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Consumer Debt Facts in Columbus

Ohio Consumer Debt Accumulation by County

Columbus Consumer Debt Accumulation

$538 dollars in debt in 2016

The average Columbus resident accumulated $538 dollars in debt in 2016. Columbus citizens racked up a total of $451.0 million in debt in the 2016 fiscal year.

What are the Debt Consolidation Options available in Columbus?

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 Columbus

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 Columbus

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 OH

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 1247 debt or credit card complaints in Columbus.

Date Company and Reason
04/02/2018 A complaint against CONTRACT CALLERS INC was filed on 04/02/2018 relating to debt collection practices and alleges that CONTRACT CALLERS INC is attempting to collect a debt not owed by the consumer.
03/27/2018 A complaint against VIRTUOSO SOURCING GROUP, LLC. was filed on 03/27/2018 relating to debt collection practices and alleges that VIRTUOSO SOURCING GROUP, LLC. is attempting to collect a debt not owed by the consumer.
03/26/2018 A complaint against BALANCED HEALTHCARE RECEIVABLES, LLC was filed on 03/26/2018 relating to debt collection practices and alleges that BALANCED HEALTHCARE RECEIVABLES, LLC is attempting to collect a debt not owed by the consumer.
03/21/2018 A complaint against National Credit Adjusters, LLC was filed on 03/21/2018 regarding debt collection practices
03/21/2018 A complaint against Alliance Data Card Services was filed on 03/21/2018 regarding credit card or prepaid card practices
03/18/2018 A complaint against SYNCHRONY FINANCIAL was filed on 03/18/2018 regarding credit card or prepaid card practices
03/14/2018 A complaint against FIFTH THIRD FINANCIAL CORPORATION was filed on 03/14/2018 regarding credit card or prepaid card practices
03/13/2018 A complaint against Debt Recovery Solutions, LLC was filed on 03/13/2018 relating to debt collection practices and alleges that Debt Recovery Solutions, LLC is attempting to collect a debt not owed by the consumer.
03/12/2018 A complaint against CITIBANK, N.A. was filed on 03/12/2018 regarding debt collection practices
03/12/2018 A complaint against Diversified Consultants, Inc. filed on 03/12/2018 alleges that Diversified Consultants, Inc. is utilizing inappropriate communication tactics with the consumer during debt collection attempts.

Last updated: 2018-04-12

Top Reasons for Debt in Columbus

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

Job Loss

When unemployment in Columbus 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.

Franklin County, Ohio annual city consumer debt rankings are in. We have analyzed the average consumer spending behavior across 24 cities and towns in Franklin County, OH. The average citizen in Columbus is spending approximately $538 more dollars than they earned annually, compared to the average of $321 across Ohio. All statistics according to the latest data(2016).

Highest Debt Cities in Franklin County Ohio

  1. Dublin ranks 1st out of 24 cities in Franklin County in consumer debt accumulation with $46 per resident on average in 2016.
  2. Hilliard ranks 2nd out of 24 cities in Franklin County in consumer debt accumulation with $77 per resident on average in 2016.
  3. Huber Ridge ranks 3rd out of 24 cities in Franklin County in consumer debt accumulation with $95 per resident on average in 2016.
  4. Lake Darby ranks 4th out of 24 cities in Franklin County in consumer debt accumulation with $98 per resident on average in 2016.
  5. Worthington ranks 5th out of 24 cities in Franklin County in consumer debt accumulation with $111 per resident on average in 2016.
  6. Canal Winchester ranks 6th out of 24 cities in Franklin County in consumer debt accumulation with $112 per resident on average in 2016.
  7. Pickerington ranks 7th out of 24 cities in Franklin County in consumer debt accumulation with $130 per resident on average in 2016.
  8. Grandview Heights ranks 8th out of 24 cities in Franklin County in consumer debt accumulation with $144 per resident on average in 2016.
  9. Upper Arlington ranks 9th out of 24 cities in Franklin County in consumer debt accumulation with $147 per resident on average in 2016.
  10. Minerva Park ranks 10th out of 24 cities in Franklin County in consumer debt accumulation with $161 per resident on average in 2016.
  11. Reynoldsburg ranks 11th out of 24 cities in Franklin County in consumer debt accumulation with $198 per resident on average in 2016.
  12. Westerville ranks 12th out of 24 cities in Franklin County in consumer debt accumulation with $205 per resident on average in 2016.
  13. Gahanna ranks 13th out of 24 cities in Franklin County in consumer debt accumulation with $208 per resident on average in 2016.
  14. Grove City ranks 14th out of 24 cities in Franklin County in consumer debt accumulation with $211 per resident on average in 2016.
  15. Groveport ranks 15th out of 24 cities in Franklin County in consumer debt accumulation with $217 per resident on average in 2016.
  16. Blacklick Estates ranks 16th out of 24 cities in Franklin County in consumer debt accumulation with $282 per resident on average in 2016.
  17. Lincoln Village ranks 17th out of 24 cities in Franklin County in consumer debt accumulation with $321 per resident on average in 2016.
  18. Valleyview ranks 18th out of 24 cities in Franklin County in consumer debt accumulation with $338 per resident on average in 2016.
  19. Bexley ranks 19th out of 24 cities in Franklin County in consumer debt accumulation with $354 per resident on average in 2016.
  20. Harrisburg ranks 20th out of 24 cities in Franklin County in consumer debt accumulation with $361 per resident on average in 2016.
  21. Whitehall ranks 21st out of 24 cities in Franklin County in consumer debt accumulation with $400 per resident on average in 2016.
  22. Obetz ranks 22nd out of 24 cities in Franklin County in consumer debt accumulation with $433 per resident on average in 2016.
  23. Urbancrest ranks 23rd out of 24 cities in Franklin County in consumer debt accumulation with $497 per resident on average in 2016.
  24. Columbus ranks 24th out of 24 cities in Franklin County in consumer debt accumulation with $538 per resident on average in 2016.
How does Franklin County rank in Ohio?
Ohio County Debt Distribution

