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Consumer Debt Facts in Fort Lee

New Jersey Consumer Debt Accumulation by County

Fort Lee Consumer Debt Accumulation

$259 dollars in debt in 2016

The average Fort Lee resident accumulated $259 dollars in debt in 2016. Fort Lee citizens racked up a total of $9.5 million in debt in the 2016 fiscal year.

What are the Debt Consolidation Options available in Fort Lee?

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 Fort Lee

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 Fort Lee

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 NJ

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 118 debt or credit card complaints in Fort Lee.

Date Company and Reason
03/12/2018 A complaint against EQUIFAX, INC. was filed on 03/12/2018 relating to debt collection practices and alleges that EQUIFAX, INC. is attempting to collect a debt not owed by the consumer.
03/12/2018 A complaint against EQUIFAX, INC. was filed on 03/12/2018 relating to debt collection practices and alleges that EQUIFAX, INC. is attempting to collect a debt not owed by the consumer.
03/12/2018 A complaint against CAVALRY INVESTMENTS, LLC was filed on 03/12/2018 relating to debt collection practices and alleges that CAVALRY INVESTMENTS, LLC is attempting to collect a debt not owed by the consumer.
03/12/2018 A complaint against CAVALRY INVESTMENTS, LLC was filed on 03/12/2018 relating to debt collection practices and alleges that CAVALRY INVESTMENTS, LLC is attempting to collect a debt not owed by the consumer.
03/12/2018 A complaint against TRANSUNION INTERMEDIATE HOLDINGS, INC. was filed on 03/12/2018 relating to debt collection practices and alleges that TRANSUNION INTERMEDIATE HOLDINGS, INC. is attempting to collect a debt not owed by the consumer.
03/12/2018 A complaint against TRANSUNION INTERMEDIATE HOLDINGS, INC. was filed on 03/12/2018 relating to debt collection practices and alleges that TRANSUNION INTERMEDIATE HOLDINGS, INC. is attempting to collect a debt not owed by the consumer.
03/12/2018 A complaint against Experian Information Solutions Inc. was filed on 03/12/2018 relating to debt collection practices and alleges that Experian Information Solutions Inc. is attempting to collect a debt not owed by the consumer.
03/12/2018 A complaint against Experian Information Solutions Inc. was filed on 03/12/2018 relating to debt collection practices and alleges that Experian Information Solutions Inc. is attempting to collect a debt not owed by the consumer.
02/27/2018 A complaint against EQUIFAX, INC. was filed on 02/27/2018 relating to debt collection practices and alleges that EQUIFAX, INC. is attempting to collect a debt not owed by the consumer.
02/27/2018 A complaint against EQUIFAX, INC. was filed on 02/27/2018 relating to debt collection practices and alleges that EQUIFAX, INC. is attempting to collect a debt not owed by the consumer.

Last updated: 2018-04-12

Top Reasons for Debt in Fort Lee

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

Job Loss

When unemployment in Fort Lee 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.

Bergen County, New Jersey annual city consumer debt rankings are in. We have analyzed the average consumer spending behavior across 92 cities and towns in Bergen County, NJ. The average citizen in Fort Lee is spending approximately $259 more dollars than they earned annually, compared to the average of $231 across New Jersey. All statistics according to the latest data(2016).

