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Consumer Debt Facts in Long Beach

New York Consumer Debt Accumulation by County

Long Beach Consumer Debt Accumulation

$200 dollars in debt in 2016

The average Long Beach resident accumulated $200 dollars in debt in 2016. Long Beach citizens racked up a total of $6.7 million in debt in the 2016 fiscal year.

What are the Debt Consolidation Options available in Long Beach?

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 Long Beach

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 Long Beach

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 NY

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 52 debt or credit card complaints in Long Beach.

Date Company and Reason
03/20/2018 A complaint against NEW YORK STATE HIGHER EDUCATION SERVICES CORPORATION (HESC)— was filed on 03/20/2018 regarding debt collection practices
03/20/2018 A complaint against NEW YORK STATE HIGHER EDUCATION SERVICES CORPORATION (HESC)— was filed on 03/20/2018 regarding debt collection practices
12/29/2017 A complaint against AMERICAN EXPRESS COMPANY was filed on 12/29/2017 regarding credit card or prepaid card practices
12/29/2017 A complaint against AMERICAN EXPRESS COMPANY was filed on 12/29/2017 regarding credit card or prepaid card practices
10/27/2017 A complaint against SYNCHRONY FINANCIAL was filed on 10/27/2017 regarding credit card or prepaid card practices
10/27/2017 A complaint against SYNCHRONY FINANCIAL was filed on 10/27/2017 regarding credit card or prepaid card practices
06/09/2017 A complaint against CAPITAL ONE FINANCIAL CORPORATION was filed on 06/09/2017 regarding debt collection practices
06/09/2017 A complaint against CAPITAL ONE FINANCIAL CORPORATION was filed on 06/09/2017 regarding debt collection practices
03/27/2017 A complaint against I.C. System, Inc. was filed on 03/27/2017 regarding debt collection practices
03/27/2017 A complaint against I.C. System, Inc. was filed on 03/27/2017 regarding debt collection practices

Last updated: 2018-04-12

Top Reasons for Debt in Long Beach

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

Job Loss

When unemployment in Long Beach 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.

Nassau County, New York annual city consumer debt rankings are in. We have analyzed the average consumer spending behavior across 85 cities and towns in Nassau County, NY. The average citizen in Long Beach is spending approximately $200 more dollars than they earned annually, compared to the average of $350 across New York. All statistics according to the latest data(2016).

