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Consumer Debt Facts in Bothell

Washington Consumer Debt Accumulation by County

Bothell Consumer Debt Accumulation

$250 dollars in debt in 2016

The average Bothell resident accumulated $250 dollars in debt in 2016. Bothell citizens racked up a total of $10.8 million in debt in the 2016 fiscal year.

What are the Debt Consolidation Options available in Bothell?

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 Bothell

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 Bothell

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.

Consumers have recently filed 117 debt or credit card complaints in Bothell.

Date Company and Reason
01/30/2018 A complaint against CCS Financial Services, Inc. was filed on 01/30/2018 relating to debt collection practices and alleges that CCS Financial Services, Inc. is attempting to collect a debt not owed by the consumer.
12/26/2017 A complaint against JPMORGAN CHASE & CO. was filed on 12/26/2017 regarding credit card or prepaid card practices
12/10/2017 A complaint against Asset Recovery Group, Inc. was filed on 12/10/2017 relating to debt collection practices and alleges that Asset Recovery Group, Inc. is attempting to collect a debt not owed by the consumer.
11/28/2017 A complaint against JPMORGAN CHASE & CO. was filed on 11/28/2017 regarding credit card or prepaid card practices
11/06/2017 A complaint against BANK OF AMERICA, NATIONAL ASSOCIATION was filed on 11/06/2017 regarding credit card or prepaid card practices
10/15/2017 A complaint against PORTFOLIO RECOVERY ASSOCIATES INC was filed on 10/15/2017 regarding debt collection practices
10/15/2017 A complaint against ENCORE CAPITAL GROUP INC. was filed on 10/15/2017 regarding debt collection practices
10/15/2017 A complaint against CAPITAL ONE FINANCIAL CORPORATION was filed on 10/15/2017 regarding debt collection practices
10/15/2017 A complaint against Armada Corp. was filed on 10/15/2017 regarding debt collection practices
09/20/2017 A complaint against TRANSWORLD SYSTEMS INC was filed on 09/20/2017 regarding debt collection practices

Last updated: 2018-04-12

Top Reasons for Debt in Bothell

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

Job Loss

When unemployment in Bothell 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.

Snohomish County, Washington annual city consumer debt rankings are in. We have analyzed the average consumer spending behavior across 38 cities and towns in Snohomish County, WA. The average citizen in Bothell is spending approximately $250 more dollars than they earned annually, compared to the average of $421 across Washington. All statistics according to the latest data(2016).

