68 cities in Miami-Dade County in consumer debt accumulation with $179 per resident on average in 2016.
  11. Westchester ranks 11th out of 68 cities in Miami-Dade County in consumer debt accumulation with $194 per resident on average in 2016.
  12. West Perrine ranks 12th out of 68 cities in Miami-Dade County in consumer debt accumulation with $202 per resident on average in 2016.
  13. Kendale Lakes ranks 13th out of 68 cities in Miami-Dade County in consumer debt accumulation with $203 per resident on average in 2016.
  14. Country Walk ranks 14th out of 68 cities in Miami-Dade County in consumer debt accumulation with $207 per resident on average in 2016.
  15. Surfside ranks 15th out of 68 cities in Miami-Dade County in consumer debt accumulation with $211 per resident on average in 2016.
  16. Westwood Lakes ranks 16th out of 68 cities in Miami-Dade County in consumer debt accumulation with $217 per resident on average in 2016.
  17. Olympia Heights ranks 17th out of 68 cities in Miami-Dade County in consumer debt accumulation with $223 per resident on average in 2016.
  18. Kendall ranks 18th out of 68 cities in Miami-Dade County in consumer debt accumulation with $226 per resident on average in 2016.
  19. Palm Springs North ranks 19th out of 68 cities in Miami-Dade County in consumer debt accumulation with $232 per resident on average in 2016.
  20. Hialeah Gardens ranks 20th out of 68 cities in Miami-Dade County in consumer debt accumulation with $234 per resident on average in 2016.
  21. Sunset ranks 21st out of 68 cities in Miami-Dade County in consumer debt accumulation with $237 per resident on average in 2016.
  22. The Hammocks ranks 22nd out of 68 cities in Miami-Dade County in consumer debt accumulation with $245 per resident on average in 2016.
  23. South Miami Heights ranks 23rd out of 68 cities in Miami-Dade County in consumer debt accumulation with $249 per resident on average in 2016.
  24. Princeton ranks 24th out of 68 cities in Miami-Dade County in consumer debt accumulation with $257 per resident on average in 2016.
  25. The Crossings ranks 25th out of 68 cities in Miami-Dade County in consumer debt accumulation with $260 per resident on average in 2016.
  26. Miami Lakes ranks 26th out of 68 cities in Miami-Dade County in consumer debt accumulation with $264 per resident on average in 2016.
  27. Fountainebleau ranks 27th out of 68 cities in Miami-Dade County in consumer debt accumulation with $268 per resident on average in 2016.
  28. Miami Springs ranks 28th out of 68 cities in Miami-Dade County in consumer debt accumulation with $270 per resident on average in 2016.
  29. Tamiami ranks 29th out of 68 cities in Miami-Dade County in consumer debt accumulation with $295 per resident on average in 2016.
  30. Sweetwater ranks 30th out of 68 cities in Miami-Dade County in consumer debt accumulation with $312 per resident on average in 2016.
  31. Richmond Heights ranks 31st out of 68 cities in Miami-Dade County in consumer debt accumulation with $313 per resident on average in 2016.
  32. Coral Gables ranks 32nd out of 68 cities in Miami-Dade County in consumer debt accumulation with $317 per resident on average in 2016.
  33. Miami Gardens ranks 33rd out of 68 cities in Miami-Dade County in consumer debt accumulation with $326 per resident on average in 2016.
  34. Virginia Gardens ranks 34th out of 68 cities in Miami-Dade County in consumer debt accumulation with $336 per resident on average in 2016.
  35. Country Club ranks 35th out of 68 cities in Miami-Dade County in consumer debt accumulation with $338 per resident on average in 2016.
  36. Coral Terrace ranks 36th out of 68 cities in Miami-Dade County in consumer debt accumulation with $344 per resident on average in 2016.
  37. Bay Harbor Islands ranks 37th out of 68 cities in Miami-Dade County in consumer debt accumulation with $345 per resident on average in 2016.
  38. Aventura ranks 38th out of 68 cities in Miami-Dade County in consumer debt accumulation with $353 per resident on average in 2016.
  39. Goulds ranks 39th out of 68 cities in Miami-Dade County in consumer debt accumulation with $365 per resident on average in 2016.
