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Consumer Debt Facts in White Plains

New York Consumer Debt Accumulation by County

White Plains Consumer Debt Accumulation

$376 dollars in debt in 2016

The average White Plains resident accumulated $376 dollars in debt in 2016. White Plains citizens racked up a total of $21.8 million in debt in the 2016 fiscal year.

What are the Debt Consolidation Options available in White Plains?

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 White Plains

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 White Plains

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 128 debt or credit card complaints in White Plains.

Date Company and Reason
03/14/2018 A complaint against Receivables Performance Management, LLC filed on 03/14/2018 alleges that Receivables Performance Management, LLC is utilizing inappropriate communication tactics with the consumer during debt collection attempts.
03/14/2018 A complaint against Receivables Performance Management, LLC filed on 03/14/2018 alleges that Receivables Performance Management, LLC is utilizing inappropriate communication tactics with the consumer during debt collection attempts.
01/11/2018 A complaint against Colony Brands, Inc. was filed on 01/11/2018 regarding debt collection practices
01/11/2018 A complaint against Colony Brands, Inc. was filed on 01/11/2018 regarding debt collection practices
01/09/2018 A complaint against AMERICAN EXPRESS COMPANY filed on 01/09/2018 alleges that AMERICAN EXPRESS COMPANY is utilizing inappropriate communication tactics with the consumer during debt collection attempts.
01/09/2018 A complaint against AMERICAN EXPRESS COMPANY filed on 01/09/2018 alleges that AMERICAN EXPRESS COMPANY is utilizing inappropriate communication tactics with the consumer during debt collection attempts.
01/09/2018 A complaint against Firstsource Advantage, LLC filed on 01/09/2018 alleges that Firstsource Advantage, LLC is utilizing inappropriate communication tactics with the consumer during debt collection attempts.
01/09/2018 A complaint against Firstsource Advantage, LLC filed on 01/09/2018 alleges that Firstsource Advantage, LLC is utilizing inappropriate communication tactics with the consumer during debt collection attempts.
08/08/2017 A complaint against ENCORE CAPITAL GROUP INC. filed on 08/08/2017 alleges that ENCORE CAPITAL GROUP INC. is utilizing inappropriate communication tactics with the consumer during debt collection attempts.
08/08/2017 A complaint against ENCORE CAPITAL GROUP INC. filed on 08/08/2017 alleges that ENCORE CAPITAL GROUP INC. is utilizing inappropriate communication tactics with the consumer during debt collection attempts.

Last updated: 2018-04-12

Top Reasons for Debt in White Plains

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

Job Loss

When unemployment in White Plains 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.

Westchester County, New York annual city consumer debt rankings are in. We have analyzed the average consumer spending behavior across 45 cities and towns in Westchester County, NY. The average citizen in White Plains is spending approximately $376 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 Westchester County New York

