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Consumer Debt Facts in University Place

Washington Consumer Debt Accumulation by County

University Place Consumer Debt Accumulation

$281 dollars in debt in 2016

The average University Place resident accumulated $281 dollars in debt in 2016. University Place citizens racked up a total of $9.1 million in debt in the 2016 fiscal year.

What are the Debt Consolidation Options available in University Place?

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 University Place

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 University Place

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 17 debt or credit card complaints in University Place.

Date Company and Reason
11/14/2017 A complaint against ECMC Group, Inc. was filed on 11/14/2017 relating to debt collection practices and alleges that ECMC Group, Inc. is attempting to collect a debt not owed by the consumer.
12/10/2016 A complaint against P.S.C., Inc was filed on 12/10/2016 regarding debt collection practices
11/10/2016 A complaint against NAVY FEDERAL CREDIT UNION was filed on 11/10/2016 regarding credit card practices
09/28/2016 A complaint against UNITED SERVICES AUTOMOBILE ASSOCIATION was filed on 09/28/2016 regarding credit card practices
07/30/2016 A complaint against State Collection Service, Inc. filed on 07/30/2016 alleges that State Collection Service, Inc. is utilizing inappropriate communication tactics with the consumer during debt collection attempts.
07/07/2016 A complaint against BANK OF AMERICA, NATIONAL ASSOCIATION was filed on 07/07/2016 regarding credit card practices
05/14/2016 A complaint against Genesis Credit Management, LLC was filed on 05/14/2016 regarding debt collection practices
10/01/2015 A complaint against AMERICAN EXPRESS COMPANY was filed on 10/01/2015 regarding credit card practices
05/16/2015 A complaint against Hunter Warfield, Inc. was filed on 05/16/2015 regarding debt collection practices
02/02/2015 A complaint against ERC was filed on 02/02/2015 regarding debt collection practices

Last updated: 2018-04-12

Top Reasons for Debt in University Place

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

Job Loss

When unemployment in University Place 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.

Pierce County, Washington annual city consumer debt rankings are in. We have analyzed the average consumer spending behavior across 49 cities and towns in Pierce County, WA. The average citizen in University Place is spending approximately $281 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 Pierce County Washington