Highest Debt Cities in Bergen County New Jersey

  1. Oradell ranks 1st out of 92 cities in Bergen County in consumer debt accumulation with $12 per resident on average in 2016.
  2. Oradell ranks 1st out of 92 cities in Bergen County in consumer debt accumulation with $12 per resident on average in 2016.
  3. Ridgewood ranks 4th out of 92 cities in Bergen County in consumer debt accumulation with $40 per resident on average in 2016.
  4. Old Tappan ranks 4th out of 92 cities in Bergen County in consumer debt accumulation with $40 per resident on average in 2016.
  5. Old Tappan ranks 4th out of 92 cities in Bergen County in consumer debt accumulation with $40 per resident on average in 2016.
  6. Ridgewood ranks 4th out of 92 cities in Bergen County in consumer debt accumulation with $40 per resident on average in 2016.
  7. Glen Rock ranks 7th out of 92 cities in Bergen County in consumer debt accumulation with $51 per resident on average in 2016.
  8. Glen Rock ranks 7th out of 92 cities in Bergen County in consumer debt accumulation with $51 per resident on average in 2016.
  9. Oakland ranks 9th out of 92 cities in Bergen County in consumer debt accumulation with $65 per resident on average in 2016.
  10. Oakland ranks 9th out of 92 cities in Bergen County in consumer debt accumulation with $65 per resident on average in 2016.
  11. Norwood ranks 11th out of 92 cities in Bergen County in consumer debt accumulation with $74 per resident on average in 2016.
  12. Norwood ranks 11th out of 92 cities in Bergen County in consumer debt accumulation with $74 per resident on average in 2016.
  13. Paramus ranks 13th out of 92 cities in Bergen County in consumer debt accumulation with $82 per resident on average in 2016.
  14. Paramus ranks 13th out of 92 cities in Bergen County in consumer debt accumulation with $82 per resident on average in 2016.
  15. Dumont ranks 15th out of 92 cities in Bergen County in consumer debt accumulation with $95 per resident on average in 2016.
  16. Dumont ranks 15th out of 92 cities in Bergen County in consumer debt accumulation with $95 per resident on average in 2016.
  17. North Arlington ranks 17th out of 92 cities in Bergen County in consumer debt accumulation with $96 per resident on average in 2016.
  18. North Arlington ranks 17th out of 92 cities in Bergen County in consumer debt accumulation with $96 per resident on average in 2016.
  19. Ramsey ranks 19th out of 92 cities in Bergen County in consumer debt accumulation with $98 per resident on average in 2016.
  20. Ramsey ranks 19th out of 92 cities in Bergen County in consumer debt accumulation with $98 per resident on average in 2016.
  21. Franklin Lakes ranks 21st out of 92 cities in Bergen County in consumer debt accumulation with $103 per resident on average in 2016.
  22. Franklin Lakes ranks 21st out of 92 cities in Bergen County in consumer debt accumulation with $103 per resident on average in 2016.
  23. Hillsdale ranks 23rd out of 92 cities in Bergen County in consumer debt accumulation with $111 per resident on average in 2016.
  24. Hillsdale ranks 23rd out of 92 cities in Bergen County in consumer debt accumulation with $111 per resident on average in 2016.
  25. Harrington Park ranks 25th out of 92 cities in Bergen County in consumer debt accumulation with $113 per resident on average in 2016.
  26. Harrington Park ranks 25th out of 92 cities in Bergen County in consumer debt accumulation with $113 per resident on average in 2016.
  27. Westwood ranks 27th out of 92 cities in Bergen County in consumer debt accumulation with $116 per resident on average in 2016.
  28. Westwood ranks 27th out of 92 cities in Bergen County in consumer debt accumulation with $116 per resident on average in 2016.
  29. New Milford ranks 29th out of 92 cities in Bergen County in consumer debt accumulation with $117 per resident on average in 2016.
  30. New Milford ranks 29th out of 92 cities in Bergen County in consumer debt accumulation with $117 per resident on average in 2016.
  31. Rutherford ranks 32nd out of 92 cities in Bergen County in consumer debt accumulation with $118 per resident on average in 2016.
