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Consumer Debt Facts in Portland

Oregon Consumer Debt Accumulation by County

Portland Consumer Debt Accumulation

$582 dollars in debt in 2016

The average Portland resident accumulated $582 dollars in debt in 2016. Portland citizens racked up a total of $361.7 million in debt in the 2016 fiscal year.

What are the Debt Consolidation Options available in Portland?

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 Portland

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 Portland

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 OR

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 731 debt or credit card complaints in Portland.

Date Company and Reason
03/29/2018 A complaint against Utah System of Higher Education filed on 03/29/2018 alleges that Utah System of Higher Education is utilizing inappropriate communication tactics with the consumer during debt collection attempts.
03/23/2018 A complaint against DISCOVER BANK was filed on 03/23/2018 regarding credit card or prepaid card practices
03/20/2018 A complaint against Aargon Agency, Inc. was filed on 03/20/2018 relating to debt collection practices and alleges that Aargon Agency, Inc. is attempting to collect a debt not owed by the consumer.
03/13/2018 A complaint against BARCLAYS BANK DELAWARE was filed on 03/13/2018 regarding credit card or prepaid card practices
03/06/2018 A complaint against CAPITAL ONE FINANCIAL CORPORATION was filed on 03/06/2018 regarding credit card or prepaid card practices
03/02/2018 A complaint against Oliver Adjustment Co. was filed on 03/02/2018 relating to debt collection practices and alleges that Oliver Adjustment Co. is attempting to collect a debt not owed by the consumer.
03/02/2018 A complaint against U.S. BANCORP was filed on 03/02/2018 regarding credit card or prepaid card practices
03/01/2018 A complaint against Alliance Collection Agencies, Inc. was filed on 03/01/2018 relating to debt collection practices and alleges that Alliance Collection Agencies, Inc. is attempting to collect a debt not owed by the consumer.
02/23/2018 A complaint against PORTFOLIO RECOVERY ASSOCIATES INC was filed on 02/23/2018 regarding debt collection practices
02/23/2018 A complaint against BANK OF AMERICA, NATIONAL ASSOCIATION was filed on 02/23/2018 regarding debt collection practices

Last updated: 2018-04-12

Top Reasons for Debt in Portland

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

Job Loss

When unemployment in Portland 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.

Clackamas County, Oregon annual city consumer debt rankings are in. We have analyzed the average consumer spending behavior across 20 cities and towns in Clackamas County, OR. The average citizen in Portland is spending approximately $582 more dollars than they earned annually, compared to the average of $436 across Oregon. All statistics according to the latest data(2016).

Highest Debt Cities in Clackamas County Oregon

  1. Damascus ranks 1st out of 20 cities in Clackamas County in consumer debt accumulation with $99 per resident on average in 2016.
  2. West Linn ranks 2nd out of 20 cities in Clackamas County in consumer debt accumulation with $123 per resident on average in 2016.
  3. Sandy ranks 3rd out of 20 cities in Clackamas County in consumer debt accumulation with $141 per resident on average in 2016.
  4. Happy Valley ranks 4th out of 20 cities in Clackamas County in consumer debt accumulation with $159 per resident on average in 2016.
  5. Canby ranks 5th out of 20 cities in Clackamas County in consumer debt accumulation with $181 per resident on average in 2016.
  6. Molalla ranks 6th out of 20 cities in Clackamas County in consumer debt accumulation with $184 per resident on average in 2016.
  7. Tualatin ranks 7th out of 20 cities in Clackamas County in consumer debt accumulation with $196 per resident on average in 2016.
  8. Lake Oswego ranks 8th out of 20 cities in Clackamas County in consumer debt accumulation with $199 per resident on average in 2016.
  9. Mount Hood Village ranks 9th out of 20 cities in Clackamas County in consumer debt accumulation with $211 per resident on average in 2016.
  10. Johnson City ranks 10th out of 20 cities in Clackamas County in consumer debt accumulation with $254 per resident on average in 2016.
  11. Wilsonville ranks 11th out of 20 cities in Clackamas County in consumer debt accumulation with $269 per resident on average in 2016.
  12. Oatfield ranks 12th out of 20 cities in Clackamas County in consumer debt accumulation with $279 per resident on average in 2016.
  13. Estacada ranks 13th out of 20 cities in Clackamas County in consumer debt accumulation with $281 per resident on average in 2016.
  14. Oak Grove ranks 14th out of 20 cities in Clackamas County in consumer debt accumulation with $303 per resident on average in 2016.
  15. Gladstone ranks 15th out of 20 cities in Clackamas County in consumer debt accumulation with $322 per resident on average in 2016.
  16. Mulino ranks 16th out of 20 cities in Clackamas County in consumer debt accumulation with $329 per resident on average in 2016.
  17. Oregon City ranks 17th out of 20 cities in Clackamas County in consumer debt accumulation with $372 per resident on average in 2016.
  18. Milwaukie ranks 18th out of 20 cities in Clackamas County in consumer debt accumulation with $446 per resident on average in 2016.
  19. Jennings Lodge ranks 19th out of 20 cities in Clackamas County in consumer debt accumulation with $469 per resident on average in 2016.
  20. Portland ranks 20th out of 20 cities in Clackamas County in consumer debt accumulation with $582 per resident on average in 2016.
How does Clackamas County rank in Oregon?
Oregon County Debt Distribution

8 counties in Oregon accumulated $500+ in debt in 2016. Portland averaged $582 per resident.