Highest Debt Cities in Nassau County New York

  1. Williston Park ranks 1st out of 85 cities in Nassau County in consumer debt accumulation with $19 per resident on average in 2016.
  2. Upper Brookville ranks 2nd out of 85 cities in Nassau County in consumer debt accumulation with $25 per resident on average in 2016.
  3. North New Hyde Park ranks 2nd out of 85 cities in Nassau County in consumer debt accumulation with $25 per resident on average in 2016.
  4. Glen Head ranks 4th out of 85 cities in Nassau County in consumer debt accumulation with $26 per resident on average in 2016.
  5. North Merrick ranks 5th out of 85 cities in Nassau County in consumer debt accumulation with $35 per resident on average in 2016.
  6. Searingtown ranks 6th out of 85 cities in Nassau County in consumer debt accumulation with $38 per resident on average in 2016.
  7. Plainedge ranks 7th out of 85 cities in Nassau County in consumer debt accumulation with $40 per resident on average in 2016.
  8. Matinecock ranks 8th out of 85 cities in Nassau County in consumer debt accumulation with $42 per resident on average in 2016.
  9. North Hills ranks 9th out of 85 cities in Nassau County in consumer debt accumulation with $46 per resident on average in 2016.
  10. Kings Point ranks 9th out of 85 cities in Nassau County in consumer debt accumulation with $46 per resident on average in 2016.
  11. Woodmere ranks 11th out of 85 cities in Nassau County in consumer debt accumulation with $48 per resident on average in 2016.
  12. South Floral Park ranks 12th out of 85 cities in Nassau County in consumer debt accumulation with $53 per resident on average in 2016.
  13. Massapequa Park ranks 13th out of 85 cities in Nassau County in consumer debt accumulation with $56 per resident on average in 2016.
  14. Roslyn Heights ranks 14th out of 85 cities in Nassau County in consumer debt accumulation with $57 per resident on average in 2016.
  15. Plainview ranks 14th out of 85 cities in Nassau County in consumer debt accumulation with $57 per resident on average in 2016.
  16. North Wantagh ranks 16th out of 85 cities in Nassau County in consumer debt accumulation with $58 per resident on average in 2016.
  17. Old Bethpage ranks 17th out of 85 cities in Nassau County in consumer debt accumulation with $62 per resident on average in 2016.
  18. Harbor Isle ranks 17th out of 85 cities in Nassau County in consumer debt accumulation with $62 per resident on average in 2016.
  19. Wantagh ranks 19th out of 85 cities in Nassau County in consumer debt accumulation with $64 per resident on average in 2016.
  20. Woodsburgh ranks 20th out of 85 cities in Nassau County in consumer debt accumulation with $67 per resident on average in 2016.
  21. Albertson ranks 22nd out of 85 cities in Nassau County in consumer debt accumulation with $68 per resident on average in 2016.
  22. Sands Point ranks 22nd out of 85 cities in Nassau County in consumer debt accumulation with $68 per resident on average in 2016.
  23. Salisbury ranks 22nd out of 85 cities in Nassau County in consumer debt accumulation with $68 per resident on average in 2016.
  24. Garden City ranks 24th out of 85 cities in Nassau County in consumer debt accumulation with $75 per resident on average in 2016.
  25. Massapequa ranks 25th out of 85 cities in Nassau County in consumer debt accumulation with $77 per resident on average in 2016.
  26. Bellmore ranks 26th out of 85 cities in Nassau County in consumer debt accumulation with $78 per resident on average in 2016.
  27. Floral Park ranks 27th out of 85 cities in Nassau County in consumer debt accumulation with $81 per resident on average in 2016.
  28. Old Westbury ranks 28th out of 85 cities in Nassau County in consumer debt accumulation with $82 per resident on average in 2016.
  29. Merrick ranks 29th out of 85 cities in Nassau County in consumer debt accumulation with $85 per resident on average in 2016.
  30. Manhasset ranks 30th out of 85 cities in Nassau County in consumer debt accumulation with $86 per resident on average in 2016.
  31. South Farmingdale ranks 30th out of 85 cities in Nassau County in consumer debt accumulation with $86 per resident on average in 2016.
  32. Hewlett Harbor ranks 32nd out of 85 cities in Nassau County in consumer debt accumulation with $92 per resident on average in 2016.
  33. Great Neck ranks 33rd out of 85 cities in Nassau County in consumer debt accumulation with $93 per resident on average in 2016.
  34. North Bellmore ranks 34th out of 85 cities in Nassau County in consumer debt accumulation with $102 per resident on average in 2016.
  35. Woodbury ranks 34th out of 85 cities in Nassau County in consumer debt accumulation with $102 per resident on average in 2016.
  36. Malverne ranks 36th out of 85 cities in Nassau County in consumer debt accumulation with $103 per resident on average in 2016.
  37. Rockville Centre ranks 36th out of 85 cities in Nassau County in consumer debt accumulation with $103 per resident on average in 2016.
  38. Island Park ranks 38th out of 85 cities in Nassau County in consumer debt accumulation with $104 per resident on average in 2016.
  39. Bethpage ranks 39th out of 85 cities in Nassau County in consumer debt accumulation with $105 per resident on average in 2016.
  40. Hewlett ranks 40th out of 85 cities in Nassau County in consumer debt accumulation with $106 per resident on average in 2016.
  41. Flower Hill ranks 41st out of 85 cities in Nassau County in consumer debt accumulation with $110 per resident on average in 2016.
  42. Levittown ranks 42nd out of 85 cities in Nassau County in consumer debt accumulation with $111 per resident on average in 2016.
  43. East Rockaway ranks 43rd out of 85 cities in Nassau County in consumer debt accumulation with $113 per resident on average in 2016.
