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Consumer Debt Facts in McLean

Virginia Consumer Debt Accumulation by County

McLean Consumer Debt Accumulation

$95 dollars in debt in 2016

The average McLean resident accumulated $95 dollars in debt in 2016. McLean citizens racked up a total of $4.7 million in debt in the 2016 fiscal year.

What are the Debt Consolidation Options available in McLean?

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 McLean

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 McLean

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 VA

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 170 debt or credit card complaints in McLean.

Date Company and Reason
02/16/2018 A complaint against CHARLES SCHWAB CORPORATION, THE was filed on 02/16/2018 regarding credit card or prepaid card practices
01/11/2018 A complaint against CITIBANK, N.A. was filed on 01/11/2018 regarding credit card or prepaid card practices
11/02/2017 A complaint against CAPITAL ONE FINANCIAL CORPORATION was filed on 11/02/2017 regarding credit card or prepaid card practices
10/28/2017 A complaint against REGIONS FINANCIAL CORPORATION was filed on 10/28/2017 regarding credit card or prepaid card practices
10/13/2017 A complaint against JPMORGAN CHASE & CO. was filed on 10/13/2017 regarding credit card or prepaid card practices
10/05/2017 A complaint against CAPITAL ONE FINANCIAL CORPORATION was filed on 10/05/2017 regarding debt collection practices
08/10/2017 A complaint against I.C. System, Inc. filed on 08/10/2017 alleges that I.C. System, Inc. is utilizing inappropriate communication tactics with the consumer during debt collection attempts.
07/13/2017 A complaint against SYNCHRONY FINANCIAL was filed on 07/13/2017 regarding credit card or prepaid card practices
06/13/2017 A complaint against SYNCHRONY FINANCIAL was filed on 06/13/2017 relating to debt collection practices and alleges that SYNCHRONY FINANCIAL is attempting to collect a debt not owed by the consumer.
06/13/2017 A complaint against Ascension Point Recovery Services, LLC was filed on 06/13/2017 relating to debt collection practices and alleges that Ascension Point Recovery Services, LLC is attempting to collect a debt not owed by the consumer.

Last updated: 2018-04-12

Top Reasons for Debt in McLean

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

Job Loss

When unemployment in McLean 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.

Fairfax County, Virginia annual city consumer debt rankings are in. We have analyzed the average consumer spending behavior across 48 cities and towns in Fairfax County, VA. The average citizen in McLean is spending approximately $95 more dollars than they earned annually, compared to the average of $357 across Virginia. All statistics according to the latest data(2016).

