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Consumer Debt Facts in Smithtown

New York Consumer Debt Accumulation by County

Smithtown Consumer Debt Accumulation

$103 dollars in debt in 2016

The average Smithtown resident accumulated $103 dollars in debt in 2016. Smithtown citizens racked up a total of $2.7 million in debt in the 2016 fiscal year.

What are the Debt Consolidation Options available in Smithtown?

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 Smithtown

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 Smithtown

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 69 debt or credit card complaints in Smithtown.

Date Company and Reason
03/08/2018 A complaint against National Enterprise Systems, Inc. was filed on 03/08/2018 relating to debt collection practices and alleges that National Enterprise Systems, Inc. is attempting to collect a debt not owed by the consumer.
03/08/2018 A complaint against Navient Solutions, LLC. was filed on 03/08/2018 relating to debt collection practices and alleges that Navient Solutions, LLC. is attempting to collect a debt not owed by the consumer.
02/23/2018 A complaint against CITIBANK, N.A. was filed on 02/23/2018 regarding credit card or prepaid card practices
02/21/2018 A complaint against CITIBANK, N.A. was filed on 02/21/2018 regarding credit card or prepaid card practices
11/30/2017 A complaint against New Era Asset Management, LLC was filed on 11/30/2017 regarding debt collection practices
11/17/2017 A complaint against CAPITAL ONE FINANCIAL CORPORATION was filed on 11/17/2017 regarding credit card or prepaid card practices
11/14/2017 A complaint against Alliance Data Card Services was filed on 11/14/2017 regarding credit card or prepaid card practices
10/26/2017 A complaint against SYNCHRONY FINANCIAL was filed on 10/26/2017 regarding credit card or prepaid card practices
10/24/2017 A complaint against SYNCHRONY FINANCIAL was filed on 10/24/2017 regarding credit card or prepaid card practices
10/01/2017 A complaint against AMERICAN EXPRESS COMPANY was filed on 10/01/2017 regarding credit card or prepaid card practices

Last updated: 2018-04-12

Top Reasons for Debt in Smithtown

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

Job Loss

When unemployment in Smithtown 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.

Suffolk County, New York annual city consumer debt rankings are in. We have analyzed the average consumer spending behavior across 104 cities and towns in Suffolk County, NY. The average citizen in Smithtown is spending approximately $103 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 Suffolk County New York

