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Consumer Debt Facts in Naperville

Illinois Consumer Debt Accumulation by County

Naperville Consumer Debt Accumulation

$120 dollars in debt in 2016

The average Naperville resident accumulated $120 dollars in debt in 2016. Naperville citizens racked up a total of $17.5 million in debt in the 2016 fiscal year.

What are the Debt Consolidation Options available in Naperville?

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 Naperville

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 Naperville

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 IL

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 196 debt or credit card complaints in Naperville.

Date Company and Reason
03/15/2018 A complaint against Ad Astra Recovery Services Inc was filed on 03/15/2018 relating to debt collection practices and alleges that Ad Astra Recovery Services Inc is attempting to collect a debt not owed by the consumer.
03/14/2018 A complaint against OCWEN LOAN SERVICING LLC was filed on 03/14/2018 relating to debt collection practices and alleges that OCWEN LOAN SERVICING LLC is attempting to collect a debt not owed by the consumer.
02/27/2018 A complaint against Navient Solutions, LLC. was filed on 02/27/2018 regarding debt collection practices
02/27/2018 A complaint against OCWEN LOAN SERVICING LLC was filed on 02/27/2018 regarding debt collection practices
02/26/2018 A complaint against TOYOTA MOTOR CREDIT CORPORATION was filed on 02/26/2018 regarding debt collection practices
02/26/2018 A complaint against HUNTINGTON NATIONAL BANK, THE was filed on 02/26/2018 regarding debt collection practices
02/20/2018 A complaint against Unisa, Inc was filed on 02/20/2018 regarding debt collection practices
02/18/2018 A complaint against BMO HARRIS BANK NATIONAL ASSOCIATION was filed on 02/18/2018 regarding credit card or prepaid card practices
02/11/2018 A complaint against EQUIFAX, INC. was filed on 02/11/2018 regarding debt collection practices
02/09/2018 A complaint against ENCORE CAPITAL GROUP INC. filed on 02/09/2018 alleges that ENCORE CAPITAL GROUP INC. is utilizing inappropriate communication tactics with the consumer during debt collection attempts.

Last updated: 2018-04-12

Top Reasons for Debt in Naperville

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

Job Loss

When unemployment in Naperville 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.

Will County, Illinois annual city consumer debt rankings are in. We have analyzed the average consumer spending behavior across 35 cities and towns in Will County, IL. The average citizen in Naperville is spending approximately $120 more dollars than they earned annually, compared to the average of $334 across Illinois. All statistics according to the latest data(2016).

