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Consumer Debt Facts in North Chicago

Illinois Consumer Debt Accumulation by County

North Chicago Consumer Debt Accumulation

$355 dollars in debt in 2016

The average North Chicago resident accumulated $355 dollars in debt in 2016. North Chicago citizens racked up a total of $10.7 million in debt in the 2016 fiscal year.

What are the Debt Consolidation Options available in North Chicago?

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 North Chicago

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 North Chicago

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 48 debt or credit card complaints in North Chicago.

Date Company and Reason
04/01/2018 A complaint against Debt Recovery Solutions, LLC was filed on 04/01/2018 regarding debt collection practices
08/21/2017 A complaint against Resurgent Capital Services L.P. was filed on 08/21/2017 regarding credit card or prepaid card practices
08/21/2017 A complaint against Diversified Consultants, Inc. was filed on 08/21/2017 relating to debt collection practices and alleges that Diversified Consultants, Inc. is attempting to collect a debt not owed by the consumer.
06/29/2017 A complaint against CITIBANK, N.A. was filed on 06/29/2017 regarding credit card or prepaid card practices
03/13/2017 A complaint against SYNCHRONY FINANCIAL was filed on 03/13/2017 regarding credit card practices
02/17/2017 A complaint against Diversified Consultants, Inc. was filed on 02/17/2017 regarding debt collection practices
01/31/2017 A complaint against Capio Partners, LLC was filed on 01/31/2017 regarding debt collection practices
11/23/2016 A complaint against ENCORE CAPITAL GROUP INC. was filed on 11/23/2016 regarding debt collection practices
10/04/2016 A complaint against JPMORGAN CHASE & CO. was filed on 10/04/2016 regarding credit card practices
07/16/2016 A complaint against Direct Capital filed on 07/16/2016 alleges that Direct Capital is utilizing inappropriate communication tactics with the consumer during debt collection attempts.

Last updated: 2018-04-12

Top Reasons for Debt in North Chicago

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

Job Loss

When unemployment in North Chicago 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.

Lake County, Illinois annual city consumer debt rankings are in. We have analyzed the average consumer spending behavior across 44 cities and towns in Lake County, IL. The average citizen in North Chicago is spending approximately $355 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 Lake County Illinois

