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Consumer Debt Facts in San Antonio

Texas Consumer Debt Accumulation by County

San Antonio Consumer Debt Accumulation

$342 dollars in debt in 2016

The average San Antonio resident accumulated $342 dollars in debt in 2016. San Antonio citizens racked up a total of $493.2 million in debt in the 2016 fiscal year.

What are the Debt Consolidation Options available in San Antonio?

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 San Antonio

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 San Antonio

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 1157 debt or credit card complaints in San Antonio.

Date Company and Reason
03/29/2018 A complaint against I.Q. DATA INTERNATIONAL, INC. was filed on 03/29/2018 relating to debt collection practices and alleges that I.Q. DATA INTERNATIONAL, INC. is attempting to collect a debt not owed by the consumer.
03/23/2018 A complaint against Radius Global Solutions LLC was filed on 03/23/2018 regarding debt collection practices
03/22/2018 A complaint against GENERAL MOTORS FINANCIAL COMPANY, INC. was filed on 03/22/2018 regarding debt collection practices
03/22/2018 A complaint against Colony Brands, Inc. was filed on 03/22/2018 regarding debt collection practices
03/14/2018 A complaint against Midwest Recovery Systems was filed on 03/14/2018 relating to debt collection practices and alleges that Midwest Recovery Systems is attempting to collect a debt not owed by the consumer.
03/14/2018 A complaint against Receivables Management Partners, LLC filed on 03/14/2018 alleges that Receivables Management Partners, LLC is utilizing inappropriate communication tactics with the consumer during debt collection attempts.
03/14/2018 A complaint against Radius Global Solutions LLC filed on 03/14/2018 alleges that Radius Global Solutions LLC is utilizing inappropriate communication tactics with the consumer during debt collection attempts.
03/13/2018 A complaint against EZCORP, INC. was filed on 03/13/2018 regarding debt collection practices
03/12/2018 A complaint against AMERICAN EXPRESS COMPANY was filed on 03/12/2018 regarding credit card or prepaid card practices
03/01/2018 A complaint against AMERICAN EXPRESS COMPANY was filed on 03/01/2018 regarding credit card or prepaid card practices

Last updated: 2018-04-12

Top Reasons for Debt in San Antonio

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

Job Loss

When unemployment in San Antonio 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.

Medina County, Texas annual city consumer debt rankings are in. We have analyzed the average consumer spending behavior across 4 cities and towns in Medina County, TX. The average citizen in San Antonio is spending approximately $342 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 Medina County Texas

  1. Castroville ranks 1st out of 4 cities in Medina County in consumer debt accumulation with $159 per resident on average in 2016.
  2. Devine ranks 2nd out of 4 cities in Medina County in consumer debt accumulation with $164 per resident on average in 2016.
  3. Hondo ranks 3rd out of 4 cities in Medina County in consumer debt accumulation with $166 per resident on average in 2016.
  4. San Antonio ranks 4th out of 4 cities in Medina County in consumer debt accumulation with $342 per resident on average in 2016.
How does Medina County rank in Texas?
Texas County Debt Distribution

14 counties in Texas accumulated $500+ in debt in 2016. San Antonio averaged $342 per resident.

Debt-Consolidation.com

Comal County, Texas annual city consumer debt rankings are in. We have analyzed the average consumer spending behavior across 6 cities and towns in Comal County, TX. The average citizen in San Antonio is spending approximately $342 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 Comal County Texas

  1. Bulverde ranks 1st out of 6 cities in Comal County in consumer debt accumulation with $76 per resident on average in 2016.
  2. Schertz ranks 2nd out of 6 cities in Comal County in consumer debt accumulation with $143 per resident on average in 2016.
  3. New Braunfels ranks 3rd out of 6 cities in Comal County in consumer debt accumulation with $174 per resident on average in 2016.
  4. Selma ranks 4th out of 6 cities in Comal County in consumer debt accumulation with $180 per resident on average in 2016.
  5. Canyon Lake ranks 5th out of 6 cities in Comal County in consumer debt accumulation with $270 per resident on average in 2016.
  6. San Antonio ranks 6th out of 6 cities in Comal County in consumer debt accumulation with $342 per resident on average in 2016.
How does Comal County rank in Texas?
Texas County Debt Distribution

14 counties in Texas accumulated $500+ in debt in 2016. San Antonio averaged $342 per resident.

Debt-Consolidation.com

Bexar County, Texas annual city consumer debt rankings are in. We have analyzed the average consumer spending behavior across 22 cities and towns in Bexar County, TX. The average citizen in San Antonio is spending approximately $342 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 Bexar County Texas

  1. Shavano Park ranks 1st out of 22 cities in Bexar County in consumer debt accumulation with $33 per resident on average in 2016.
  2. Hollywood Park ranks 2nd out of 22 cities in Bexar County in consumer debt accumulation with $57 per resident on average in 2016.
  3. Timberwood Park ranks 3rd out of 22 cities in Bexar County in consumer debt accumulation with $71 per resident on average in 2016.
  4. Castle Hills ranks 4th out of 22 cities in Bexar County in consumer debt accumulation with $111 per resident on average in 2016.
  5. St. Hedwig ranks 5th out of 22 cities in Bexar County in consumer debt accumulation with $112 per resident on average in 2016.
  6. Von Ormy ranks 6th out of 22 cities in Bexar County in consumer debt accumulation with $122 per resident on average in 2016.
  7. Cibolo ranks 7th out of 22 cities in Bexar County in consumer debt accumulation with $134 per resident on average in 2016.
  8. Schertz ranks 8th out of 22 cities in Bexar County in consumer debt accumulation with $143 per resident on average in 2016.
  9. Converse ranks 9th out of 22 cities in Bexar County in consumer debt accumulation with $146 per resident on average in 2016.
  10. Helotes ranks 10th out of 22 cities in Bexar County in consumer debt accumulation with $153 per resident on average in 2016.
  11. China Grove ranks 11th out of 22 cities in Bexar County in consumer debt accumulation with $157 per resident on average in 2016.
  12. Kirby ranks 12th out of 22 cities in Bexar County in consumer debt accumulation with $167 per resident on average in 2016.
  13. Selma ranks 13th out of 22 cities in Bexar County in consumer debt accumulation with $180 per resident on average in 2016.
  14. Live Oak ranks 14th out of 22 cities in Bexar County in consumer debt accumulation with $227 per resident on average in 2016.
  15. Windcrest ranks 14th out of 22 cities in Bexar County in consumer debt accumulation with $227 per resident on average in 2016.
  16. Somerset ranks 16th out of 22 cities in Bexar County in consumer debt accumulation with $242 per resident on average in 2016.
  17. Alamo Heights ranks 17th out of 22 cities in Bexar County in consumer debt accumulation with $249 per resident on average in 2016.
  18. Universal City ranks 18th out of 22 cities in Bexar County in consumer debt accumulation with $252 per resident on average in 2016.
  19. Leon Valley ranks 19th out of 22 cities in Bexar County in consumer debt accumulation with $316 per resident on average in 2016.
  20. San Antonio ranks 20th out of 22 cities in Bexar County in consumer debt accumulation with $342 per resident on average in 2016.
  21. Elmendorf ranks 21st out of 22 cities in Bexar County in consumer debt accumulation with $361 per resident on average in 2016.
  22. Balcones Heights ranks 22nd out of 22 cities in Bexar County in consumer debt accumulation with $512 per resident on average in 2016.
How does Bexar County rank in Texas?
Texas County Debt Distribution

14 counties in Texas accumulated $500+ in debt in 2016. San Antonio averaged $342 per resident.

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