  40. Ives Estates ranks 40th out of 68 cities in Miami-Dade County in consumer debt accumulation with $368 per resident on average in 2016.
  41. Homestead ranks 41st out of 68 cities in Miami-Dade County in consumer debt accumulation with $376 per resident on average in 2016.
  42. North Miami ranks 42nd out of 68 cities in Miami-Dade County in consumer debt accumulation with $382 per resident on average in 2016.
  43. El Portal ranks 43rd out of 68 cities in Miami-Dade County in consumer debt accumulation with $383 per resident on average in 2016.
  44. Leisure City ranks 44th out of 68 cities in Miami-Dade County in consumer debt accumulation with $400 per resident on average in 2016.
  45. North Bay Village ranks 45th out of 68 cities in Miami-Dade County in consumer debt accumulation with $402 per resident on average in 2016.
  46. University Park ranks 46th out of 68 cities in Miami-Dade County in consumer debt accumulation with $404 per resident on average in 2016.
  47. Westview ranks 47th out of 68 cities in Miami-Dade County in consumer debt accumulation with $406 per resident on average in 2016.
  48. Naranja ranks 48th out of 68 cities in Miami-Dade County in consumer debt accumulation with $409 per resident on average in 2016.
  49. Hialeah ranks 49th out of 68 cities in Miami-Dade County in consumer debt accumulation with $428 per resident on average in 2016.
  50. West Little River ranks 49th out of 68 cities in Miami-Dade County in consumer debt accumulation with $428 per resident on average in 2016.
  51. Golden Glades ranks 51st out of 68 cities in Miami-Dade County in consumer debt accumulation with $440 per resident on average in 2016.
  52. Pinewood ranks 52nd out of 68 cities in Miami-Dade County in consumer debt accumulation with $461 per resident on average in 2016.
  53. Palmetto Estates ranks 53rd out of 68 cities in Miami-Dade County in consumer debt accumulation with $469 per resident on average in 2016.
  54. Ojus ranks 54th out of 68 cities in Miami-Dade County in consumer debt accumulation with $472 per resident on average in 2016.
  55. North Miami Beach ranks 55th out of 68 cities in Miami-Dade County in consumer debt accumulation with $480 per resident on average in 2016.
  56. Medley ranks 56th out of 68 cities in Miami-Dade County in consumer debt accumulation with $511 per resident on average in 2016.
  57. Sunny Isles Beach ranks 57th out of 68 cities in Miami-Dade County in consumer debt accumulation with $513 per resident on average in 2016.
  58. South Miami ranks 58th out of 68 cities in Miami-Dade County in consumer debt accumulation with $521 per resident on average in 2016.
  59. Miami Beach ranks 59th out of 68 cities in Miami-Dade County in consumer debt accumulation with $539 per resident on average in 2016.
  60. Florida City ranks 60th out of 68 cities in Miami-Dade County in consumer debt accumulation with $553 per resident on average in 2016.
  61. Glenvar Heights ranks 61st out of 68 cities in Miami-Dade County in consumer debt accumulation with $571 per resident on average in 2016.
  62. Biscayne Park ranks 62nd out of 68 cities in Miami-Dade County in consumer debt accumulation with $575 per resident on average in 2016.
  63. Golden Beach ranks 63rd out of 68 cities in Miami-Dade County in consumer debt accumulation with $588 per resident on average in 2016.
  64. Miami ranks 64th out of 68 cities in Miami-Dade County in consumer debt accumulation with $603 per resident on average in 2016.
  65. Gladeview ranks 65th out of 68 cities in Miami-Dade County in consumer debt accumulation with $615 per resident on average in 2016.
  66. Opa-locka ranks 66th out of 68 cities in Miami-Dade County in consumer debt accumulation with $731 per resident on average in 2016.
  67. Brownsville ranks 67th out of 68 cities in Miami-Dade County in consumer debt accumulation with $1019 per resident on average in 2016.
  68. Homestead Base ranks 68th out of 68 cities in Miami-Dade County in consumer debt accumulation with $3826 per resident on average in 2016.
How does Miami-Dade County rank in Florida?
Florida County Debt Distribution

8 counties in Florida accumulated $500+ in debt in 2016. Hialeah averaged $428 per resident.

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