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Consumer Debt Facts in West Seneca

New York Consumer Debt Accumulation by County

West Seneca Consumer Debt Accumulation

$195 dollars in debt in 2016

The average West Seneca resident accumulated $195 dollars in debt in 2016. West Seneca citizens racked up a total of $8.8 million in debt in the 2016 fiscal year.

What are the Debt Consolidation Options available in West Seneca?

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 West Seneca

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 West Seneca

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 78 debt or credit card complaints in West Seneca.

Date Company and Reason
03/09/2018 A complaint against Recovery Solutions Group, LLC filed on 03/09/2018 alleges that Recovery Solutions Group, LLC is utilizing inappropriate communication tactics with the consumer during debt collection attempts.
03/08/2018 A complaint against PORTFOLIO RECOVERY ASSOCIATES INC was filed on 03/08/2018 regarding debt collection practices
03/05/2018 A complaint against NRA Group, LLC was filed on 03/05/2018 regarding debt collection practices
12/27/2017 A complaint against BARCLAYS BANK DELAWARE was filed on 12/27/2017 regarding credit card or prepaid card practices
12/08/2017 A complaint against CAPITAL ONE FINANCIAL CORPORATION was filed on 12/08/2017 regarding debt collection practices
12/08/2017 A complaint against Malen & Associates, p.c. was filed on 12/08/2017 regarding debt collection practices
09/10/2017 A complaint against NAVY FEDERAL CREDIT UNION filed on 09/10/2017 alleges that NAVY FEDERAL CREDIT UNION is utilizing inappropriate communication tactics with the consumer during debt collection attempts.
08/25/2017 A complaint against Alliance Data Card Services was filed on 08/25/2017 regarding credit card or prepaid card practices
07/12/2017 A complaint against BANK OF AMERICA, NATIONAL ASSOCIATION was filed on 07/12/2017 regarding credit card or prepaid card practices
05/20/2017 A complaint against Alliance Data Card Services was filed on 05/20/2017 regarding debt collection practices

Last updated: 2018-04-12

Top Reasons for Debt in West Seneca

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

Job Loss

When unemployment in West Seneca 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.

Erie County, New York annual city consumer debt rankings are in. We have analyzed the average consumer spending behavior across 32 cities and towns in Erie County, NY. The average citizen in West Seneca is spending approximately $195 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 Erie County New York

  1. Elma Center ranks 1st out of 32 cities in Erie County in consumer debt accumulation with $90 per resident on average in 2016.
  2. Harris Hill ranks 2nd out of 32 cities in Erie County in consumer debt accumulation with $110 per resident on average in 2016.
  3. Eden ranks 2nd out of 32 cities in Erie County in consumer debt accumulation with $110 per resident on average in 2016.
  4. Wanakah ranks 4th out of 32 cities in Erie County in consumer debt accumulation with $145 per resident on average in 2016.
  5. East Aurora ranks 4th out of 32 cities in Erie County in consumer debt accumulation with $145 per resident on average in 2016.
  6. Sloan ranks 6th out of 32 cities in Erie County in consumer debt accumulation with $146 per resident on average in 2016.
  7. Lake Erie Beach ranks 7th out of 32 cities in Erie County in consumer debt accumulation with $151 per resident on average in 2016.
  8. University at Buffalo ranks 8th out of 32 cities in Erie County in consumer debt accumulation with $179 per resident on average in 2016.
  9. Angola ranks 9th out of 32 cities in Erie County in consumer debt accumulation with $184 per resident on average in 2016.
  10. Lancaster ranks 10th out of 32 cities in Erie County in consumer debt accumulation with $191 per resident on average in 2016.
  11. West Seneca ranks 11th out of 32 cities in Erie County in consumer debt accumulation with $195 per resident on average in 2016.
  12. Depew ranks 12th out of 32 cities in Erie County in consumer debt accumulation with $199 per resident on average in 2016.
  13. North Collins ranks 13th out of 32 cities in Erie County in consumer debt accumulation with $217 per resident on average in 2016.
  14. Billington Heights ranks 14th out of 32 cities in Erie County in consumer debt accumulation with $218 per resident on average in 2016.
  15. Tonawanda ranks 15th out of 32 cities in Erie County in consumer debt accumulation with $224 per resident on average in 2016.
  16. Angola on the Lake ranks 16th out of 32 cities in Erie County in consumer debt accumulation with $233 per resident on average in 2016.
  17. Akron ranks 17th out of 32 cities in Erie County in consumer debt accumulation with $240 per resident on average in 2016.
  18. Springville ranks 18th out of 32 cities in Erie County in consumer debt accumulation with $251 per resident on average in 2016.
  19. Kenmore ranks 19th out of 32 cities in Erie County in consumer debt accumulation with $258 per resident on average in 2016.
  20. Cheektowaga ranks 21st out of 32 cities in Erie County in consumer debt accumulation with $294 per resident on average in 2016.
  21. Tonawanda ranks 21st out of 32 cities in Erie County in consumer debt accumulation with $294 per resident on average in 2016.
  22. Tonawanda ranks 21st out of 32 cities in Erie County in consumer debt accumulation with $294 per resident on average in 2016.
  23. Alden ranks 23rd out of 32 cities in Erie County in consumer debt accumulation with $331 per resident on average in 2016.
  24. Lackawanna ranks 24th out of 32 cities in Erie County in consumer debt accumulation with $361 per resident on average in 2016.
  25. Lackawanna ranks 24th out of 32 cities in Erie County in consumer debt accumulation with $361 per resident on average in 2016.
  26. Gowanda ranks 26th out of 32 cities in Erie County in consumer debt accumulation with $380 per resident on average in 2016.
  27. Williamsville ranks 27th out of 32 cities in Erie County in consumer debt accumulation with $408 per resident on average in 2016.
  28. Blasdell ranks 28th out of 32 cities in Erie County in consumer debt accumulation with $431 per resident on average in 2016.
  29. Eggertsville ranks 29th out of 32 cities in Erie County in consumer debt accumulation with $477 per resident on average in 2016.
  30. Farnham ranks 30th out of 32 cities in Erie County in consumer debt accumulation with $539 per resident on average in 2016.
  31. Buffalo ranks 31st out of 32 cities in Erie County in consumer debt accumulation with $668 per resident on average in 2016.
  32. Buffalo ranks 31st out of 32 cities in Erie County in consumer debt accumulation with $668 per resident on average in 2016.
How does Erie County rank in New York?
New York County Debt Distribution

5 counties in New York accumulated $500+ in debt in 2016. West Seneca averaged $195 per resident.

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