  1. Ardsley ranks 1st out of 45 cities in Westchester County in consumer debt accumulation with $51 per resident on average in 2016.
  2. Croton-on-Hudson ranks 2nd out of 45 cities in Westchester County in consumer debt accumulation with $58 per resident on average in 2016.
  3. Pleasantville ranks 3rd out of 45 cities in Westchester County in consumer debt accumulation with $75 per resident on average in 2016.
  4. Jefferson Valley-Yorktown ranks 4th out of 45 cities in Westchester County in consumer debt accumulation with $79 per resident on average in 2016.
  5. Scarsdale ranks 5th out of 45 cities in Westchester County in consumer debt accumulation with $83 per resident on average in 2016.
  6. Rye Brook ranks 5th out of 45 cities in Westchester County in consumer debt accumulation with $83 per resident on average in 2016.
  7. Eastchester ranks 7th out of 45 cities in Westchester County in consumer debt accumulation with $99 per resident on average in 2016.
  8. Rye ranks 8th out of 45 cities in Westchester County in consumer debt accumulation with $103 per resident on average in 2016.
  9. Rye ranks 8th out of 45 cities in Westchester County in consumer debt accumulation with $103 per resident on average in 2016.
  10. Greenville ranks 10th out of 45 cities in Westchester County in consumer debt accumulation with $117 per resident on average in 2016.
  11. Briarcliff Manor ranks 11th out of 45 cities in Westchester County in consumer debt accumulation with $120 per resident on average in 2016.
  12. Pelham Manor ranks 12th out of 45 cities in Westchester County in consumer debt accumulation with $122 per resident on average in 2016.
  13. Scotts Corners ranks 13th out of 45 cities in Westchester County in consumer debt accumulation with $127 per resident on average in 2016.
  14. Tarrytown ranks 14th out of 45 cities in Westchester County in consumer debt accumulation with $137 per resident on average in 2016.
  15. Hawthorne ranks 15th out of 45 cities in Westchester County in consumer debt accumulation with $140 per resident on average in 2016.
  16. Larchmont ranks 16th out of 45 cities in Westchester County in consumer debt accumulation with $150 per resident on average in 2016.
  17. Sleepy Hollow ranks 17th out of 45 cities in Westchester County in consumer debt accumulation with $174 per resident on average in 2016.
  18. Lake Mohegan ranks 18th out of 45 cities in Westchester County in consumer debt accumulation with $178 per resident on average in 2016.
  19. Harrison ranks 19th out of 45 cities in Westchester County in consumer debt accumulation with $181 per resident on average in 2016.
  20. Irvington ranks 20th out of 45 cities in Westchester County in consumer debt accumulation with $187 per resident on average in 2016.
  21. Ossining ranks 21st out of 45 cities in Westchester County in consumer debt accumulation with $198 per resident on average in 2016.
  22. Pelham ranks 22nd out of 45 cities in Westchester County in consumer debt accumulation with $207 per resident on average in 2016.
  23. Bedford ranks 23rd out of 45 cities in Westchester County in consumer debt accumulation with $219 per resident on average in 2016.
  24. Montrose ranks 24th out of 45 cities in Westchester County in consumer debt accumulation with $226 per resident on average in 2016.
  25. Dobbs Ferry ranks 25th out of 45 cities in Westchester County in consumer debt accumulation with $227 per resident on average in 2016.
  26. Tuckahoe ranks 26th out of 45 cities in Westchester County in consumer debt accumulation with $241 per resident on average in 2016.
  27. Hastings-on-Hudson ranks 27th out of 45 cities in Westchester County in consumer debt accumulation with $246 per resident on average in 2016.
  28. Heritage Hills ranks 28th out of 45 cities in Westchester County in consumer debt accumulation with $255 per resident on average in 2016.
  29. New Rochelle ranks 29th out of 45 cities in Westchester County in consumer debt accumulation with $266 per resident on average in 2016.
  30. New Rochelle ranks 29th out of 45 cities in Westchester County in consumer debt accumulation with $266 per resident on average in 2016.
  31. Mamaroneck ranks 31st out of 45 cities in Westchester County in consumer debt accumulation with $283 per resident on average in 2016.
  32. Elmsford ranks 32nd out of 45 cities in Westchester County in consumer debt accumulation with $325 per resident on average in 2016.
  33. Port Chester ranks 33rd out of 45 cities in Westchester County in consumer debt accumulation with $356 per resident on average in 2016.
  34. Yonkers ranks 34th out of 45 cities in Westchester County in consumer debt accumulation with $362 per resident on average in 2016.
  35. Yonkers ranks 34th out of 45 cities in Westchester County in consumer debt accumulation with $362 per resident on average in 2016.
  36. Mount Kisco ranks 36th out of 45 cities in Westchester County in consumer debt accumulation with $368 per resident on average in 2016.
  37. Crugers ranks 37th out of 45 cities in Westchester County in consumer debt accumulation with $370 per resident on average in 2016.
  38. White Plains ranks 38th out of 45 cities in Westchester County in consumer debt accumulation with $376 per resident on average in 2016.
  39. White Plains ranks 38th out of 45 cities in Westchester County in consumer debt accumulation with $376 per resident on average in 2016.
  40. Mount Vernon ranks 40th out of 45 cities in Westchester County in consumer debt accumulation with $377 per resident on average in 2016.
  41. Mount Vernon ranks 40th out of 45 cities in Westchester County in consumer debt accumulation with $377 per resident on average in 2016.
  42. Hartsdale ranks 42nd out of 45 cities in Westchester County in consumer debt accumulation with $414 per resident on average in 2016.
  43. Peekskill ranks 43rd out of 45 cities in Westchester County in consumer debt accumulation with $416 per resident on average in 2016.
  44. Peekskill ranks 43rd out of 45 cities in Westchester County in consumer debt accumulation with $416 per resident on average in 2016.
  45. Fairview ranks 45th out of 45 cities in Westchester County in consumer debt accumulation with $473 per resident on average in 2016.
How does Westchester County rank in New York?
New York County Debt Distribution

5 counties in New York accumulated $500+ in debt in 2016. White Plains averaged $376 per resident.

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