Highest Debt Cities in Snohomish County Washington

  1. Mill Creek ranks 1st out of 38 cities in Snohomish County in consumer debt accumulation with $67 per resident on average in 2016.
  2. Chain Lake ranks 2nd out of 38 cities in Snohomish County in consumer debt accumulation with $89 per resident on average in 2016.
  3. Mukilteo ranks 3rd out of 38 cities in Snohomish County in consumer debt accumulation with $112 per resident on average in 2016.
  4. Silver Firs ranks 4th out of 38 cities in Snohomish County in consumer debt accumulation with $118 per resident on average in 2016.
  5. Woodway ranks 5th out of 38 cities in Snohomish County in consumer debt accumulation with $120 per resident on average in 2016.
  6. Mill Creek East ranks 5th out of 38 cities in Snohomish County in consumer debt accumulation with $120 per resident on average in 2016.
  7. Meadowdale ranks 7th out of 38 cities in Snohomish County in consumer debt accumulation with $122 per resident on average in 2016.
  8. Martha Lake ranks 8th out of 38 cities in Snohomish County in consumer debt accumulation with $128 per resident on average in 2016.
  9. Warm Beach ranks 10th out of 38 cities in Snohomish County in consumer debt accumulation with $140 per resident on average in 2016.
  10. Eastmont ranks 10th out of 38 cities in Snohomish County in consumer debt accumulation with $140 per resident on average in 2016.
  11. Woods Creek ranks 10th out of 38 cities in Snohomish County in consumer debt accumulation with $140 per resident on average in 2016.
  12. Bunk Foss ranks 12th out of 38 cities in Snohomish County in consumer debt accumulation with $152 per resident on average in 2016.
  13. Bothell East ranks 13th out of 38 cities in Snohomish County in consumer debt accumulation with $163 per resident on average in 2016.
  14. Picnic Point ranks 14th out of 38 cities in Snohomish County in consumer debt accumulation with $167 per resident on average in 2016.
  15. Stanwood ranks 15th out of 38 cities in Snohomish County in consumer debt accumulation with $184 per resident on average in 2016.
  16. Fobes Hill ranks 16th out of 38 cities in Snohomish County in consumer debt accumulation with $190 per resident on average in 2016.
  17. Lake Cassidy ranks 17th out of 38 cities in Snohomish County in consumer debt accumulation with $196 per resident on average in 2016.
  18. Bothell West ranks 18th out of 38 cities in Snohomish County in consumer debt accumulation with $202 per resident on average in 2016.
  19. Larch Way ranks 19th out of 38 cities in Snohomish County in consumer debt accumulation with $214 per resident on average in 2016.
  20. Marysville ranks 20th out of 38 cities in Snohomish County in consumer debt accumulation with $227 per resident on average in 2016.
  21. Mountlake Terrace ranks 21st out of 38 cities in Snohomish County in consumer debt accumulation with $238 per resident on average in 2016.
  22. Monroe ranks 22nd out of 38 cities in Snohomish County in consumer debt accumulation with $241 per resident on average in 2016.
  23. Bothell ranks 23rd out of 38 cities in Snohomish County in consumer debt accumulation with $250 per resident on average in 2016.
  24. Lake Stevens ranks 24th out of 38 cities in Snohomish County in consumer debt accumulation with $277 per resident on average in 2016.
  25. Maltby ranks 25th out of 38 cities in Snohomish County in consumer debt accumulation with $285 per resident on average in 2016.
  26. North Lynnwood ranks 26th out of 38 cities in Snohomish County in consumer debt accumulation with $300 per resident on average in 2016.
  27. Alderwood Manor ranks 27th out of 38 cities in Snohomish County in consumer debt accumulation with $304 per resident on average in 2016.
  28. Lake Stickney ranks 28th out of 38 cities in Snohomish County in consumer debt accumulation with $308 per resident on average in 2016.
  29. Snohomish ranks 29th out of 38 cities in Snohomish County in consumer debt accumulation with $317 per resident on average in 2016.
  30. Arlington ranks 30th out of 38 cities in Snohomish County in consumer debt accumulation with $324 per resident on average in 2016.
  31. Edmonds ranks 31st out of 38 cities in Snohomish County in consumer debt accumulation with $403 per resident on average in 2016.
  32. Everett ranks 32nd out of 38 cities in Snohomish County in consumer debt accumulation with $430 per resident on average in 2016.
  33. Lynnwood ranks 33rd out of 38 cities in Snohomish County in consumer debt accumulation with $440 per resident on average in 2016.
  34. Darrington ranks 34th out of 38 cities in Snohomish County in consumer debt accumulation with $445 per resident on average in 2016.
  35. Gold Bar ranks 35th out of 38 cities in Snohomish County in consumer debt accumulation with $518 per resident on average in 2016.
  36. May Creek ranks 36th out of 38 cities in Snohomish County in consumer debt accumulation with $544 per resident on average in 2016.
  37. Sultan ranks 37th out of 38 cities in Snohomish County in consumer debt accumulation with $628 per resident on average in 2016.
  38. Swede Heaven ranks 38th out of 38 cities in Snohomish County in consumer debt accumulation with $819 per resident on average in 2016.
How does Snohomish County rank in Washington?
Washington County Debt Distribution

5 counties in Washington accumulated $500+ in debt in 2016. Bothell averaged $250 per resident.

Debt-Consolidation.com

King County, Washington annual city consumer debt rankings are in. We have analyzed the average consumer spending behavior across 44 cities and towns in King County, WA. The average citizen in Bothell is spending approximately $250 more dollars than they earned annually, compared to the average of $421 across Washington. All statistics according to the latest data(2016).