  1. Milton ranks 1st out of 49 cities in Pierce County in consumer debt accumulation with $91 per resident on average in 2016.
  2. Fife Heights ranks 2nd out of 49 cities in Pierce County in consumer debt accumulation with $93 per resident on average in 2016.
  3. Artondale ranks 3rd out of 49 cities in Pierce County in consumer debt accumulation with $99 per resident on average in 2016.
  4. Fircrest ranks 4th out of 49 cities in Pierce County in consumer debt accumulation with $115 per resident on average in 2016.
  5. DuPont ranks 5th out of 49 cities in Pierce County in consumer debt accumulation with $147 per resident on average in 2016.
  6. Frederickson ranks 6th out of 49 cities in Pierce County in consumer debt accumulation with $156 per resident on average in 2016.
  7. Summit ranks 7th out of 49 cities in Pierce County in consumer debt accumulation with $158 per resident on average in 2016.
  8. Lake Tapps ranks 8th out of 49 cities in Pierce County in consumer debt accumulation with $163 per resident on average in 2016.
  9. Eatonville ranks 9th out of 49 cities in Pierce County in consumer debt accumulation with $173 per resident on average in 2016.
  10. Graham ranks 10th out of 49 cities in Pierce County in consumer debt accumulation with $177 per resident on average in 2016.
  11. South Hill ranks 11th out of 49 cities in Pierce County in consumer debt accumulation with $178 per resident on average in 2016.
  12. Pacific ranks 12th out of 49 cities in Pierce County in consumer debt accumulation with $179 per resident on average in 2016.
  13. Orting ranks 13th out of 49 cities in Pierce County in consumer debt accumulation with $188 per resident on average in 2016.
  14. Elk Plain ranks 14th out of 49 cities in Pierce County in consumer debt accumulation with $206 per resident on average in 2016.
  15. Wollochet ranks 14th out of 49 cities in Pierce County in consumer debt accumulation with $206 per resident on average in 2016.
  16. Anderson Island ranks 16th out of 49 cities in Pierce County in consumer debt accumulation with $218 per resident on average in 2016.
  17. Rosedale ranks 17th out of 49 cities in Pierce County in consumer debt accumulation with $220 per resident on average in 2016.
  18. Fife ranks 18th out of 49 cities in Pierce County in consumer debt accumulation with $223 per resident on average in 2016.
  19. McMillin ranks 18th out of 49 cities in Pierce County in consumer debt accumulation with $223 per resident on average in 2016.
  20. Bonney Lake ranks 20th out of 49 cities in Pierce County in consumer debt accumulation with $226 per resident on average in 2016.
  21. Waller ranks 21st out of 49 cities in Pierce County in consumer debt accumulation with $244 per resident on average in 2016.
  22. Edgewood ranks 22nd out of 49 cities in Pierce County in consumer debt accumulation with $253 per resident on average in 2016.
  23. Prairie Heights ranks 23rd out of 49 cities in Pierce County in consumer debt accumulation with $256 per resident on average in 2016.
  24. Wilkeson ranks 24th out of 49 cities in Pierce County in consumer debt accumulation with $263 per resident on average in 2016.
  25. Carbonado ranks 25th out of 49 cities in Pierce County in consumer debt accumulation with $264 per resident on average in 2016.
  26. Maplewood ranks 26th out of 49 cities in Pierce County in consumer debt accumulation with $271 per resident on average in 2016.
  27. University Place ranks 27th out of 49 cities in Pierce County in consumer debt accumulation with $281 per resident on average in 2016.
  28. Spanaway ranks 28th out of 49 cities in Pierce County in consumer debt accumulation with $287 per resident on average in 2016.
  29. North Puyallup ranks 29th out of 49 cities in Pierce County in consumer debt accumulation with $289 per resident on average in 2016.
  30. Enumclaw ranks 30th out of 49 cities in Pierce County in consumer debt accumulation with $300 per resident on average in 2016.
  31. Alderton ranks 31st out of 49 cities in Pierce County in consumer debt accumulation with $301 per resident on average in 2016.
  32. Sumner ranks 32nd out of 49 cities in Pierce County in consumer debt accumulation with $306 per resident on average in 2016.
  33. Gig Harbor ranks 33rd out of 49 cities in Pierce County in consumer debt accumulation with $313 per resident on average in 2016.
  34. Prairie Ridge ranks 34th out of 49 cities in Pierce County in consumer debt accumulation with $340 per resident on average in 2016.
  35. Clover Creek ranks 35th out of 49 cities in Pierce County in consumer debt accumulation with $343 per resident on average in 2016.
  36. Midland ranks 36th out of 49 cities in Pierce County in consumer debt accumulation with $363 per resident on average in 2016.
  37. Longbranch ranks 37th out of 49 cities in Pierce County in consumer debt accumulation with $370 per resident on average in 2016.
  38. Auburn ranks 38th out of 49 cities in Pierce County in consumer debt accumulation with $373 per resident on average in 2016.
  39. Puyallup ranks 39th out of 49 cities in Pierce County in consumer debt accumulation with $391 per resident on average in 2016.
  40. Steilacoom ranks 40th out of 49 cities in Pierce County in consumer debt accumulation with $412 per resident on average in 2016.
  41. Wauna ranks 41st out of 49 cities in Pierce County in consumer debt accumulation with $430 per resident on average in 2016.
  42. Ruston ranks 42nd out of 49 cities in Pierce County in consumer debt accumulation with $468 per resident on average in 2016.
  43. Lakewood ranks 43rd out of 49 cities in Pierce County in consumer debt accumulation with $474 per resident on average in 2016.
  44. Parkland ranks 44th out of 49 cities in Pierce County in consumer debt accumulation with $501 per resident on average in 2016.
  45. Summit View ranks 45th out of 49 cities in Pierce County in consumer debt accumulation with $502 per resident on average in 2016.
  46. Tacoma ranks 46th out of 49 cities in Pierce County in consumer debt accumulation with $525 per resident on average in 2016.
  47. Stansberry Lake ranks 47th out of 49 cities in Pierce County in consumer debt accumulation with $527 per resident on average in 2016.
  48. Buckley ranks 48th out of 49 cities in Pierce County in consumer debt accumulation with $596 per resident on average in 2016.
  49. Home ranks 49th out of 49 cities in Pierce County in consumer debt accumulation with $616 per resident on average in 2016.
How does Pierce County rank in Washington?
Washington County Debt Distribution

5 counties in Washington accumulated $500+ in debt in 2016. University Place averaged $281 per resident.

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