  1. Nesconset ranks 1st out of 104 cities in Suffolk County in consumer debt accumulation with $37 per resident on average in 2016.
  2. Farmingville ranks 2nd out of 104 cities in Suffolk County in consumer debt accumulation with $53 per resident on average in 2016.
  3. Mount Sinai ranks 3rd out of 104 cities in Suffolk County in consumer debt accumulation with $64 per resident on average in 2016.
  4. Manorville ranks 4th out of 104 cities in Suffolk County in consumer debt accumulation with $67 per resident on average in 2016.
  5. Terryville ranks 5th out of 104 cities in Suffolk County in consumer debt accumulation with $72 per resident on average in 2016.
  6. Noyack ranks 6th out of 104 cities in Suffolk County in consumer debt accumulation with $73 per resident on average in 2016.
  7. Kings Park ranks 7th out of 104 cities in Suffolk County in consumer debt accumulation with $85 per resident on average in 2016.
  8. Cold Spring Harbor ranks 8th out of 104 cities in Suffolk County in consumer debt accumulation with $87 per resident on average in 2016.
  9. Melville ranks 9th out of 104 cities in Suffolk County in consumer debt accumulation with $90 per resident on average in 2016.
  10. Southold ranks 10th out of 104 cities in Suffolk County in consumer debt accumulation with $93 per resident on average in 2016.
  11. Elwood ranks 11th out of 104 cities in Suffolk County in consumer debt accumulation with $94 per resident on average in 2016.
  12. Dix Hills ranks 12th out of 104 cities in Suffolk County in consumer debt accumulation with $95 per resident on average in 2016.
  13. East Farmingdale ranks 13th out of 104 cities in Suffolk County in consumer debt accumulation with $96 per resident on average in 2016.
  14. Rocky Point ranks 14th out of 104 cities in Suffolk County in consumer debt accumulation with $102 per resident on average in 2016.
  15. Smithtown ranks 15th out of 104 cities in Suffolk County in consumer debt accumulation with $103 per resident on average in 2016.
  16. West Sayville ranks 16th out of 104 cities in Suffolk County in consumer debt accumulation with $105 per resident on average in 2016.
  17. Setauket-East Setauket ranks 16th out of 104 cities in Suffolk County in consumer debt accumulation with $105 per resident on average in 2016.
  18. West Islip ranks 18th out of 104 cities in Suffolk County in consumer debt accumulation with $107 per resident on average in 2016.
  19. Sayville ranks 19th out of 104 cities in Suffolk County in consumer debt accumulation with $108 per resident on average in 2016.
  20. Wheatley Heights ranks 20th out of 104 cities in Suffolk County in consumer debt accumulation with $109 per resident on average in 2016.
  21. Sound Beach ranks 21st out of 104 cities in Suffolk County in consumer debt accumulation with $110 per resident on average in 2016.
  22. Commack ranks 22nd out of 104 cities in Suffolk County in consumer debt accumulation with $115 per resident on average in 2016.
  23. Belle Terre ranks 23rd out of 104 cities in Suffolk County in consumer debt accumulation with $120 per resident on average in 2016.
  24. Holtsville ranks 24th out of 104 cities in Suffolk County in consumer debt accumulation with $123 per resident on average in 2016.
  25. Oakdale ranks 25th out of 104 cities in Suffolk County in consumer debt accumulation with $124 per resident on average in 2016.
  26. Babylon ranks 26th out of 104 cities in Suffolk County in consumer debt accumulation with $126 per resident on average in 2016.
  27. West Bay Shore ranks 27th out of 104 cities in Suffolk County in consumer debt accumulation with $127 per resident on average in 2016.
  28. West Babylon ranks 28th out of 104 cities in Suffolk County in consumer debt accumulation with $130 per resident on average in 2016.
  29. Holbrook ranks 29th out of 104 cities in Suffolk County in consumer debt accumulation with $132 per resident on average in 2016.
  30. Center Moriches ranks 30th out of 104 cities in Suffolk County in consumer debt accumulation with $133 per resident on average in 2016.
  31. North Great River ranks 31st out of 104 cities in Suffolk County in consumer debt accumulation with $136 per resident on average in 2016.
  32. Miller Place ranks 32nd out of 104 cities in Suffolk County in consumer debt accumulation with $139 per resident on average in 2016.
  33. North Babylon ranks 33rd out of 104 cities in Suffolk County in consumer debt accumulation with $144 per resident on average in 2016.
  34. West Hills ranks 34th out of 104 cities in Suffolk County in consumer debt accumulation with $145 per resident on average in 2016.
  35. Shirley ranks 35th out of 104 cities in Suffolk County in consumer debt accumulation with $147 per resident on average in 2016.