  44. Old Brookville ranks 43rd out of 85 cities in Nassau County in consumer debt accumulation with $113 per resident on average in 2016.
  45. Baldwin ranks 45th out of 85 cities in Nassau County in consumer debt accumulation with $118 per resident on average in 2016.
  46. Port Washington ranks 46th out of 85 cities in Nassau County in consumer debt accumulation with $123 per resident on average in 2016.
  47. Seaford ranks 47th out of 85 cities in Nassau County in consumer debt accumulation with $125 per resident on average in 2016.
  48. Syosset ranks 48th out of 85 cities in Nassau County in consumer debt accumulation with $130 per resident on average in 2016.
  49. Bayville ranks 49th out of 85 cities in Nassau County in consumer debt accumulation with $133 per resident on average in 2016.
  50. Oceanside ranks 49th out of 85 cities in Nassau County in consumer debt accumulation with $133 per resident on average in 2016.
  51. New Hyde Park ranks 51st out of 85 cities in Nassau County in consumer debt accumulation with $134 per resident on average in 2016.
  52. North Valley Stream ranks 52nd out of 85 cities in Nassau County in consumer debt accumulation with $137 per resident on average in 2016.
  53. Oyster Bay ranks 53rd out of 85 cities in Nassau County in consumer debt accumulation with $139 per resident on average in 2016.
  54. Lynbrook ranks 54th out of 85 cities in Nassau County in consumer debt accumulation with $141 per resident on average in 2016.
  55. East Massapequa ranks 54th out of 85 cities in Nassau County in consumer debt accumulation with $141 per resident on average in 2016.
  56. Valley Stream ranks 56th out of 85 cities in Nassau County in consumer debt accumulation with $142 per resident on average in 2016.
  57. Farmingdale ranks 57th out of 85 cities in Nassau County in consumer debt accumulation with $148 per resident on average in 2016.
  58. Mineola ranks 58th out of 85 cities in Nassau County in consumer debt accumulation with $151 per resident on average in 2016.
  59. North Massapequa ranks 59th out of 85 cities in Nassau County in consumer debt accumulation with $155 per resident on average in 2016.
  60. Hicksville ranks 60th out of 85 cities in Nassau County in consumer debt accumulation with $156 per resident on average in 2016.
  61. Westbury ranks 61st out of 85 cities in Nassau County in consumer debt accumulation with $168 per resident on average in 2016.
  62. Franklin Square ranks 62nd out of 85 cities in Nassau County in consumer debt accumulation with $172 per resident on average in 2016.
  63. West Hempstead ranks 63rd out of 85 cities in Nassau County in consumer debt accumulation with $174 per resident on average in 2016.
  64. Elmont ranks 64th out of 85 cities in Nassau County in consumer debt accumulation with $188 per resident on average in 2016.
  65. Locust Valley ranks 65th out of 85 cities in Nassau County in consumer debt accumulation with $191 per resident on average in 2016.
  66. Jericho ranks 66th out of 85 cities in Nassau County in consumer debt accumulation with $197 per resident on average in 2016.
  67. Freeport ranks 66th out of 85 cities in Nassau County in consumer debt accumulation with $197 per resident on average in 2016.
  68. East Meadow ranks 68th out of 85 cities in Nassau County in consumer debt accumulation with $199 per resident on average in 2016.
  69. Inwood ranks 68th out of 85 cities in Nassau County in consumer debt accumulation with $199 per resident on average in 2016.
  70. Long Beach ranks 70th out of 85 cities in Nassau County in consumer debt accumulation with $200 per resident on average in 2016.
  71. Long Beach ranks 70th out of 85 cities in Nassau County in consumer debt accumulation with $200 per resident on average in 2016.
  72. Lattingtown ranks 72nd out of 85 cities in Nassau County in consumer debt accumulation with $216 per resident on average in 2016.
  73. Bellerose ranks 73rd out of 85 cities in Nassau County in consumer debt accumulation with $246 per resident on average in 2016.
  74. Roosevelt ranks 74th out of 85 cities in Nassau County in consumer debt accumulation with $248 per resident on average in 2016.
  75. Barnum Island ranks 75th out of 85 cities in Nassau County in consumer debt accumulation with $254 per resident on average in 2016.
  76. Sea Cliff ranks 76th out of 85 cities in Nassau County in consumer debt accumulation with $262 per resident on average in 2016.
  77. Baxter Estates ranks 77th out of 85 cities in Nassau County in consumer debt accumulation with $278 per resident on average in 2016.
  78. New Cassel ranks 78th out of 85 cities in Nassau County in consumer debt accumulation with $303 per resident on average in 2016.
  79. Garden City South ranks 79th out of 85 cities in Nassau County in consumer debt accumulation with $342 per resident on average in 2016.
  80. Laurel Hollow ranks 80th out of 85 cities in Nassau County in consumer debt accumulation with $378 per resident on average in 2016.
  81. Glen Cove ranks 81st out of 85 cities in Nassau County in consumer debt accumulation with $410 per resident on average in 2016.
  82. Glen Cove ranks 81st out of 85 cities in Nassau County in consumer debt accumulation with $410 per resident on average in 2016.
  83. Hempstead ranks 83rd out of 85 cities in Nassau County in consumer debt accumulation with $428 per resident on average in 2016.
  84. Uniondale ranks 84th out of 85 cities in Nassau County in consumer debt accumulation with $432 per resident on average in 2016.
  85. Port Washington North ranks 85th out of 85 cities in Nassau County in consumer debt accumulation with $446 per resident on average in 2016.
How does Nassau County rank in New York?
New York County Debt Distribution

5 counties in New York accumulated $500+ in debt in 2016. Long Beach averaged $200 per resident.

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