  32. Rutherford ranks 32nd out of 92 cities in Bergen County in consumer debt accumulation with $118 per resident on average in 2016.
  33. Leonia ranks 32nd out of 92 cities in Bergen County in consumer debt accumulation with $118 per resident on average in 2016.
  34. Leonia ranks 32nd out of 92 cities in Bergen County in consumer debt accumulation with $118 per resident on average in 2016.
  35. Tenafly ranks 36th out of 92 cities in Bergen County in consumer debt accumulation with $120 per resident on average in 2016.
  36. Tenafly ranks 36th out of 92 cities in Bergen County in consumer debt accumulation with $120 per resident on average in 2016.
  37. Park Ridge ranks 36th out of 92 cities in Bergen County in consumer debt accumulation with $120 per resident on average in 2016.
  38. Park Ridge ranks 36th out of 92 cities in Bergen County in consumer debt accumulation with $120 per resident on average in 2016.
  39. River Edge ranks 39th out of 92 cities in Bergen County in consumer debt accumulation with $122 per resident on average in 2016.
  40. River Edge ranks 39th out of 92 cities in Bergen County in consumer debt accumulation with $122 per resident on average in 2016.
  41. Woodcliff Lake ranks 41st out of 92 cities in Bergen County in consumer debt accumulation with $129 per resident on average in 2016.
  42. Woodcliff Lake ranks 41st out of 92 cities in Bergen County in consumer debt accumulation with $129 per resident on average in 2016.
  43. Midland Park ranks 43rd out of 92 cities in Bergen County in consumer debt accumulation with $140 per resident on average in 2016.
  44. Midland Park ranks 43rd out of 92 cities in Bergen County in consumer debt accumulation with $140 per resident on average in 2016.
  45. Englewood Cliffs ranks 45th out of 92 cities in Bergen County in consumer debt accumulation with $152 per resident on average in 2016.
  46. Englewood Cliffs ranks 45th out of 92 cities in Bergen County in consumer debt accumulation with $152 per resident on average in 2016.
  47. Elmwood Park ranks 47th out of 92 cities in Bergen County in consumer debt accumulation with $154 per resident on average in 2016.
  48. Elmwood Park ranks 47th out of 92 cities in Bergen County in consumer debt accumulation with $154 per resident on average in 2016.
  49. Fair Lawn ranks 49th out of 92 cities in Bergen County in consumer debt accumulation with $157 per resident on average in 2016.
  50. Fair Lawn ranks 49th out of 92 cities in Bergen County in consumer debt accumulation with $157 per resident on average in 2016.
  51. Hasbrouck Heights ranks 51st out of 92 cities in Bergen County in consumer debt accumulation with $160 per resident on average in 2016.
  52. Hasbrouck Heights ranks 51st out of 92 cities in Bergen County in consumer debt accumulation with $160 per resident on average in 2016.
  53. Ridgefield ranks 54th out of 92 cities in Bergen County in consumer debt accumulation with $165 per resident on average in 2016.
  54. Ridgefield ranks 54th out of 92 cities in Bergen County in consumer debt accumulation with $165 per resident on average in 2016.
  55. Maywood ranks 54th out of 92 cities in Bergen County in consumer debt accumulation with $165 per resident on average in 2016.
  56. Maywood ranks 54th out of 92 cities in Bergen County in consumer debt accumulation with $165 per resident on average in 2016.
  57. Bergenfield ranks 58th out of 92 cities in Bergen County in consumer debt accumulation with $166 per resident on average in 2016.
  58. Bergenfield ranks 58th out of 92 cities in Bergen County in consumer debt accumulation with $166 per resident on average in 2016.
  59. Wallington ranks 58th out of 92 cities in Bergen County in consumer debt accumulation with $166 per resident on average in 2016.
  60. Wallington ranks 58th out of 92 cities in Bergen County in consumer debt accumulation with $166 per resident on average in 2016.
  61. Montvale ranks 61st out of 92 cities in Bergen County in consumer debt accumulation with $191 per resident on average in 2016.
  62. Montvale ranks 61st out of 92 cities in Bergen County in consumer debt accumulation with $191 per resident on average in 2016.