4 counties in Ohio accumulated $500+ in debt in 2016. Columbus averaged $538 per resident.

Debt-Consolidation.com

Delaware County, Ohio annual city consumer debt rankings are in. We have analyzed the average consumer spending behavior across 7 cities and towns in Delaware County, OH. The average citizen in Columbus is spending approximately $538 more dollars than they earned annually, compared to the average of $321 across Ohio. All statistics according to the latest data(2016).

Highest Debt Cities in Delaware County Ohio

  1. Powell ranks 1st out of 7 cities in Delaware County in consumer debt accumulation with $28 per resident on average in 2016.
  2. Dublin ranks 2nd out of 7 cities in Delaware County in consumer debt accumulation with $46 per resident on average in 2016.
  3. Westerville ranks 3rd out of 7 cities in Delaware County in consumer debt accumulation with $205 per resident on average in 2016.
  4. Delaware ranks 4th out of 7 cities in Delaware County in consumer debt accumulation with $229 per resident on average in 2016.
  5. Sunbury ranks 5th out of 7 cities in Delaware County in consumer debt accumulation with $232 per resident on average in 2016.
  6. Columbus ranks 6th out of 7 cities in Delaware County in consumer debt accumulation with $538 per resident on average in 2016.
  7. Ashley ranks 7th out of 7 cities in Delaware County in consumer debt accumulation with $672 per resident on average in 2016.
How does Delaware County rank in Ohio?
Ohio County Debt Distribution

4 counties in Ohio accumulated $500+ in debt in 2016. Columbus averaged $538 per resident.

Debt-Consolidation.com

Fairfield County, Ohio annual city consumer debt rankings are in. We have analyzed the average consumer spending behavior across 13 cities and towns in Fairfield County, OH. The average citizen in Columbus is spending approximately $538 more dollars than they earned annually, compared to the average of $321 across Ohio. All statistics according to the latest data(2016).

Highest Debt Cities in Fairfield County Ohio

  1. Canal Winchester ranks 1st out of 13 cities in Fairfield County in consumer debt accumulation with $112 per resident on average in 2016.
  2. Pickerington ranks 2nd out of 13 cities in Fairfield County in consumer debt accumulation with $130 per resident on average in 2016.
  3. Rushville ranks 3rd out of 13 cities in Fairfield County in consumer debt accumulation with $133 per resident on average in 2016.
  4. Reynoldsburg ranks 4th out of 13 cities in Fairfield County in consumer debt accumulation with $198 per resident on average in 2016.
  5. Buckeye Lake ranks 5th out of 13 cities in Fairfield County in consumer debt accumulation with $213 per resident on average in 2016.
  6. Thurston ranks 6th out of 13 cities in Fairfield County in consumer debt accumulation with $286 per resident on average in 2016.
  7. Carroll ranks 7th out of 13 cities in Fairfield County in consumer debt accumulation with $323 per resident on average in 2016.
  8. Stoutsville ranks 8th out of 13 cities in Fairfield County in consumer debt accumulation with $372 per resident on average in 2016.
  9. Bremen ranks 9th out of 13 cities in Fairfield County in consumer debt accumulation with $399 per resident on average in 2016.
  10. Pleasantville ranks 10th out of 13 cities in Fairfield County in consumer debt accumulation with $460 per resident on average in 2016.
  11. Lancaster ranks 11th out of 13 cities in Fairfield County in consumer debt accumulation with $487 per resident on average in 2016.
  12. Columbus ranks 12th out of 13 cities in Fairfield County in consumer debt accumulation with $538 per resident on average in 2016.
  13. Sugar Grove ranks 13th out of 13 cities in Fairfield County in consumer debt accumulation with $870 per resident on average in 2016.
How does Fairfield County rank in Ohio?
Ohio County Debt Distribution

4 counties in Ohio accumulated $500+ in debt in 2016. Columbus averaged $538 per resident.

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