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Consumer Debt Facts in Richardson

Texas Consumer Debt Accumulation by County

Richardson Consumer Debt Accumulation

$387 dollars in debt in 2016

The average Richardson resident accumulated $387 dollars in debt in 2016. Richardson citizens racked up a total of $42.0 million in debt in the 2016 fiscal year.

What are the Debt Consolidation Options available in Richardson?

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 Richardson

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 Richardson

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 203 debt or credit card complaints in Richardson.

Date Company and Reason
03/22/2018 A complaint against CREDIT ACCEPTANCE CORPORATION was filed on 03/22/2018 regarding debt collection practices
03/04/2018 A complaint against CCS Financial Services, Inc. was filed on 03/04/2018 regarding debt collection practices
03/04/2018 A complaint against Source Receivables Management LLC was filed on 03/04/2018 regarding debt collection practices
03/04/2018 A complaint against ERC was filed on 03/04/2018 regarding debt collection practices
03/04/2018 A complaint against Diversified Consultants, Inc. was filed on 03/04/2018 regarding debt collection practices
02/23/2018 A complaint against CITIBANK, N.A. was filed on 02/23/2018 regarding credit card or prepaid card practices
01/25/2018 A complaint against Navient Solutions, LLC. was filed on 01/25/2018 relating to debt collection practices and alleges that Navient Solutions, LLC. is attempting to collect a debt not owed by the consumer.
01/19/2018 A complaint against TRANSWORLD SYSTEMS INC was filed on 01/19/2018 regarding debt collection practices
01/11/2018 A complaint against First Credit Services Inc. was filed on 01/11/2018 regarding debt collection practices
01/11/2018 A complaint against Account Control Bureau was filed on 01/11/2018 regarding debt collection practices

Last updated: 2018-04-12

Top Reasons for Debt in Richardson

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

Job Loss

When unemployment in Richardson 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.

Collin County, Texas annual city consumer debt rankings are in. We have analyzed the average consumer spending behavior across 16 cities and towns in Collin County, TX. The average citizen in Richardson is spending approximately $387 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 Collin County Texas

  1. Celina ranks 1st out of 16 cities in Collin County in consumer debt accumulation with $47 per resident on average in 2016.
  2. Murphy ranks 2nd out of 16 cities in Collin County in consumer debt accumulation with $60 per resident on average in 2016.
  3. Allen ranks 3rd out of 16 cities in Collin County in consumer debt accumulation with $69 per resident on average in 2016.
  4. Josephine ranks 4th out of 16 cities in Collin County in consumer debt accumulation with $70 per resident on average in 2016.
  5. Frisco ranks 5th out of 16 cities in Collin County in consumer debt accumulation with $76 per resident on average in 2016.
  6. Sachse ranks 6th out of 16 cities in Collin County in consumer debt accumulation with $91 per resident on average in 2016.
  7. Prosper ranks 7th out of 16 cities in Collin County in consumer debt accumulation with $97 per resident on average in 2016.
  8. McKinney ranks 8th out of 16 cities in Collin County in consumer debt accumulation with $122 per resident on average in 2016.
  9. Carrollton ranks 9th out of 16 cities in Collin County in consumer debt accumulation with $124 per resident on average in 2016.
  10. Wylie ranks 10th out of 16 cities in Collin County in consumer debt accumulation with $129 per resident on average in 2016.
  11. Plano ranks 11th out of 16 cities in Collin County in consumer debt accumulation with $179 per resident on average in 2016.
  12. Garland ranks 12th out of 16 cities in Collin County in consumer debt accumulation with $184 per resident on average in 2016.
  13. Royse City ranks 13th out of 16 cities in Collin County in consumer debt accumulation with $189 per resident on average in 2016.
  14. Princeton ranks 14th out of 16 cities in Collin County in consumer debt accumulation with $268 per resident on average in 2016.
  15. Richardson ranks 15th out of 16 cities in Collin County in consumer debt accumulation with $387 per resident on average in 2016.
  16. Dallas ranks 16th out of 16 cities in Collin County in consumer debt accumulation with $389 per resident on average in 2016.
How does Collin County rank in Texas?
Texas County Debt Distribution

14 counties in Texas accumulated $500+ in debt in 2016. Richardson averaged $387 per resident.

