Watertown Debt Consolidation Savings Estimate

We have helped over 400,000 people. See if you qualify and how much you can save every month.

Debt Consolidation Help
BBB A+ Rating

What Type of Debt Do You Have?

How Much Debt Do You Have?

100% free savings estimate and it will not affect your credit score.

Consumer Debt Facts in Watertown

Wisconsin Consumer Debt Accumulation by County

Watertown Consumer Debt Accumulation

$242 dollars in debt in 2016

The average Watertown resident accumulated $242 dollars in debt in 2016. Watertown citizens racked up a total of $5.8 million in debt in the 2016 fiscal year.

What are the Debt Consolidation Options available in Watertown?

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 Watertown

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 Watertown

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 WI

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 16 debt or credit card complaints in Watertown.

Date Company and Reason
09/20/2017 A complaint against Frontline Asset Strategies, LLC was filed on 09/20/2017 regarding debt collection practices
09/20/2017 A complaint against Frontline Asset Strategies, LLC was filed on 09/20/2017 regarding debt collection practices
02/24/2016 A complaint against National Account Systems of Madison, Inc was filed on 02/24/2016 regarding debt collection practices
02/24/2016 A complaint against National Account Systems of Madison, Inc was filed on 02/24/2016 regarding debt collection practices
02/24/2016 A complaint against Associated Collectors, Inc. was filed on 02/24/2016 regarding debt collection practices
02/24/2016 A complaint against Associated Collectors, Inc. was filed on 02/24/2016 regarding debt collection practices
09/20/2015 A complaint against State Collection Service, Inc. was filed on 09/20/2015 regarding debt collection practices
09/20/2015 A complaint against State Collection Service, Inc. was filed on 09/20/2015 regarding debt collection practices
05/14/2014 A complaint against CHECK INTO CASH INC. was filed on 05/14/2014 regarding debt collection practices
05/14/2014 A complaint against CHECK INTO CASH INC. was filed on 05/14/2014 regarding debt collection practices

Last updated: 2018-04-12

Top Reasons for Debt in Watertown

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

Job Loss

When unemployment in Watertown 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.

Dodge County, Wisconsin annual city consumer debt rankings are in. We have analyzed the average consumer spending behavior across 32 cities and towns in Dodge County, WI. The average citizen in Watertown is spending approximately $242 more dollars than they earned annually, compared to the average of $291 across Wisconsin. All statistics according to the latest data(2016).

Highest Debt Cities in Dodge County Wisconsin

  1. Waupun ranks 1st out of 32 cities in Dodge County in consumer debt accumulation with $168 per resident on average in 2016.
  2. Waupun ranks 1st out of 32 cities in Dodge County in consumer debt accumulation with $168 per resident on average in 2016.
  3. Iron Ridge ranks 3rd out of 32 cities in Dodge County in consumer debt accumulation with $199 per resident on average in 2016.
  4. Iron Ridge ranks 3rd out of 32 cities in Dodge County in consumer debt accumulation with $199 per resident on average in 2016.
  5. Mayville ranks 5th out of 32 cities in Dodge County in consumer debt accumulation with $200 per resident on average in 2016.
  6. Mayville ranks 5th out of 32 cities in Dodge County in consumer debt accumulation with $200 per resident on average in 2016.
  7. Columbus ranks 7th out of 32 cities in Dodge County in consumer debt accumulation with $202 per resident on average in 2016.
  8. Columbus ranks 7th out of 32 cities in Dodge County in consumer debt accumulation with $202 per resident on average in 2016.
  9. Horicon ranks 9th out of 32 cities in Dodge County in consumer debt accumulation with $218 per resident on average in 2016.
  10. Horicon ranks 9th out of 32 cities in Dodge County in consumer debt accumulation with $218 per resident on average in 2016.
  11. Watertown ranks 11th out of 32 cities in Dodge County in consumer debt accumulation with $242 per resident on average in 2016.
  12. Watertown ranks 11th out of 32 cities in Dodge County in consumer debt accumulation with $242 per resident on average in 2016.
  13. Hartford ranks 14th out of 32 cities in Dodge County in consumer debt accumulation with $246 per resident on average in 2016.
  14. Hartford ranks 14th out of 32 cities in Dodge County in consumer debt accumulation with $246 per resident on average in 2016.
  15. Lomira ranks 14th out of 32 cities in Dodge County in consumer debt accumulation with $246 per resident on average in 2016.
  16. Lomira ranks 14th out of 32 cities in Dodge County in consumer debt accumulation with $246 per resident on average in 2016.
  17. Juneau ranks 17th out of 32 cities in Dodge County in consumer debt accumulation with $252 per resident on average in 2016.
  18. Juneau ranks 17th out of 32 cities in Dodge County in consumer debt accumulation with $252 per resident on average in 2016.
  19. Randolph ranks 19th out of 32 cities in Dodge County in consumer debt accumulation with $255 per resident on average in 2016.
  20. Randolph ranks 19th out of 32 cities in Dodge County in consumer debt accumulation with $255 per resident on average in 2016.
  21. Reeseville ranks 21st out of 32 cities in Dodge County in consumer debt accumulation with $273 per resident on average in 2016.
  22. Reeseville ranks 21st out of 32 cities in Dodge County in consumer debt accumulation with $273 per resident on average in 2016.
  23. Beaver Dam ranks 23rd out of 32 cities in Dodge County in consumer debt accumulation with $277 per resident on average in 2016.
  24. Beaver Dam ranks 23rd out of 32 cities in Dodge County in consumer debt accumulation with $277 per resident on average in 2016.
  25. Neosho ranks 25th out of 32 cities in Dodge County in consumer debt accumulation with $340 per resident on average in 2016.
  26. Neosho ranks 25th out of 32 cities in Dodge County in consumer debt accumulation with $340 per resident on average in 2016.
  27. Fox Lake ranks 27th out of 32 cities in Dodge County in consumer debt accumulation with $364 per resident on average in 2016.
  28. Fox Lake ranks 27th out of 32 cities in Dodge County in consumer debt accumulation with $364 per resident on average in 2016.
  29. Hustisford ranks 29th out of 32 cities in Dodge County in consumer debt accumulation with $418 per resident on average in 2016.
  30. Hustisford ranks 29th out of 32 cities in Dodge County in consumer debt accumulation with $418 per resident on average in 2016.
  31. Clyman ranks 31st out of 32 cities in Dodge County in consumer debt accumulation with $476 per resident on average in 2016.
  32. Clyman ranks 31st out of 32 cities in Dodge County in consumer debt accumulation with $476 per resident on average in 2016.
How does Dodge County rank in Wisconsin?
Wisconsin County Debt Distribution