Debt-Consolidation.com

Multnomah County, Oregon annual city consumer debt rankings are in. We have analyzed the average consumer spending behavior across 10 cities and towns in Multnomah County, OR. The average citizen in Portland is spending approximately $582 more dollars than they earned annually, compared to the average of $436 across Oregon. All statistics according to the latest data(2016).

Highest Debt Cities in Multnomah County Oregon

  1. Lake Oswego ranks 1st out of 10 cities in Multnomah County in consumer debt accumulation with $199 per resident on average in 2016.
  2. West Haven-Sylvan ranks 2nd out of 10 cities in Multnomah County in consumer debt accumulation with $200 per resident on average in 2016.
  3. Cedar Mill ranks 3rd out of 10 cities in Multnomah County in consumer debt accumulation with $207 per resident on average in 2016.
  4. Fairview ranks 4th out of 10 cities in Multnomah County in consumer debt accumulation with $282 per resident on average in 2016.
  5. Maywood Park ranks 5th out of 10 cities in Multnomah County in consumer debt accumulation with $316 per resident on average in 2016.
  6. Gresham ranks 6th out of 10 cities in Multnomah County in consumer debt accumulation with $378 per resident on average in 2016.
  7. Wood Village ranks 7th out of 10 cities in Multnomah County in consumer debt accumulation with $395 per resident on average in 2016.
  8. Troutdale ranks 8th out of 10 cities in Multnomah County in consumer debt accumulation with $443 per resident on average in 2016.
  9. Milwaukie ranks 9th out of 10 cities in Multnomah County in consumer debt accumulation with $446 per resident on average in 2016.
  10. Portland ranks 10th out of 10 cities in Multnomah County in consumer debt accumulation with $582 per resident on average in 2016.
How does Multnomah County rank in Oregon?
Oregon County Debt Distribution

8 counties in Oregon accumulated $500+ in debt in 2016. Portland averaged $582 per resident.

Debt-Consolidation.com

Washington County, Oregon annual city consumer debt rankings are in. We have analyzed the average consumer spending behavior across 24 cities and towns in Washington County, OR. The average citizen in Portland is spending approximately $582 more dollars than they earned annually, compared to the average of $436 across Oregon. All statistics according to the latest data(2016).

Highest Debt Cities in Washington County Oregon

  1. Bethany ranks 1st out of 24 cities in Washington County in consumer debt accumulation with $72 per resident on average in 2016.
  2. Bull Mountain ranks 2nd out of 24 cities in Washington County in consumer debt accumulation with $91 per resident on average in 2016.
  3. Sherwood ranks 3rd out of 24 cities in Washington County in consumer debt accumulation with $119 per resident on average in 2016.
  4. Oak Hills ranks 4th out of 24 cities in Washington County in consumer debt accumulation with $154 per resident on average in 2016.
  5. North Plains ranks 5th out of 24 cities in Washington County in consumer debt accumulation with $168 per resident on average in 2016.
  6. Garden Home-Whitford ranks 6th out of 24 cities in Washington County in consumer debt accumulation with $179 per resident on average in 2016.
  7. Tualatin ranks 7th out of 24 cities in Washington County in consumer debt accumulation with $196 per resident on average in 2016.
  8. Lake Oswego ranks 8th out of 24 cities in Washington County in consumer debt accumulation with $199 per resident on average in 2016.
  9. West Haven-Sylvan ranks 9th out of 24 cities in Washington County in consumer debt accumulation with $200 per resident on average in 2016.
  10. Cedar Mill ranks 10th out of 24 cities in Washington County in consumer debt accumulation with $207 per resident on average in 2016.
  11. Rockcreek ranks 11th out of 24 cities in Washington County in consumer debt accumulation with $226 per resident on average in 2016.
  12. Raleigh Hills ranks 12th out of 24 cities in Washington County in consumer debt accumulation with $228 per resident on average in 2016.
  13. Cedar Hills ranks 13th out of 24 cities in Washington County in consumer debt accumulation with $231 per resident on average in 2016.
  14. West Slope ranks 14th out of 24 cities in Washington County in consumer debt accumulation with $246 per resident on average in 2016.
  15. Hillsboro ranks 15th out of 24 cities in Washington County in consumer debt accumulation with $250 per resident on average in 2016.
  16. Cornelius ranks 16th out of 24 cities in Washington County in consumer debt accumulation with $256 per resident on average in 2016.
  17. Wilsonville ranks 17th out of 24 cities in Washington County in consumer debt accumulation with $269 per resident on average in 2016.
  18. Aloha ranks 18th out of 24 cities in Washington County in consumer debt accumulation with $310 per resident on average in 2016.
  19. Tigard ranks 19th out of 24 cities in Washington County in consumer debt accumulation with $326 per resident on average in 2016.
  20. Metzger ranks 20th out of 24 cities in Washington County in consumer debt accumulation with $365 per resident on average in 2016.
  21. Beaverton ranks 21st out of 24 cities in Washington County in consumer debt accumulation with $373 per resident on average in 2016.
  22. Forest Grove ranks 22nd out of 24 cities in Washington County in consumer debt accumulation with $396 per resident on average in 2016.
  23. Durham ranks 23rd out of 24 cities in Washington County in consumer debt accumulation with $495 per resident on average in 2016.
  24. Portland ranks 24th out of 24 cities in Washington County in consumer debt accumulation with $582 per resident on average in 2016.
How does Washington County rank in Oregon?
Oregon County Debt Distribution

8 counties in Oregon accumulated $500+ in debt in 2016. Portland averaged $582 per resident.

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