Highest Debt Cities in King County Washington

  1. Sammamish ranks 1st out of 44 cities in King County in consumer debt accumulation with $50 per resident on average in 2016.
  2. Union Hill-Novelty Hill ranks 2nd out of 44 cities in King County in consumer debt accumulation with $88 per resident on average in 2016.
  3. Milton ranks 3rd out of 44 cities in King County in consumer debt accumulation with $91 per resident on average in 2016.
  4. Cottage Lake ranks 4th out of 44 cities in King County in consumer debt accumulation with $102 per resident on average in 2016.
  5. Hunts Point ranks 5th out of 44 cities in King County in consumer debt accumulation with $111 per resident on average in 2016.
  6. Medina ranks 6th out of 44 cities in King County in consumer debt accumulation with $118 per resident on average in 2016.
  7. Lakeland South ranks 7th out of 44 cities in King County in consumer debt accumulation with $136 per resident on average in 2016.
  8. Maple Valley ranks 8th out of 44 cities in King County in consumer debt accumulation with $142 per resident on average in 2016.
  9. Lakeland North ranks 9th out of 44 cities in King County in consumer debt accumulation with $143 per resident on average in 2016.
  10. Issaquah ranks 10th out of 44 cities in King County in consumer debt accumulation with $159 per resident on average in 2016.
  11. Mercer Island ranks 11th out of 44 cities in King County in consumer debt accumulation with $175 per resident on average in 2016.
  12. Fairwood ranks 12th out of 44 cities in King County in consumer debt accumulation with $176 per resident on average in 2016.
  13. Pacific ranks 13th out of 44 cities in King County in consumer debt accumulation with $179 per resident on average in 2016.
  14. Lake Morton-Berrydale ranks 14th out of 44 cities in King County in consumer debt accumulation with $190 per resident on average in 2016.
  15. Mirrormont ranks 15th out of 44 cities in King County in consumer debt accumulation with $194 per resident on average in 2016.
  16. Covington ranks 16th out of 44 cities in King County in consumer debt accumulation with $200 per resident on average in 2016.
  17. Vashon ranks 17th out of 44 cities in King County in consumer debt accumulation with $204 per resident on average in 2016.
  18. East Renton Highlands ranks 18th out of 44 cities in King County in consumer debt accumulation with $208 per resident on average in 2016.
  19. North Bend ranks 19th out of 44 cities in King County in consumer debt accumulation with $214 per resident on average in 2016.
  20. Woodinville ranks 20th out of 44 cities in King County in consumer debt accumulation with $223 per resident on average in 2016.
  21. Bellevue ranks 21st out of 44 cities in King County in consumer debt accumulation with $228 per resident on average in 2016.
  22. Lake Forest Park ranks 22nd out of 44 cities in King County in consumer debt accumulation with $234 per resident on average in 2016.
  23. Federal Way ranks 23rd out of 44 cities in King County in consumer debt accumulation with $235 per resident on average in 2016.
  24. Bothell ranks 24th out of 44 cities in King County in consumer debt accumulation with $250 per resident on average in 2016.
  25. Kenmore ranks 25th out of 44 cities in King County in consumer debt accumulation with $251 per resident on average in 2016.
  26. Kirkland ranks 26th out of 44 cities in King County in consumer debt accumulation with $254 per resident on average in 2016.
  27. Redmond ranks 27th out of 44 cities in King County in consumer debt accumulation with $270 per resident on average in 2016.
  28. Hobart ranks 28th out of 44 cities in King County in consumer debt accumulation with $291 per resident on average in 2016.
  29. Duvall ranks 29th out of 44 cities in King County in consumer debt accumulation with $298 per resident on average in 2016.
  30. Newcastle ranks 30th out of 44 cities in King County in consumer debt accumulation with $299 per resident on average in 2016.
  31. Enumclaw ranks 31st out of 44 cities in King County in consumer debt accumulation with $300 per resident on average in 2016.
  32. Tukwila ranks 32nd out of 44 cities in King County in consumer debt accumulation with $312 per resident on average in 2016.
  33. Kent ranks 33rd out of 44 cities in King County in consumer debt accumulation with $319 per resident on average in 2016.
  34. White Center ranks 34th out of 44 cities in King County in consumer debt accumulation with $334 per resident on average in 2016.
  35. Renton ranks 35th out of 44 cities in King County in consumer debt accumulation with $337 per resident on average in 2016.
  36. Des Moines ranks 36th out of 44 cities in King County in consumer debt accumulation with $347 per resident on average in 2016.
  37. Shoreline ranks 37th out of 44 cities in King County in consumer debt accumulation with $353 per resident on average in 2016.
  38. Algona ranks 38th out of 44 cities in King County in consumer debt accumulation with $365 per resident on average in 2016.
  39. Auburn ranks 39th out of 44 cities in King County in consumer debt accumulation with $373 per resident on average in 2016.
  40. Black Diamond ranks 40th out of 44 cities in King County in consumer debt accumulation with $382 per resident on average in 2016.
  41. Burien ranks 41st out of 44 cities in King County in consumer debt accumulation with $396 per resident on average in 2016.
  42. Bryn Mawr-Skyway ranks 42nd out of 44 cities in King County in consumer debt accumulation with $449 per resident on average in 2016.
  43. SeaTac ranks 43rd out of 44 cities in King County in consumer debt accumulation with $467 per resident on average in 2016.
  44. Seattle ranks 44th out of 44 cities in King County in consumer debt accumulation with $557 per resident on average in 2016.
How does King County rank in Washington?
Washington County Debt Distribution

5 counties in Washington accumulated $500+ in debt in 2016. Bothell averaged $250 per resident.

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