5 counties in Wisconsin accumulated $500+ in debt in 2016. Watertown averaged $242 per resident.

Debt-Consolidation.com

Jefferson County, Wisconsin annual city consumer debt rankings are in. We have analyzed the average consumer spending behavior across 19 cities and towns in Jefferson County, WI. The average citizen in Watertown is spending approximately $242 more dollars than they earned annually, compared to the average of $291 across Wisconsin. All statistics according to the latest data(2016).

Highest Debt Cities in Jefferson County Wisconsin

  1. Rome ranks 1st out of 19 cities in Jefferson County in consumer debt accumulation with $105 per resident on average in 2016.
  2. Waterloo ranks 2nd out of 19 cities in Jefferson County in consumer debt accumulation with $114 per resident on average in 2016.
  3. Waterloo ranks 2nd out of 19 cities in Jefferson County in consumer debt accumulation with $114 per resident on average in 2016.
  4. Lake Mills ranks 4th out of 19 cities in Jefferson County in consumer debt accumulation with $204 per resident on average in 2016.
  5. Lake Mills ranks 4th out of 19 cities in Jefferson County in consumer debt accumulation with $204 per resident on average in 2016.
  6. Johnson Creek ranks 6th out of 19 cities in Jefferson County in consumer debt accumulation with $226 per resident on average in 2016.
  7. Johnson Creek ranks 6th out of 19 cities in Jefferson County in consumer debt accumulation with $226 per resident on average in 2016.
  8. Watertown ranks 8th out of 19 cities in Jefferson County in consumer debt accumulation with $242 per resident on average in 2016.
  9. Watertown ranks 8th out of 19 cities in Jefferson County in consumer debt accumulation with $242 per resident on average in 2016.
  10. Jefferson ranks 10th out of 19 cities in Jefferson County in consumer debt accumulation with $260 per resident on average in 2016.
  11. Jefferson ranks 10th out of 19 cities in Jefferson County in consumer debt accumulation with $260 per resident on average in 2016.
  12. Palmyra ranks 12th out of 19 cities in Jefferson County in consumer debt accumulation with $282 per resident on average in 2016.
  13. Palmyra ranks 12th out of 19 cities in Jefferson County in consumer debt accumulation with $282 per resident on average in 2016.
  14. Sullivan ranks 14th out of 19 cities in Jefferson County in consumer debt accumulation with $344 per resident on average in 2016.
  15. Sullivan ranks 14th out of 19 cities in Jefferson County in consumer debt accumulation with $344 per resident on average in 2016.
  16. Fort Atkinson ranks 16th out of 19 cities in Jefferson County in consumer debt accumulation with $471 per resident on average in 2016.
  17. Fort Atkinson ranks 16th out of 19 cities in Jefferson County in consumer debt accumulation with $471 per resident on average in 2016.
  18. Whitewater ranks 18th out of 19 cities in Jefferson County in consumer debt accumulation with $1633 per resident on average in 2016.
  19. Whitewater ranks 18th out of 19 cities in Jefferson County in consumer debt accumulation with $1633 per resident on average in 2016.
How does Jefferson County rank in Wisconsin?
Wisconsin County Debt Distribution

5 counties in Wisconsin accumulated $500+ in debt in 2016. Watertown averaged $242 per resident.

Debt-Consolidation.com

We can help settle your debt for less.

We've helped thousands and have an A+ rating with the BBB.

Receive a personalized plan based on your debt and income.

Get out of debt sooner and pay less.

Debt Consolidation