  36. Amagansett ranks 36th out of 104 cities in Suffolk County in consumer debt accumulation with $150 per resident on average in 2016.
  37. Hauppauge ranks 37th out of 104 cities in Suffolk County in consumer debt accumulation with $151 per resident on average in 2016.
  38. North Sea ranks 38th out of 104 cities in Suffolk County in consumer debt accumulation with $155 per resident on average in 2016.
  39. Deer Park ranks 38th out of 104 cities in Suffolk County in consumer debt accumulation with $155 per resident on average in 2016.
  40. Calverton ranks 40th out of 104 cities in Suffolk County in consumer debt accumulation with $159 per resident on average in 2016.
  41. St. James ranks 40th out of 104 cities in Suffolk County in consumer debt accumulation with $159 per resident on average in 2016.
  42. Ronkonkoma ranks 42nd out of 104 cities in Suffolk County in consumer debt accumulation with $166 per resident on average in 2016.
  43. Fort Salonga ranks 43rd out of 104 cities in Suffolk County in consumer debt accumulation with $167 per resident on average in 2016.
  44. East Islip ranks 44th out of 104 cities in Suffolk County in consumer debt accumulation with $168 per resident on average in 2016.
  45. East Shoreham ranks 45th out of 104 cities in Suffolk County in consumer debt accumulation with $169 per resident on average in 2016.
  46. East Northport ranks 46th out of 104 cities in Suffolk County in consumer debt accumulation with $170 per resident on average in 2016.
  47. Lake Grove ranks 47th out of 104 cities in Suffolk County in consumer debt accumulation with $171 per resident on average in 2016.
  48. Centereach ranks 48th out of 104 cities in Suffolk County in consumer debt accumulation with $173 per resident on average in 2016.
  49. Lindenhurst ranks 49th out of 104 cities in Suffolk County in consumer debt accumulation with $174 per resident on average in 2016.
  50. Poquott ranks 49th out of 104 cities in Suffolk County in consumer debt accumulation with $174 per resident on average in 2016.
  51. Bohemia ranks 51st out of 104 cities in Suffolk County in consumer debt accumulation with $179 per resident on average in 2016.
  52. Amityville ranks 52nd out of 104 cities in Suffolk County in consumer debt accumulation with $183 per resident on average in 2016.
  53. Fire Island ranks 53rd out of 104 cities in Suffolk County in consumer debt accumulation with $185 per resident on average in 2016.
  54. Orient ranks 54th out of 104 cities in Suffolk County in consumer debt accumulation with $186 per resident on average in 2016.
  55. North Patchogue ranks 55th out of 104 cities in Suffolk County in consumer debt accumulation with $188 per resident on average in 2016.
  56. Nissequogue ranks 56th out of 104 cities in Suffolk County in consumer debt accumulation with $194 per resident on average in 2016.
  57. Coram ranks 57th out of 104 cities in Suffolk County in consumer debt accumulation with $195 per resident on average in 2016.
  58. Northport ranks 58th out of 104 cities in Suffolk County in consumer debt accumulation with $198 per resident on average in 2016.
  59. Bayport ranks 59th out of 104 cities in Suffolk County in consumer debt accumulation with $199 per resident on average in 2016.
  60. Copiague ranks 60th out of 104 cities in Suffolk County in consumer debt accumulation with $200 per resident on average in 2016.
  61. Selden ranks 60th out of 104 cities in Suffolk County in consumer debt accumulation with $200 per resident on average in 2016.
  62. North Lindenhurst ranks 62nd out of 104 cities in Suffolk County in consumer debt accumulation with $202 per resident on average in 2016.
  63. Ridge ranks 63rd out of 104 cities in Suffolk County in consumer debt accumulation with $203 per resident on average in 2016.
  64. Yaphank ranks 64th out of 104 cities in Suffolk County in consumer debt accumulation with $206 per resident on average in 2016.
  65. North Bay Shore ranks 65th out of 104 cities in Suffolk County in consumer debt accumulation with $209 per resident on average in 2016.
  66. Medford ranks 65th out of 104 cities in Suffolk County in consumer debt accumulation with $209 per resident on average in 2016.
  67. Greenlawn ranks 67th out of 104 cities in Suffolk County in consumer debt accumulation with $223 per resident on average in 2016.
  68. Central Islip ranks 68th out of 104 cities in Suffolk County in consumer debt accumulation with $236 per resident on average in 2016.
  69. East Patchogue ranks 69th out of 104 cities in Suffolk County in consumer debt accumulation with $239 per resident on average in 2016.
  70. Quogue ranks 69th out of 104 cities in Suffolk County in consumer debt accumulation with $239 per resident on average in 2016.
  71. Huntington ranks 71st out of 104 cities in Suffolk County in consumer debt accumulation with $241 per resident on average in 2016.
