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Consumer Debt Facts in Drexel Hill

Pennsylvania Consumer Debt Accumulation by County

Drexel Hill Consumer Debt Accumulation

$225 dollars in debt in 2016

The average Drexel Hill resident accumulated $225 dollars in debt in 2016. Drexel Hill citizens racked up a total of $6.4 million in debt in the 2016 fiscal year.

What are the Debt Consolidation Options available in Drexel Hill?

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 Drexel Hill

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 Drexel Hill

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 PA

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 25 debt or credit card complaints in Drexel Hill.

Date Company and Reason
02/18/2018 A complaint against PNC Bank N.A. was filed on 02/18/2018 relating to debt collection practices and alleges that PNC Bank N.A. is attempting to collect a debt not owed by the consumer.
02/18/2018 A complaint against TrueAccord Corp. was filed on 02/18/2018 relating to debt collection practices and alleges that TrueAccord Corp. is attempting to collect a debt not owed by the consumer.
05/08/2017 A complaint against Law Office of Michael J. Scott, PC was filed on 05/08/2017 regarding debt collection practices
10/24/2016 A complaint against Southwest Credit Systems, L.P. was filed on 10/24/2016 regarding debt collection practices
09/20/2016 A complaint against WELLS FARGO & COMPANY was filed on 09/20/2016 regarding credit card practices
06/17/2016 A complaint against CITIBANK, N.A. was filed on 06/17/2016 regarding credit card practices
06/10/2016 A complaint against CITIBANK, N.A. was filed on 06/10/2016 regarding credit card practices
06/08/2015 A complaint against AMERICAN EXPRESS COMPANY was filed on 06/08/2015 regarding credit card practices
02/09/2015 A complaint against AUDIT SYSTEMS,INC filed on 02/09/2015 alleges that AUDIT SYSTEMS,INC is utilizing inappropriate communication tactics with the consumer during debt collection attempts.
02/08/2015 A complaint against Meridian Financial Services, Inc. was filed on 02/08/2015 regarding debt collection practices

Last updated: 2018-04-12

Top Reasons for Debt in Drexel Hill

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

Job Loss

When unemployment in Drexel Hill 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.

Delaware County, Pennsylvania annual city consumer debt rankings are in. We have analyzed the average consumer spending behavior across 62 cities and towns in Delaware County, PA. The average citizen in Drexel Hill is spending approximately $225 more dollars than they earned annually, compared to the average of $309 across Pennsylvania. All statistics according to the latest data(2016).