Highest Debt Cities in Fairfax County Virginia

  1. Fort Hunt ranks 1st out of 48 cities in Fairfax County in consumer debt accumulation with $28 per resident on average in 2016.
  2. Burke Centre ranks 2nd out of 48 cities in Fairfax County in consumer debt accumulation with $42 per resident on average in 2016.
  3. West Springfield ranks 3rd out of 48 cities in Fairfax County in consumer debt accumulation with $47 per resident on average in 2016.
  4. Franklin Farm ranks 4th out of 48 cities in Fairfax County in consumer debt accumulation with $48 per resident on average in 2016.
  5. Newington ranks 5th out of 48 cities in Fairfax County in consumer debt accumulation with $54 per resident on average in 2016.
  6. Dunn Loring ranks 6th out of 48 cities in Fairfax County in consumer debt accumulation with $65 per resident on average in 2016.
  7. Fair Lakes ranks 7th out of 48 cities in Fairfax County in consumer debt accumulation with $66 per resident on average in 2016.
  8. McNair ranks 8th out of 48 cities in Fairfax County in consumer debt accumulation with $67 per resident on average in 2016.
  9. Wolf Trap ranks 9th out of 48 cities in Fairfax County in consumer debt accumulation with $73 per resident on average in 2016.
  10. Fairfax Station ranks 10th out of 48 cities in Fairfax County in consumer debt accumulation with $85 per resident on average in 2016.
  11. Mantua ranks 11th out of 48 cities in Fairfax County in consumer debt accumulation with $91 per resident on average in 2016.
  12. McLean ranks 12th out of 48 cities in Fairfax County in consumer debt accumulation with $95 per resident on average in 2016.
  13. Vienna ranks 13th out of 48 cities in Fairfax County in consumer debt accumulation with $96 per resident on average in 2016.
  14. Wakefield ranks 14th out of 48 cities in Fairfax County in consumer debt accumulation with $109 per resident on average in 2016.
  15. Belle Haven ranks 15th out of 48 cities in Fairfax County in consumer debt accumulation with $111 per resident on average in 2016.
  16. Burke ranks 15th out of 48 cities in Fairfax County in consumer debt accumulation with $111 per resident on average in 2016.
  17. Floris ranks 17th out of 48 cities in Fairfax County in consumer debt accumulation with $113 per resident on average in 2016.
  18. Mount Vernon ranks 18th out of 48 cities in Fairfax County in consumer debt accumulation with $114 per resident on average in 2016.
  19. North Springfield ranks 19th out of 48 cities in Fairfax County in consumer debt accumulation with $115 per resident on average in 2016.
  20. Kingstowne ranks 20th out of 48 cities in Fairfax County in consumer debt accumulation with $116 per resident on average in 2016.
  21. Laurel Hill ranks 21st out of 48 cities in Fairfax County in consumer debt accumulation with $120 per resident on average in 2016.
  22. Lorton ranks 22nd out of 48 cities in Fairfax County in consumer debt accumulation with $131 per resident on average in 2016.
  23. Lincolnia ranks 23rd out of 48 cities in Fairfax County in consumer debt accumulation with $140 per resident on average in 2016.
  24. George Mason ranks 24th out of 48 cities in Fairfax County in consumer debt accumulation with $143 per resident on average in 2016.
  25. Chantilly ranks 25th out of 48 cities in Fairfax County in consumer debt accumulation with $146 per resident on average in 2016.
  26. Centreville ranks 26th out of 48 cities in Fairfax County in consumer debt accumulation with $150 per resident on average in 2016.
  27. Rose Hill ranks 27th out of 48 cities in Fairfax County in consumer debt accumulation with $155 per resident on average in 2016.
  28. Kings Park ranks 28th out of 48 cities in Fairfax County in consumer debt accumulation with $171 per resident on average in 2016.
  29. Fair Oaks ranks 29th out of 48 cities in Fairfax County in consumer debt accumulation with $186 per resident on average in 2016.
  30. Herndon ranks 30th out of 48 cities in Fairfax County in consumer debt accumulation with $189 per resident on average in 2016.
  31. Lake Barcroft ranks 31st out of 48 cities in Fairfax County in consumer debt accumulation with $190 per resident on average in 2016.
  32. Franconia ranks 32nd out of 48 cities in Fairfax County in consumer debt accumulation with $192 per resident on average in 2016.
  33. Reston ranks 33rd out of 48 cities in Fairfax County in consumer debt accumulation with $207 per resident on average in 2016.
  34. Tysons Corner ranks 34th out of 48 cities in Fairfax County in consumer debt accumulation with $209 per resident on average in 2016.
  35. Oakton ranks 35th out of 48 cities in Fairfax County in consumer debt accumulation with $217 per resident on average in 2016.
  36. Groveton ranks 36th out of 48 cities in Fairfax County in consumer debt accumulation with $223 per resident on average in 2016.
  37. Huntington ranks 37th out of 48 cities in Fairfax County in consumer debt accumulation with $227 per resident on average in 2016.
  38. Springfield ranks 38th out of 48 cities in Fairfax County in consumer debt accumulation with $228 per resident on average in 2016.
  39. Greenbriar ranks 39th out of 48 cities in Fairfax County in consumer debt accumulation with $229 per resident on average in 2016.
  40. Long Branch ranks 40th out of 48 cities in Fairfax County in consumer debt accumulation with $243 per resident on average in 2016.
  41. Hybla Valley ranks 41st out of 48 cities in Fairfax County in consumer debt accumulation with $246 per resident on average in 2016.
  42. Woodburn ranks 42nd out of 48 cities in Fairfax County in consumer debt accumulation with $251 per resident on average in 2016.
  43. Annandale ranks 43rd out of 48 cities in Fairfax County in consumer debt accumulation with $290 per resident on average in 2016.
  44. Merrifield ranks 44th out of 48 cities in Fairfax County in consumer debt accumulation with $309 per resident on average in 2016.
  45. Kings Park West ranks 45th out of 48 cities in Fairfax County in consumer debt accumulation with $327 per resident on average in 2016.
  46. Idylwood ranks 46th out of 48 cities in Fairfax County in consumer debt accumulation with $368 per resident on average in 2016.
  47. Bailey's Crossroads ranks 47th out of 48 cities in Fairfax County in consumer debt accumulation with $451 per resident on average in 2016.
  48. Seven Corners ranks 48th out of 48 cities in Fairfax County in consumer debt accumulation with $505 per resident on average in 2016.
How does Fairfax County rank in Virginia?
Virginia County Debt Distribution

14 counties in Virginia accumulated $500+ in debt in 2016. McLean averaged $95 per resident.

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