Highest Debt Cities in Will County Illinois

  1. Frankfort Square ranks 1st out of 35 cities in Will County in consumer debt accumulation with $31 per resident on average in 2016.
  2. Mokena ranks 2nd out of 35 cities in Will County in consumer debt accumulation with $37 per resident on average in 2016.
  3. Plainfield ranks 3rd out of 35 cities in Will County in consumer debt accumulation with $53 per resident on average in 2016.
  4. New Lenox ranks 4th out of 35 cities in Will County in consumer debt accumulation with $68 per resident on average in 2016.
  5. Lockport ranks 5th out of 35 cities in Will County in consumer debt accumulation with $83 per resident on average in 2016.
  6. Bolingbrook ranks 6th out of 35 cities in Will County in consumer debt accumulation with $85 per resident on average in 2016.
  7. Frankfort ranks 7th out of 35 cities in Will County in consumer debt accumulation with $88 per resident on average in 2016.
  8. Romeoville ranks 8th out of 35 cities in Will County in consumer debt accumulation with $99 per resident on average in 2016.
  9. Orland Park ranks 9th out of 35 cities in Will County in consumer debt accumulation with $108 per resident on average in 2016.
  10. Naperville ranks 10th out of 35 cities in Will County in consumer debt accumulation with $120 per resident on average in 2016.
  11. Matteson ranks 11th out of 35 cities in Will County in consumer debt accumulation with $134 per resident on average in 2016.
  12. Homer Glen ranks 12th out of 35 cities in Will County in consumer debt accumulation with $136 per resident on average in 2016.
  13. Tinley Park ranks 13th out of 35 cities in Will County in consumer debt accumulation with $144 per resident on average in 2016.
  14. Crete ranks 14th out of 35 cities in Will County in consumer debt accumulation with $156 per resident on average in 2016.
  15. Peotone ranks 15th out of 35 cities in Will County in consumer debt accumulation with $160 per resident on average in 2016.
  16. Woodridge ranks 16th out of 35 cities in Will County in consumer debt accumulation with $162 per resident on average in 2016.
  17. Elwood ranks 17th out of 35 cities in Will County in consumer debt accumulation with $194 per resident on average in 2016.
  18. Crest Hill ranks 18th out of 35 cities in Will County in consumer debt accumulation with $195 per resident on average in 2016.
  19. Coal City ranks 19th out of 35 cities in Will County in consumer debt accumulation with $212 per resident on average in 2016.
  20. Joliet ranks 20th out of 35 cities in Will County in consumer debt accumulation with $222 per resident on average in 2016.
  21. Aurora ranks 21st out of 35 cities in Will County in consumer debt accumulation with $225 per resident on average in 2016.
  22. Preston Heights ranks 22nd out of 35 cities in Will County in consumer debt accumulation with $239 per resident on average in 2016.
  23. Wilmington ranks 23rd out of 35 cities in Will County in consumer debt accumulation with $255 per resident on average in 2016.
  24. Diamond ranks 24th out of 35 cities in Will County in consumer debt accumulation with $259 per resident on average in 2016.
  25. Shorewood ranks 25th out of 35 cities in Will County in consumer debt accumulation with $265 per resident on average in 2016.
  26. Godley ranks 26th out of 35 cities in Will County in consumer debt accumulation with $278 per resident on average in 2016.
  27. Fairmont ranks 27th out of 35 cities in Will County in consumer debt accumulation with $331 per resident on average in 2016.
  28. Braceville ranks 28th out of 35 cities in Will County in consumer debt accumulation with $332 per resident on average in 2016.
  29. Ingalls Park ranks 29th out of 35 cities in Will County in consumer debt accumulation with $354 per resident on average in 2016.
  30. Braidwood ranks 30th out of 35 cities in Will County in consumer debt accumulation with $355 per resident on average in 2016.
  31. University Park ranks 31st out of 35 cities in Will County in consumer debt accumulation with $375 per resident on average in 2016.
  32. Park Forest ranks 32nd out of 35 cities in Will County in consumer debt accumulation with $472 per resident on average in 2016.
  33. Steger ranks 33rd out of 35 cities in Will County in consumer debt accumulation with $489 per resident on average in 2016.
  34. Sauk Village ranks 34th out of 35 cities in Will County in consumer debt accumulation with $511 per resident on average in 2016.
  35. Rockdale ranks 35th out of 35 cities in Will County in consumer debt accumulation with $551 per resident on average in 2016.
How does Will County rank in Illinois?
Illinois County Debt Distribution

9 counties in Illinois accumulated $500+ in debt in 2016. Naperville averaged $120 per resident.

Debt-Consolidation.com

DuPage County, Illinois annual city consumer debt rankings are in. We have analyzed the average consumer spending behavior across 37 cities and towns in DuPage County, IL. The average citizen in Naperville is spending approximately $120 more dollars than they earned annually, compared to the average of $334 across Illinois. All statistics according to the latest data(2016).