  72. Mastic Beach ranks 72nd out of 104 cities in Suffolk County in consumer debt accumulation with $244 per resident on average in 2016.
  73. Mastic ranks 73rd out of 104 cities in Suffolk County in consumer debt accumulation with $246 per resident on average in 2016.
  74. Islip ranks 74th out of 104 cities in Suffolk County in consumer debt accumulation with $250 per resident on average in 2016.
  75. Village of the Branch ranks 75th out of 104 cities in Suffolk County in consumer debt accumulation with $251 per resident on average in 2016.
  76. Lake Ronkonkoma ranks 76th out of 104 cities in Suffolk County in consumer debt accumulation with $260 per resident on average in 2016.
  77. Patchogue ranks 77th out of 104 cities in Suffolk County in consumer debt accumulation with $273 per resident on average in 2016.
  78. North Haven ranks 78th out of 104 cities in Suffolk County in consumer debt accumulation with $274 per resident on average in 2016.
  79. Bay Shore ranks 79th out of 104 cities in Suffolk County in consumer debt accumulation with $282 per resident on average in 2016.
  80. Greenport ranks 80th out of 104 cities in Suffolk County in consumer debt accumulation with $284 per resident on average in 2016.
  81. North Bellport ranks 81st out of 104 cities in Suffolk County in consumer debt accumulation with $286 per resident on average in 2016.
  82. East Hampton North ranks 81st out of 104 cities in Suffolk County in consumer debt accumulation with $286 per resident on average in 2016.
  83. Baywood ranks 83rd out of 104 cities in Suffolk County in consumer debt accumulation with $287 per resident on average in 2016.
  84. East Moriches ranks 84th out of 104 cities in Suffolk County in consumer debt accumulation with $304 per resident on average in 2016.
  85. Brentwood ranks 85th out of 104 cities in Suffolk County in consumer debt accumulation with $307 per resident on average in 2016.
  86. Middle Island ranks 86th out of 104 cities in Suffolk County in consumer debt accumulation with $310 per resident on average in 2016.
  87. Sag Harbor ranks 86th out of 104 cities in Suffolk County in consumer debt accumulation with $310 per resident on average in 2016.
  88. Huntington Station ranks 88th out of 104 cities in Suffolk County in consumer debt accumulation with $330 per resident on average in 2016.
  89. North Amityville ranks 88th out of 104 cities in Suffolk County in consumer debt accumulation with $330 per resident on average in 2016.
  90. Wyandanch ranks 90th out of 104 cities in Suffolk County in consumer debt accumulation with $331 per resident on average in 2016.
  91. Westhampton Beach ranks 91st out of 104 cities in Suffolk County in consumer debt accumulation with $334 per resident on average in 2016.
  92. Stony Brook ranks 92nd out of 104 cities in Suffolk County in consumer debt accumulation with $340 per resident on average in 2016.
  93. South Huntington ranks 92nd out of 104 cities in Suffolk County in consumer debt accumulation with $340 per resident on average in 2016.
  94. Hampton Bays ranks 94th out of 104 cities in Suffolk County in consumer debt accumulation with $343 per resident on average in 2016.
  95. Port Jefferson ranks 95th out of 104 cities in Suffolk County in consumer debt accumulation with $357 per resident on average in 2016.
  96. Remsenburg-Speonk ranks 96th out of 104 cities in Suffolk County in consumer debt accumulation with $361 per resident on average in 2016.
  97. Montauk ranks 97th out of 104 cities in Suffolk County in consumer debt accumulation with $376 per resident on average in 2016.
  98. Port Jefferson Station ranks 98th out of 104 cities in Suffolk County in consumer debt accumulation with $392 per resident on average in 2016.
  99. Westhampton ranks 99th out of 104 cities in Suffolk County in consumer debt accumulation with $427 per resident on average in 2016.
  100. Riverhead ranks 100th out of 104 cities in Suffolk County in consumer debt accumulation with $438 per resident on average in 2016.
  101. Northwest Harbor ranks 101st out of 104 cities in Suffolk County in consumer debt accumulation with $515 per resident on average in 2016.
  102. Wainscott ranks 102nd out of 104 cities in Suffolk County in consumer debt accumulation with $547 per resident on average in 2016.
  103. Brookhaven ranks 103rd out of 104 cities in Suffolk County in consumer debt accumulation with $553 per resident on average in 2016.
  104. Gordon Heights ranks 104th out of 104 cities in Suffolk County in consumer debt accumulation with $572 per resident on average in 2016.
How does Suffolk County rank in New York?
New York County Debt Distribution

5 counties in New York accumulated $500+ in debt in 2016. Smithtown averaged $103 per resident.

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