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Consumer Debt Facts in Flower Mound

Texas Consumer Debt Accumulation by County

Flower Mound Consumer Debt Accumulation

$40 dollars in debt in 2016

The average Flower Mound resident accumulated $40 dollars in debt in 2016. Flower Mound citizens racked up a total of $2.8 million in debt in the 2016 fiscal year.

What are the Debt Consolidation Options available in Flower Mound?

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 Flower Mound

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 Flower Mound

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 TX

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 244 debt or credit card complaints in Flower Mound.

Date Company and Reason
03/15/2018 A complaint against Louisiana Recovery Services Inc. was filed on 03/15/2018 regarding debt collection practices
03/15/2018 A complaint against ENCORE CAPITAL GROUP INC. was filed on 03/15/2018 regarding debt collection practices
03/15/2018 A complaint against Jon Barry and Associates, Inc. was filed on 03/15/2018 regarding debt collection practices
03/15/2018 A complaint against Telerecovery Corporation was filed on 03/15/2018 regarding debt collection practices
03/15/2018 A complaint against Telerecovery Corporation was filed on 03/15/2018 regarding debt collection practices
03/15/2018 A complaint against Transfinancial Companies, Inc was filed on 03/15/2018 regarding debt collection practices
03/14/2018 A complaint against Resurgent Capital Services L.P. was filed on 03/14/2018 relating to debt collection practices and alleges that Resurgent Capital Services L.P. is attempting to collect a debt not owed by the consumer.
03/13/2018 A complaint against I.Q. DATA INTERNATIONAL, INC. was filed on 03/13/2018 relating to debt collection practices and alleges that I.Q. DATA INTERNATIONAL, INC. is attempting to collect a debt not owed by the consumer.
03/04/2018 A complaint against Hillcrest Davidson & Assoc was filed on 03/04/2018 regarding debt collection practices
02/01/2018 A complaint against AVANTE was filed on 02/01/2018 regarding debt collection practices

Last updated: 2018-04-12

Top Reasons for Debt in Flower Mound

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

Job Loss

When unemployment in Flower Mound 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.

Tarrant County, Texas annual city consumer debt rankings are in. We have analyzed the average consumer spending behavior across 36 cities and towns in Tarrant County, TX. The average citizen in Flower Mound is spending approximately $40 more dollars than they earned annually, compared to the average of $281 across Texas. All statistics according to the latest data(2016).

Highest Debt Cities in Tarrant County Texas

  1. Southlake ranks 1st out of 36 cities in Tarrant County in consumer debt accumulation with $24 per resident on average in 2016.
  2. Flower Mound ranks 2nd out of 36 cities in Tarrant County in consumer debt accumulation with $40 per resident on average in 2016.
  3. Colleyville ranks 3rd out of 36 cities in Tarrant County in consumer debt accumulation with $53 per resident on average in 2016.
  4. Lakeside ranks 4th out of 36 cities in Tarrant County in consumer debt accumulation with $66 per resident on average in 2016.
  5. Saginaw ranks 5th out of 36 cities in Tarrant County in consumer debt accumulation with $80 per resident on average in 2016.
  6. Dalworthington Gardens ranks 6th out of 36 cities in Tarrant County in consumer debt accumulation with $91 per resident on average in 2016.
  7. Keller ranks 7th out of 36 cities in Tarrant County in consumer debt accumulation with $100 per resident on average in 2016.
  8. Crowley ranks 8th out of 36 cities in Tarrant County in consumer debt accumulation with $121 per resident on average in 2016.
  9. Mansfield ranks 9th out of 36 cities in Tarrant County in consumer debt accumulation with $122 per resident on average in 2016.
  10. Blue Mound ranks 10th out of 36 cities in Tarrant County in consumer debt accumulation with $124 per resident on average in 2016.
  11. North Richland Hills ranks 11th out of 36 cities in Tarrant County in consumer debt accumulation with $126 per resident on average in 2016.
  12. Edgecliff Village ranks 12th out of 36 cities in Tarrant County in consumer debt accumulation with $128 per resident on average in 2016.
  13. Grapevine ranks 13th out of 36 cities in Tarrant County in consumer debt accumulation with $129 per resident on average in 2016.
  14. Burleson ranks 14th out of 36 cities in Tarrant County in consumer debt accumulation with $140 per resident on average in 2016.
  15. Pantego ranks 15th out of 36 cities in Tarrant County in consumer debt accumulation with $155 per resident on average in 2016.
  16. Watauga ranks 16th out of 36 cities in Tarrant County in consumer debt accumulation with $161 per resident on average in 2016.
  17. Benbrook ranks 17th out of 36 cities in Tarrant County in consumer debt accumulation with $162 per resident on average in 2016.
  18. Bedford ranks 18th out of 36 cities in Tarrant County in consumer debt accumulation with $174 per resident on average in 2016.
  19. Hurst ranks 19th out of 36 cities in Tarrant County in consumer debt accumulation with $182 per resident on average in 2016.
  20. Forest Hill ranks 20th out of 36 cities in Tarrant County in consumer debt accumulation with $185 per resident on average in 2016.
  21. Lake Worth ranks 21st out of 36 cities in Tarrant County in consumer debt accumulation with $186 per resident on average in 2016.
  22. Grand Prairie ranks 22nd out of 36 cities in Tarrant County in consumer debt accumulation with $188 per resident on average in 2016.
  23. Haltom City ranks 23rd out of 36 cities in Tarrant County in consumer debt accumulation with $189 per resident on average in 2016.
  24. Rendon ranks 24th out of 36 cities in Tarrant County in consumer debt accumulation with $246 per resident on average in 2016.
  25. Euless ranks 25th out of 36 cities in Tarrant County in consumer debt accumulation with $249 per resident on average in 2016.
  26. Richland Hills ranks 26th out of 36 cities in Tarrant County in consumer debt accumulation with $254 per resident on average in 2016.
  27. Westworth Village ranks 27th out of 36 cities in Tarrant County in consumer debt accumulation with $271 per resident on average in 2016.
  28. Everman ranks 28th out of 36 cities in Tarrant County in consumer debt accumulation with $274 per resident on average in 2016.
  29. Kennedale ranks 29th out of 36 cities in Tarrant County in consumer debt accumulation with $277 per resident on average in 2016.
  30. Azle ranks 30th out of 36 cities in Tarrant County in consumer debt accumulation with $315 per resident on average in 2016.
  31. Arlington ranks 31st out of 36 cities in Tarrant County in consumer debt accumulation with $317 per resident on average in 2016.
  32. Fort Worth ranks 32nd out of 36 cities in Tarrant County in consumer debt accumulation with $327 per resident on average in 2016.
  33. Pelican Bay ranks 33rd out of 36 cities in Tarrant County in consumer debt accumulation with $341 per resident on average in 2016.
  34. Sansom Park ranks 34th out of 36 cities in Tarrant County in consumer debt accumulation with $355 per resident on average in 2016.
  35. White Settlement ranks 35th out of 36 cities in Tarrant County in consumer debt accumulation with $511 per resident on average in 2016.
  36. Reno ranks 36th out of 36 cities in Tarrant County in consumer debt accumulation with $556 per resident on average in 2016.
How does Tarrant County rank in Texas?
Texas County Debt Distribution