Debt-Consolidation.com

Dallas County, Texas annual city consumer debt rankings are in. We have analyzed the average consumer spending behavior across 29 cities and towns in Dallas County, TX. The average citizen in Richardson is spending approximately $387 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 Dallas County Texas

  1. Coppell ranks 1st out of 29 cities in Dallas County in consumer debt accumulation with $77 per resident on average in 2016.
  2. Sachse ranks 2nd out of 29 cities in Dallas County in consumer debt accumulation with $91 per resident on average in 2016.
  3. Highland Park ranks 3rd out of 29 cities in Dallas County in consumer debt accumulation with $108 per resident on average in 2016.
  4. Rowlett ranks 4th out of 29 cities in Dallas County in consumer debt accumulation with $120 per resident on average in 2016.
  5. Carrollton ranks 5th out of 29 cities in Dallas County in consumer debt accumulation with $124 per resident on average in 2016.
  6. Wylie ranks 6th out of 29 cities in Dallas County in consumer debt accumulation with $129 per resident on average in 2016.
  7. Grapevine ranks 6th out of 29 cities in Dallas County in consumer debt accumulation with $129 per resident on average in 2016.
  8. Duncanville ranks 8th out of 29 cities in Dallas County in consumer debt accumulation with $139 per resident on average in 2016.
  9. Ferris ranks 9th out of 29 cities in Dallas County in consumer debt accumulation with $147 per resident on average in 2016.
  10. Cockrell Hill ranks 10th out of 29 cities in Dallas County in consumer debt accumulation with $160 per resident on average in 2016.
  11. Farmers Branch ranks 10th out of 29 cities in Dallas County in consumer debt accumulation with $160 per resident on average in 2016.
  12. Hutchins ranks 12th out of 29 cities in Dallas County in consumer debt accumulation with $166 per resident on average in 2016.
  13. Lewisville ranks 13th out of 29 cities in Dallas County in consumer debt accumulation with $167 per resident on average in 2016.
  14. Lancaster ranks 14th out of 29 cities in Dallas County in consumer debt accumulation with $173 per resident on average in 2016.
  15. University Park ranks 15th out of 29 cities in Dallas County in consumer debt accumulation with $183 per resident on average in 2016.
  16. Garland ranks 16th out of 29 cities in Dallas County in consumer debt accumulation with $184 per resident on average in 2016.
  17. Grand Prairie ranks 17th out of 29 cities in Dallas County in consumer debt accumulation with $188 per resident on average in 2016.
  18. Mesquite ranks 18th out of 29 cities in Dallas County in consumer debt accumulation with $204 per resident on average in 2016.
  19. Glenn Heights ranks 19th out of 29 cities in Dallas County in consumer debt accumulation with $206 per resident on average in 2016.
  20. Combine ranks 20th out of 29 cities in Dallas County in consumer debt accumulation with $223 per resident on average in 2016.
  21. Balch Springs ranks 21st out of 29 cities in Dallas County in consumer debt accumulation with $230 per resident on average in 2016.
  22. DeSoto ranks 22nd out of 29 cities in Dallas County in consumer debt accumulation with $234 per resident on average in 2016.
  23. Cedar Hill ranks 23rd out of 29 cities in Dallas County in consumer debt accumulation with $245 per resident on average in 2016.
  24. Seagoville ranks 24th out of 29 cities in Dallas County in consumer debt accumulation with $265 per resident on average in 2016.
  25. Irving ranks 25th out of 29 cities in Dallas County in consumer debt accumulation with $276 per resident on average in 2016.
  26. Addison ranks 26th out of 29 cities in Dallas County in consumer debt accumulation with $339 per resident on average in 2016.
  27. Wilmer ranks 27th out of 29 cities in Dallas County in consumer debt accumulation with $340 per resident on average in 2016.
  28. Richardson ranks 28th out of 29 cities in Dallas County in consumer debt accumulation with $387 per resident on average in 2016.
  29. Dallas ranks 29th out of 29 cities in Dallas County in consumer debt accumulation with $389 per resident on average in 2016.
How does Dallas County rank in Texas?
Texas County Debt Distribution

14 counties in Texas accumulated $500+ in debt in 2016. Richardson averaged $387 per resident.

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