Washington Debt Consolidation Savings Estimate

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Consumer Debt Facts in Washington

Washington Consumer Debt Accumulation

$421 dollars in debt in 2016

The average Washington resident accumulated $421 dollars in debt in 2016. There are options and special plans available to those in need of debt relief.

$4,580 dollars in debt since 2010

The average Washington resident accumulated over 7,000 in debt since 2010.

What are the Debt Consolidation Options available in Washington?

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 Washington

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 Washington

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 WA

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.

Top Reasons for Debt in Washington

OverSpending

The single most common form of debt help that people seek is for credit cards that got out of control.

Income Ratios

How much do people in Washington make and spend? On average, people in Washington have spent $500 more than they make since 2010.

Job Loss

When unemployment in Washington rises, many consumers are left unable to pay their bills. Debt management options are available.

Medical Emergencies

Unexpected medical expenses happen. A simple treatment can be billed at outrageous rates. Many consumers prefer to settle their medical debt.

Annual Rankings of debt accumulation by county in Washington are in. We have analyzed the average consumer spending behavior across 39 counties in Washington. The average citizen in Washington is spending approximately $421 more dollars than they earned annually according to the latest data(2016).

Highest Debt Counties in Washington

  1. Whitman County citizens accumulated $1,560 dollars in debt on average in 2016.
  2. Kittitas County citizens accumulated $1,011 dollars in debt on average in 2016.
  3. Ferry County citizens accumulated $692 dollars in debt on average in 2016.

Lowest Debt Counties in Washington

  1. Franklin County citizens accumulated $211 dollars in debt on average in 2016.
  2. Douglas County citizens accumulated $212 dollars in debt on average in 2016.
  3. Benton County citizens accumulated $232 dollars in debt on average in 2016.

5 counties in Washington accumulated $500+ in debt in 2016.

Debt-Consolidation.com

Annual Rankings of debt accumulation by city in Washington are in. We have analyzed the average consumer spending behavior across 340 cities in Washington. The average citizen in Washington is spending approximately $379 more dollars than they earned annually according to the latest data(2016).

Highest Debt Cities in Washington

  1. Pullman residents accumulated $2,168 dollars in debt on average in 2016.
  2. Carlsborg residents accumulated $2,076 dollars in debt on average in 2016.
  3. Cheney residents accumulated $1,911 dollars in debt on average in 2016.

Lowest Debt Cities in Washington

  1. Sammamish residents accumulated $50 dollars in debt on average in 2016.
  2. Mill Creek residents accumulated $67 dollars in debt on average in 2016.
  3. Hockinson residents accumulated $81 dollars in debt on average in 2016.

Total Debt by City in Washington (FY 2016)

Debt Rank City Debt Accumulation Per Resident City Total Debt Accumulation
1 Seattle $557 $372.7 million
2 Spokane $582 $123.6 million
3 Tacoma $525 $108.1 million
4 Bellingham $1034 $87.4 million
5 Pullman $2168 $69.8 million
6 Vancouver $353 $60.1 million
7 Everett $430 $45.9 million
8 Kent $319 $40.1 million
9 Ellensburg $1904 $36.1 million
10 Renton $337 $33.3 million
11 Yakima $347 $32.4 million
12 Olympia $638 $31.7 million
13 Bellevue $228 $31.3 million
14 Spokane Valley $319 $29.9 million
15 Lakewood $474 $28.2 million
16 Auburn $373 $28.2 million
17 Bremerton $657 $25.9 million
18 Federal Way $235 $22.1 million
19 Cheney $1911 $21.9 million
20 Kirkland $254 $21.9 million
21 Longview $589 $21.6 million
22 Kennewick $266 $20.7 million
23 Burien $396 $19.9 million
24 Shoreline $353 $19.4 million
25 Parkland $501 $18.6 million

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