14 counties in Texas accumulated $500+ in debt in 2016. Flower Mound averaged $40 per resident.

Debt-Consolidation.com

Denton County, Texas annual city consumer debt rankings are in. We have analyzed the average consumer spending behavior across 27 cities and towns in Denton County, TX. The average citizen in Flower Mound is spending approximately $40 more dollars than they earned annually, compared to the average of $281 across Texas. All statistics according to the latest data(2016).

Highest Debt Cities in Denton County Texas

  1. Southlake ranks 1st out of 27 cities in Denton County in consumer debt accumulation with $24 per resident on average in 2016.
  2. Flower Mound ranks 2nd out of 27 cities in Denton County in consumer debt accumulation with $40 per resident on average in 2016.
  3. Celina ranks 3rd out of 27 cities in Denton County in consumer debt accumulation with $47 per resident on average in 2016.
  4. Frisco ranks 4th out of 27 cities in Denton County in consumer debt accumulation with $76 per resident on average in 2016.
  5. Coppell ranks 5th out of 27 cities in Denton County in consumer debt accumulation with $77 per resident on average in 2016.
  6. Highland Village ranks 6th out of 27 cities in Denton County in consumer debt accumulation with $85 per resident on average in 2016.
  7. Little Elm ranks 7th out of 27 cities in Denton County in consumer debt accumulation with $92 per resident on average in 2016.
  8. Argyle ranks 7th out of 27 cities in Denton County in consumer debt accumulation with $92 per resident on average in 2016.
  9. Prosper ranks 9th out of 27 cities in Denton County in consumer debt accumulation with $97 per resident on average in 2016.
  10. Aubrey ranks 10th out of 27 cities in Denton County in consumer debt accumulation with $104 per resident on average in 2016.
  11. Corinth ranks 11th out of 27 cities in Denton County in consumer debt accumulation with $120 per resident on average in 2016.
  12. Carrollton ranks 12th out of 27 cities in Denton County in consumer debt accumulation with $124 per resident on average in 2016.
  13. Krum ranks 13th out of 27 cities in Denton County in consumer debt accumulation with $125 per resident on average in 2016.
  14. Copper Canyon ranks 14th out of 27 cities in Denton County in consumer debt accumulation with $127 per resident on average in 2016.
  15. Grapevine ranks 15th out of 27 cities in Denton County in consumer debt accumulation with $129 per resident on average in 2016.
  16. Sanger ranks 16th out of 27 cities in Denton County in consumer debt accumulation with $135 per resident on average in 2016.
  17. Lewisville ranks 17th out of 27 cities in Denton County in consumer debt accumulation with $167 per resident on average in 2016.
  18. Plano ranks 18th out of 27 cities in Denton County in consumer debt accumulation with $179 per resident on average in 2016.
  19. The Colony ranks 19th out of 27 cities in Denton County in consumer debt accumulation with $186 per resident on average in 2016.
  20. Lake Dallas ranks 20th out of 27 cities in Denton County in consumer debt accumulation with $255 per resident on average in 2016.
  21. Northlake ranks 21st out of 27 cities in Denton County in consumer debt accumulation with $269 per resident on average in 2016.
  22. Shady Shores ranks 22nd out of 27 cities in Denton County in consumer debt accumulation with $276 per resident on average in 2016.
  23. Fort Worth ranks 23rd out of 27 cities in Denton County in consumer debt accumulation with $327 per resident on average in 2016.
  24. Cross Roads ranks 24th out of 27 cities in Denton County in consumer debt accumulation with $358 per resident on average in 2016.
  25. Dallas ranks 25th out of 27 cities in Denton County in consumer debt accumulation with $389 per resident on average in 2016.
  26. Ponder ranks 26th out of 27 cities in Denton County in consumer debt accumulation with $461 per resident on average in 2016.
  27. Denton ranks 27th out of 27 cities in Denton County in consumer debt accumulation with $795 per resident on average in 2016.
How does Denton County rank in Texas?
Texas County Debt Distribution

14 counties in Texas accumulated $500+ in debt in 2016. Flower Mound averaged $40 per resident.

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