  1. Long Grove ranks 1st out of 44 cities in Lake County in consumer debt accumulation with $44 per resident on average in 2016.
  2. Round Lake ranks 2nd out of 44 cities in Lake County in consumer debt accumulation with $46 per resident on average in 2016.
  3. Lake Villa ranks 3rd out of 44 cities in Lake County in consumer debt accumulation with $53 per resident on average in 2016.
  4. Riverwoods ranks 4th out of 44 cities in Lake County in consumer debt accumulation with $57 per resident on average in 2016.
  5. Lake Bluff ranks 5th out of 44 cities in Lake County in consumer debt accumulation with $65 per resident on average in 2016.
  6. Island Lake ranks 6th out of 44 cities in Lake County in consumer debt accumulation with $66 per resident on average in 2016.
  7. Mundelein ranks 7th out of 44 cities in Lake County in consumer debt accumulation with $80 per resident on average in 2016.
  8. Third Lake ranks 8th out of 44 cities in Lake County in consumer debt accumulation with $93 per resident on average in 2016.
  9. Lake Forest ranks 9th out of 44 cities in Lake County in consumer debt accumulation with $96 per resident on average in 2016.
  10. Deerfield ranks 10th out of 44 cities in Lake County in consumer debt accumulation with $98 per resident on average in 2016.
  11. Highland Park ranks 11th out of 44 cities in Lake County in consumer debt accumulation with $109 per resident on average in 2016.
  12. Vernon Hills ranks 12th out of 44 cities in Lake County in consumer debt accumulation with $110 per resident on average in 2016.
  13. Barrington ranks 13th out of 44 cities in Lake County in consumer debt accumulation with $115 per resident on average in 2016.
  14. Bannockburn ranks 14th out of 44 cities in Lake County in consumer debt accumulation with $118 per resident on average in 2016.
  15. Gurnee ranks 15th out of 44 cities in Lake County in consumer debt accumulation with $127 per resident on average in 2016.
  16. Mettawa ranks 16th out of 44 cities in Lake County in consumer debt accumulation with $131 per resident on average in 2016.
  17. Antioch ranks 17th out of 44 cities in Lake County in consumer debt accumulation with $132 per resident on average in 2016.
  18. Buffalo Grove ranks 18th out of 44 cities in Lake County in consumer debt accumulation with $133 per resident on average in 2016.
  19. Lindenhurst ranks 19th out of 44 cities in Lake County in consumer debt accumulation with $140 per resident on average in 2016.
  20. Round Lake Park ranks 20th out of 44 cities in Lake County in consumer debt accumulation with $149 per resident on average in 2016.
  21. Winthrop Harbor ranks 21st out of 44 cities in Lake County in consumer debt accumulation with $150 per resident on average in 2016.
  22. Arlington Heights ranks 22nd out of 44 cities in Lake County in consumer debt accumulation with $161 per resident on average in 2016.
  23. Gages Lake ranks 23rd out of 44 cities in Lake County in consumer debt accumulation with $162 per resident on average in 2016.
  24. Round Lake Beach ranks 24th out of 44 cities in Lake County in consumer debt accumulation with $165 per resident on average in 2016.
  25. Wauconda ranks 25th out of 44 cities in Lake County in consumer debt accumulation with $169 per resident on average in 2016.
  26. Beach Park ranks 26th out of 44 cities in Lake County in consumer debt accumulation with $176 per resident on average in 2016.
  27. Libertyville ranks 27th out of 44 cities in Lake County in consumer debt accumulation with $180 per resident on average in 2016.
  28. Palatine ranks 28th out of 44 cities in Lake County in consumer debt accumulation with $189 per resident on average in 2016.
  29. Lincolnshire ranks 29th out of 44 cities in Lake County in consumer debt accumulation with $192 per resident on average in 2016.
  30. Grayslake ranks 30th out of 44 cities in Lake County in consumer debt accumulation with $203 per resident on average in 2016.
  31. Wheeling ranks 31st out of 44 cities in Lake County in consumer debt accumulation with $210 per resident on average in 2016.
  32. Barrington Hills ranks 32nd out of 44 cities in Lake County in consumer debt accumulation with $234 per resident on average in 2016.
  33. Lakemoor ranks 33rd out of 44 cities in Lake County in consumer debt accumulation with $245 per resident on average in 2016.
  34. Fox Lake ranks 34th out of 44 cities in Lake County in consumer debt accumulation with $256 per resident on average in 2016.
  35. Green Oaks ranks 35th out of 44 cities in Lake County in consumer debt accumulation with $262 per resident on average in 2016.
  36. Lake Catherine ranks 36th out of 44 cities in Lake County in consumer debt accumulation with $272 per resident on average in 2016.
  37. Fox River Grove ranks 37th out of 44 cities in Lake County in consumer debt accumulation with $292 per resident on average in 2016.
  38. Fox Lake Hills ranks 38th out of 44 cities in Lake County in consumer debt accumulation with $304 per resident on average in 2016.
  39. Highwood ranks 39th out of 44 cities in Lake County in consumer debt accumulation with $308 per resident on average in 2016.
  40. Venetian Village ranks 40th out of 44 cities in Lake County in consumer debt accumulation with $313 per resident on average in 2016.
  41. Zion ranks 41st out of 44 cities in Lake County in consumer debt accumulation with $317 per resident on average in 2016.
  42. Waukegan ranks 42nd out of 44 cities in Lake County in consumer debt accumulation with $333 per resident on average in 2016.
  43. Park City ranks 42nd out of 44 cities in Lake County in consumer debt accumulation with $333 per resident on average in 2016.
  44. North Chicago ranks 44th out of 44 cities in Lake County in consumer debt accumulation with $355 per resident on average in 2016.
How does Lake County rank in Illinois?
Illinois County Debt Distribution

9 counties in Illinois accumulated $500+ in debt in 2016. North Chicago averaged $355 per resident.

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