  63. Englewood ranks 63rd out of 92 cities in Bergen County in consumer debt accumulation with $198 per resident on average in 2016.
  64. Englewood ranks 63rd out of 92 cities in Bergen County in consumer debt accumulation with $198 per resident on average in 2016.
  65. Bogota ranks 65th out of 92 cities in Bergen County in consumer debt accumulation with $210 per resident on average in 2016.
  66. Bogota ranks 65th out of 92 cities in Bergen County in consumer debt accumulation with $210 per resident on average in 2016.
  67. Emerson ranks 67th out of 92 cities in Bergen County in consumer debt accumulation with $216 per resident on average in 2016.
  68. Emerson ranks 67th out of 92 cities in Bergen County in consumer debt accumulation with $216 per resident on average in 2016.
  69. Wood-Ridge ranks 69th out of 92 cities in Bergen County in consumer debt accumulation with $230 per resident on average in 2016.
  70. Wood-Ridge ranks 69th out of 92 cities in Bergen County in consumer debt accumulation with $230 per resident on average in 2016.
  71. Ridgefield Park ranks 71st out of 92 cities in Bergen County in consumer debt accumulation with $234 per resident on average in 2016.
  72. Ridgefield Park ranks 71st out of 92 cities in Bergen County in consumer debt accumulation with $234 per resident on average in 2016.
  73. Cliffside Park ranks 73rd out of 92 cities in Bergen County in consumer debt accumulation with $257 per resident on average in 2016.
  74. Cliffside Park ranks 73rd out of 92 cities in Bergen County in consumer debt accumulation with $257 per resident on average in 2016.
  75. Fort Lee ranks 75th out of 92 cities in Bergen County in consumer debt accumulation with $259 per resident on average in 2016.
  76. Fort Lee ranks 75th out of 92 cities in Bergen County in consumer debt accumulation with $259 per resident on average in 2016.
  77. Edgewater ranks 77th out of 92 cities in Bergen County in consumer debt accumulation with $294 per resident on average in 2016.
  78. Edgewater ranks 77th out of 92 cities in Bergen County in consumer debt accumulation with $294 per resident on average in 2016.
  79. East Rutherford ranks 79th out of 92 cities in Bergen County in consumer debt accumulation with $309 per resident on average in 2016.
  80. East Rutherford ranks 79th out of 92 cities in Bergen County in consumer debt accumulation with $309 per resident on average in 2016.
  81. Little Ferry ranks 81st out of 92 cities in Bergen County in consumer debt accumulation with $310 per resident on average in 2016.
  82. Little Ferry ranks 81st out of 92 cities in Bergen County in consumer debt accumulation with $310 per resident on average in 2016.
  83. Garfield ranks 83rd out of 92 cities in Bergen County in consumer debt accumulation with $336 per resident on average in 2016.
  84. Garfield ranks 83rd out of 92 cities in Bergen County in consumer debt accumulation with $336 per resident on average in 2016.
  85. Lodi ranks 85th out of 92 cities in Bergen County in consumer debt accumulation with $342 per resident on average in 2016.
  86. Lodi ranks 85th out of 92 cities in Bergen County in consumer debt accumulation with $342 per resident on average in 2016.
  87. Hackensack ranks 87th out of 92 cities in Bergen County in consumer debt accumulation with $404 per resident on average in 2016.
  88. Hackensack ranks 87th out of 92 cities in Bergen County in consumer debt accumulation with $404 per resident on average in 2016.
  89. Fairview ranks 89th out of 92 cities in Bergen County in consumer debt accumulation with $406 per resident on average in 2016.
  90. Fairview ranks 89th out of 92 cities in Bergen County in consumer debt accumulation with $406 per resident on average in 2016.
  91. Palisades Park ranks 91st out of 92 cities in Bergen County in consumer debt accumulation with $443 per resident on average in 2016.
  92. Palisades Park ranks 91st out of 92 cities in Bergen County in consumer debt accumulation with $443 per resident on average in 2016.
How does Bergen County rank in New Jersey?
New Jersey County Debt Distribution

0 counties in New Jersey accumulated $500+ in debt in 2016. Fort Lee averaged $259 per resident.

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