Highest Debt Cities in Delaware County Pennsylvania

  1. Broomall ranks 1st out of 62 cities in Delaware County in consumer debt accumulation with $68 per resident on average in 2016.
  2. Village Green-Green Ridge ranks 2nd out of 62 cities in Delaware County in consumer debt accumulation with $85 per resident on average in 2016.
  3. Folsom ranks 3rd out of 62 cities in Delaware County in consumer debt accumulation with $94 per resident on average in 2016.
  4. Swarthmore ranks 4th out of 62 cities in Delaware County in consumer debt accumulation with $99 per resident on average in 2016.
  5. Swarthmore ranks 4th out of 62 cities in Delaware County in consumer debt accumulation with $99 per resident on average in 2016.
  6. Trainer ranks 6th out of 62 cities in Delaware County in consumer debt accumulation with $107 per resident on average in 2016.
  7. Trainer ranks 6th out of 62 cities in Delaware County in consumer debt accumulation with $107 per resident on average in 2016.
  8. Sharon Hill ranks 8th out of 62 cities in Delaware County in consumer debt accumulation with $116 per resident on average in 2016.
  9. Sharon Hill ranks 8th out of 62 cities in Delaware County in consumer debt accumulation with $116 per resident on average in 2016.
  10. Boothwyn ranks 10th out of 62 cities in Delaware County in consumer debt accumulation with $160 per resident on average in 2016.
  11. Rose Valley ranks 11th out of 62 cities in Delaware County in consumer debt accumulation with $197 per resident on average in 2016.
  12. Rose Valley ranks 11th out of 62 cities in Delaware County in consumer debt accumulation with $197 per resident on average in 2016.
  13. Lansdowne ranks 13th out of 62 cities in Delaware County in consumer debt accumulation with $204 per resident on average in 2016.
  14. Lansdowne ranks 13th out of 62 cities in Delaware County in consumer debt accumulation with $204 per resident on average in 2016.
  15. Folcroft ranks 15th out of 62 cities in Delaware County in consumer debt accumulation with $212 per resident on average in 2016.
  16. Folcroft ranks 15th out of 62 cities in Delaware County in consumer debt accumulation with $212 per resident on average in 2016.
  17. Marcus Hook ranks 17th out of 62 cities in Delaware County in consumer debt accumulation with $222 per resident on average in 2016.
  18. Marcus Hook ranks 17th out of 62 cities in Delaware County in consumer debt accumulation with $222 per resident on average in 2016.
  19. Drexel Hill ranks 19th out of 62 cities in Delaware County in consumer debt accumulation with $225 per resident on average in 2016.
  20. Prospect Park ranks 20th out of 62 cities in Delaware County in consumer debt accumulation with $229 per resident on average in 2016.
  21. Prospect Park ranks 20th out of 62 cities in Delaware County in consumer debt accumulation with $229 per resident on average in 2016.
  22. Norwood ranks 22nd out of 62 cities in Delaware County in consumer debt accumulation with $230 per resident on average in 2016.
  23. Norwood ranks 22nd out of 62 cities in Delaware County in consumer debt accumulation with $230 per resident on average in 2016.
  24. Brookhaven ranks 24th out of 62 cities in Delaware County in consumer debt accumulation with $238 per resident on average in 2016.
  25. Brookhaven ranks 24th out of 62 cities in Delaware County in consumer debt accumulation with $238 per resident on average in 2016.
  26. Ridley Park ranks 26th out of 62 cities in Delaware County in consumer debt accumulation with $240 per resident on average in 2016.
  27. Ridley Park ranks 26th out of 62 cities in Delaware County in consumer debt accumulation with $240 per resident on average in 2016.
  28. Parkside ranks 28th out of 62 cities in Delaware County in consumer debt accumulation with $242 per resident on average in 2016.
  29. Parkside ranks 28th out of 62 cities in Delaware County in consumer debt accumulation with $242 per resident on average in 2016.
  30. Chester Heights ranks 30th out of 62 cities in Delaware County in consumer debt accumulation with $246 per resident on average in 2016.
  31. Chester Heights ranks 30th out of 62 cities in Delaware County in consumer debt accumulation with $246 per resident on average in 2016.
  32. Woodlyn ranks 32nd out of 62 cities in Delaware County in consumer debt accumulation with $248 per resident on average in 2016.
  33. Yeadon ranks 33rd out of 62 cities in Delaware County in consumer debt accumulation with $258 per resident on average in 2016.
  34. Yeadon ranks 33rd out of 62 cities in Delaware County in consumer debt accumulation with $258 per resident on average in 2016.
  35. Morton ranks 35th out of 62 cities in Delaware County in consumer debt accumulation with $259 per resident on average in 2016.
  36. Morton ranks 35th out of 62 cities in Delaware County in consumer debt accumulation with $259 per resident on average in 2016.
  37. Aldan ranks 37th out of 62 cities in Delaware County in consumer debt accumulation with $271 per resident on average in 2016.
  38. Aldan ranks 37th out of 62 cities in Delaware County in consumer debt accumulation with $271 per resident on average in 2016.
  39. Glenolden ranks 39th out of 62 cities in Delaware County in consumer debt accumulation with $309 per resident on average in 2016.
  40. Glenolden ranks 39th out of 62 cities in Delaware County in consumer debt accumulation with $309 per resident on average in 2016.
  41. Rutledge ranks 41st out of 62 cities in Delaware County in consumer debt accumulation with $355 per resident on average in 2016.
  42. Rutledge ranks 41st out of 62 cities in Delaware County in consumer debt accumulation with $355 per resident on average in 2016.
  43. Ardmore ranks 43rd out of 62 cities in Delaware County in consumer debt accumulation with $367 per resident on average in 2016.
  44. Linwood ranks 44th out of 62 cities in Delaware County in consumer debt accumulation with $373 per resident on average in 2016.
  45. Eddystone ranks 45th out of 62 cities in Delaware County in consumer debt accumulation with $418 per resident on average in 2016.
  46. Eddystone ranks 45th out of 62 cities in Delaware County in consumer debt accumulation with $418 per resident on average in 2016.
  47. Upland ranks 47th out of 62 cities in Delaware County in consumer debt accumulation with $420 per resident on average in 2016.
  48. Upland ranks 47th out of 62 cities in Delaware County in consumer debt accumulation with $420 per resident on average in 2016.
  49. East Lansdowne ranks 49th out of 62 cities in Delaware County in consumer debt accumulation with $428 per resident on average in 2016.
  50. East Lansdowne ranks 49th out of 62 cities in Delaware County in consumer debt accumulation with $428 per resident on average in 2016.
  51. Colwyn ranks 51st out of 62 cities in Delaware County in consumer debt accumulation with $450 per resident on average in 2016.
  52. Colwyn ranks 51st out of 62 cities in Delaware County in consumer debt accumulation with $450 per resident on average in 2016.
  53. Clifton Heights ranks 53rd out of 62 cities in Delaware County in consumer debt accumulation with $474 per resident on average in 2016.
  54. Clifton Heights ranks 53rd out of 62 cities in Delaware County in consumer debt accumulation with $474 per resident on average in 2016.
  55. Collingdale ranks 55th out of 62 cities in Delaware County in consumer debt accumulation with $507 per resident on average in 2016.
  56. Collingdale ranks 55th out of 62 cities in Delaware County in consumer debt accumulation with $507 per resident on average in 2016.
  57. Darby ranks 57th out of 62 cities in Delaware County in consumer debt accumulation with $548 per resident on average in 2016.
  58. Darby ranks 57th out of 62 cities in Delaware County in consumer debt accumulation with $548 per resident on average in 2016.
  59. Media ranks 59th out of 62 cities in Delaware County in consumer debt accumulation with $602 per resident on average in 2016.
  60. Media ranks 59th out of 62 cities in Delaware County in consumer debt accumulation with $602 per resident on average in 2016.
  61. Chester ranks 61st out of 62 cities in Delaware County in consumer debt accumulation with $725 per resident on average in 2016.
  62. Chester ranks 61st out of 62 cities in Delaware County in consumer debt accumulation with $725 per resident on average in 2016.
How does Delaware County rank in Pennsylvania?
Pennsylvania County Debt Distribution

6 counties in Pennsylvania accumulated $500+ in debt in 2016. Drexel Hill averaged $225 per resident.

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