Highest Debt Cities in DuPage County Illinois

  1. Winfield ranks 1st out of 37 cities in DuPage County in consumer debt accumulation with $64 per resident on average in 2016.
  2. Clarendon Hills ranks 2nd out of 37 cities in DuPage County in consumer debt accumulation with $66 per resident on average in 2016.
  3. Elmhurst ranks 3rd out of 37 cities in DuPage County in consumer debt accumulation with $70 per resident on average in 2016.
  4. Bartlett ranks 4th out of 37 cities in DuPage County in consumer debt accumulation with $77 per resident on average in 2016.
  5. Bolingbrook ranks 5th out of 37 cities in DuPage County in consumer debt accumulation with $85 per resident on average in 2016.
  6. Hinsdale ranks 6th out of 37 cities in DuPage County in consumer debt accumulation with $96 per resident on average in 2016.
  7. Oak Brook ranks 7th out of 37 cities in DuPage County in consumer debt accumulation with $104 per resident on average in 2016.
  8. Roselle ranks 8th out of 37 cities in DuPage County in consumer debt accumulation with $109 per resident on average in 2016.
  9. Naperville ranks 9th out of 37 cities in DuPage County in consumer debt accumulation with $120 per resident on average in 2016.
  10. Willowbrook ranks 9th out of 37 cities in DuPage County in consumer debt accumulation with $120 per resident on average in 2016.
  11. Warrenville ranks 11th out of 37 cities in DuPage County in consumer debt accumulation with $137 per resident on average in 2016.
  12. Hanover Park ranks 12th out of 37 cities in DuPage County in consumer debt accumulation with $140 per resident on average in 2016.
  13. Glendale Heights ranks 13th out of 37 cities in DuPage County in consumer debt accumulation with $143 per resident on average in 2016.
  14. St. Charles ranks 14th out of 37 cities in DuPage County in consumer debt accumulation with $152 per resident on average in 2016.
  15. Elk Grove Village ranks 15th out of 37 cities in DuPage County in consumer debt accumulation with $154 per resident on average in 2016.
  16. Schaumburg ranks 15th out of 37 cities in DuPage County in consumer debt accumulation with $154 per resident on average in 2016.
  17. West Chicago ranks 17th out of 37 cities in DuPage County in consumer debt accumulation with $155 per resident on average in 2016.
  18. Woodridge ranks 18th out of 37 cities in DuPage County in consumer debt accumulation with $162 per resident on average in 2016.
  19. Burr Ridge ranks 19th out of 37 cities in DuPage County in consumer debt accumulation with $166 per resident on average in 2016.
  20. Itasca ranks 20th out of 37 cities in DuPage County in consumer debt accumulation with $171 per resident on average in 2016.
  21. Villa Park ranks 21st out of 37 cities in DuPage County in consumer debt accumulation with $178 per resident on average in 2016.
  22. Darien ranks 21st out of 37 cities in DuPage County in consumer debt accumulation with $178 per resident on average in 2016.
  23. Carol Stream ranks 23rd out of 37 cities in DuPage County in consumer debt accumulation with $183 per resident on average in 2016.
  24. Glen Ellyn ranks 24th out of 37 cities in DuPage County in consumer debt accumulation with $189 per resident on average in 2016.
  25. Downers Grove ranks 25th out of 37 cities in DuPage County in consumer debt accumulation with $190 per resident on average in 2016.
  26. Wheaton ranks 26th out of 37 cities in DuPage County in consumer debt accumulation with $194 per resident on average in 2016.
  27. Bensenville ranks 27th out of 37 cities in DuPage County in consumer debt accumulation with $214 per resident on average in 2016.
  28. Batavia ranks 28th out of 37 cities in DuPage County in consumer debt accumulation with $216 per resident on average in 2016.
  29. Aurora ranks 29th out of 37 cities in DuPage County in consumer debt accumulation with $225 per resident on average in 2016.
  30. Bloomingdale ranks 30th out of 37 cities in DuPage County in consumer debt accumulation with $226 per resident on average in 2016.
  31. Wood Dale ranks 31st out of 37 cities in DuPage County in consumer debt accumulation with $230 per resident on average in 2016.
  32. Addison ranks 32nd out of 37 cities in DuPage County in consumer debt accumulation with $236 per resident on average in 2016.
  33. Lombard ranks 33rd out of 37 cities in DuPage County in consumer debt accumulation with $240 per resident on average in 2016.
  34. Lisle ranks 34th out of 37 cities in DuPage County in consumer debt accumulation with $300 per resident on average in 2016.
  35. Willow Springs ranks 35th out of 37 cities in DuPage County in consumer debt accumulation with $322 per resident on average in 2016.
  36. Westmont ranks 36th out of 37 cities in DuPage County in consumer debt accumulation with $380 per resident on average in 2016.
  37. Chicago ranks 37th out of 37 cities in DuPage County in consumer debt accumulation with $480 per resident on average in 2016.
How does DuPage County rank in Illinois?
Illinois County Debt Distribution

9 counties in Illinois accumulated $500+ in debt in 2016. Naperville averaged $120 per resident.

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