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Consumer Debt Facts in Haleiwa

Hawaii Consumer Debt Accumulation by County

Haleiwa Consumer Debt Accumulation

$313 dollars in debt in 2016

The average Haleiwa resident accumulated $313 dollars in debt in 2016. Haleiwa citizens racked up a total of $1.1 million in debt in the 2016 fiscal year.

What are the Debt Consolidation Options available in Haleiwa?

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 Haleiwa

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 Haleiwa

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 HI

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 4 debt or credit card complaints in Haleiwa.

Date Company and Reason
02/08/2017 A complaint against CITIBANK, N.A. was filed on 02/08/2017 regarding credit card practices
05/01/2014 A complaint against Receivables Performance Management, LLC was filed on 05/01/2014 regarding debt collection practices
08/15/2013 A complaint against CAPITAL ONE FINANCIAL CORPORATION was filed on 08/15/2013 regarding credit card practices
11/02/2012 A complaint against CITIBANK, N.A. was filed on 11/02/2012 regarding credit card practices

Last updated: 2018-04-12

Top Reasons for Debt in Haleiwa

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

Job Loss

When unemployment in Haleiwa 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.

Honolulu County, Hawaii annual city consumer debt rankings are in. We have analyzed the average consumer spending behavior across 42 cities and towns in Honolulu County, HI. The average citizen in Haleiwa is spending approximately $313 more dollars than they earned annually, compared to the average of $354 across Hawaii. All statistics according to the latest data(2016).

Highest Debt Cities in Honolulu County Hawaii

  1. Hickam Housing ranks 1st out of 42 cities in Honolulu County in consumer debt accumulation with $3 per resident on average in 2016.
  2. Schofield Barracks ranks 2nd out of 42 cities in Honolulu County in consumer debt accumulation with $31 per resident on average in 2016.
  3. Mililani Mauka ranks 3rd out of 42 cities in Honolulu County in consumer debt accumulation with $71 per resident on average in 2016.
  4. Royal Kunia ranks 4th out of 42 cities in Honolulu County in consumer debt accumulation with $79 per resident on average in 2016.
  5. Mililani Town ranks 5th out of 42 cities in Honolulu County in consumer debt accumulation with $80 per resident on average in 2016.
  6. Makakilo ranks 6th out of 42 cities in Honolulu County in consumer debt accumulation with $104 per resident on average in 2016.
  7. Ko Olina ranks 7th out of 42 cities in Honolulu County in consumer debt accumulation with $116 per resident on average in 2016.
  8. East Honolulu ranks 8th out of 42 cities in Honolulu County in consumer debt accumulation with $121 per resident on average in 2016.
  9. West Loch Estate ranks 9th out of 42 cities in Honolulu County in consumer debt accumulation with $125 per resident on average in 2016.
  10. Aiea ranks 10th out of 42 cities in Honolulu County in consumer debt accumulation with $126 per resident on average in 2016.
  11. Pearl City ranks 11th out of 42 cities in Honolulu County in consumer debt accumulation with $140 per resident on average in 2016.
  12. Ewa Gentry ranks 11th out of 42 cities in Honolulu County in consumer debt accumulation with $140 per resident on average in 2016.
  13. Ewa Villages ranks 13th out of 42 cities in Honolulu County in consumer debt accumulation with $153 per resident on average in 2016.
  14. Kailua ranks 14th out of 42 cities in Honolulu County in consumer debt accumulation with $196 per resident on average in 2016.
  15. Kapolei ranks 15th out of 42 cities in Honolulu County in consumer debt accumulation with $210 per resident on average in 2016.
  16. Kaneohe ranks 16th out of 42 cities in Honolulu County in consumer debt accumulation with $214 per resident on average in 2016.
  17. Ahuimanu ranks 17th out of 42 cities in Honolulu County in consumer debt accumulation with $218 per resident on average in 2016.
  18. Waimanalo Beach ranks 18th out of 42 cities in Honolulu County in consumer debt accumulation with $219 per resident on average in 2016.
  19. Waimanalo ranks 19th out of 42 cities in Honolulu County in consumer debt accumulation with $220 per resident on average in 2016.
  20. Kahuku ranks 19th out of 42 cities in Honolulu County in consumer debt accumulation with $220 per resident on average in 2016.
  21. Waipio ranks 21st out of 42 cities in Honolulu County in consumer debt accumulation with $234 per resident on average in 2016.
  22. Halawa ranks 22nd out of 42 cities in Honolulu County in consumer debt accumulation with $245 per resident on average in 2016.
  23. Waialua ranks 23rd out of 42 cities in Honolulu County in consumer debt accumulation with $292 per resident on average in 2016.
  24. Mokuleia ranks 24th out of 42 cities in Honolulu County in consumer debt accumulation with $293 per resident on average in 2016.
  25. Ewa Beach ranks 25th out of 42 cities in Honolulu County in consumer debt accumulation with $300 per resident on average in 2016.
  26. Haleiwa ranks 26th out of 42 cities in Honolulu County in consumer debt accumulation with $313 per resident on average in 2016.
  27. Waimalu ranks 27th out of 42 cities in Honolulu County in consumer debt accumulation with $325 per resident on average in 2016.
  28. Kahaluu ranks 28th out of 42 cities in Honolulu County in consumer debt accumulation with $327 per resident on average in 2016.
  29. Hauula ranks 29th out of 42 cities in Honolulu County in consumer debt accumulation with $330 per resident on average in 2016.
  30. Laie ranks 30th out of 42 cities in Honolulu County in consumer debt accumulation with $337 per resident on average in 2016.
  31. Nanakuli ranks 31st out of 42 cities in Honolulu County in consumer debt accumulation with $347 per resident on average in 2016.
  32. Waipahu ranks 32nd out of 42 cities in Honolulu County in consumer debt accumulation with $361 per resident on average in 2016.
  33. Punaluu ranks 33rd out of 42 cities in Honolulu County in consumer debt accumulation with $362 per resident on average in 2016.
  34. Whitmore Village ranks 34th out of 42 cities in Honolulu County in consumer debt accumulation with $376 per resident on average in 2016.
  35. Wahiawa ranks 35th out of 42 cities in Honolulu County in consumer debt accumulation with $382 per resident on average in 2016.
  36. Waipio Acres ranks 36th out of 42 cities in Honolulu County in consumer debt accumulation with $401 per resident on average in 2016.
  37. Urban Honolulu ranks 37th out of 42 cities in Honolulu County in consumer debt accumulation with $402 per resident on average in 2016.
  38. Kaaawa ranks 38th out of 42 cities in Honolulu County in consumer debt accumulation with $528 per resident on average in 2016.
  39. Waianae ranks 39th out of 42 cities in Honolulu County in consumer debt accumulation with $592 per resident on average in 2016.
  40. Maili ranks 39th out of 42 cities in Honolulu County in consumer debt accumulation with $592 per resident on average in 2016.
  41. Makaha Valley ranks 41st out of 42 cities in Honolulu County in consumer debt accumulation with $598 per resident on average in 2016.
  42. Makaha ranks 42nd out of 42 cities in Honolulu County in consumer debt accumulation with $621 per resident on average in 2016.
How does Honolulu County rank in Hawaii?
Hawaii County Debt Distribution

0 counties in Hawaii accumulated $500+ in debt in 2016. Haleiwa averaged $313 per resident.

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