Get rid of your debt faster with debt relief
Choose your debt amount
Or speak to a debt consultant 844-731-0836
Cartoon that Helps You Understand Your Debt Options
A Debt Help Cartoon
Get rid of your debt faster with debt relief
Take the first step towards a debt-free life with personalized debt reduction strategies.
Choose your debt amount
Or speak to a debt consultant 844-731-0836
Dealing with debt
Debt is used to buy a home, pay for bills, buy a car, or pay for a college education. According to the NY Federal Reserve total household debt as of Q1 2024 was $17.69 trillion. Auto loan debt was $1.62 trillion and credit card was $1.12 trillion.
According to data gathered by Urban.org from a sample of credit reports, about 26% of people in the US have some kind of debt in collections. The median debt in collections is $1,739. Student loans and auto loans are common types of debt. Of people holding student debt, approximately 10% had student loans in collections. The national Auto/Retail debt delinquency rate was 4%.
Collection and delinquency rates vary by state. For example, in Arkansas, 15% have student loan debt. Of those holding student loan debt, 10% are in default. Auto/retail loan delinquency rate is 5%.
Avoiding collections isn’t always possible. A sudden loss of employment, death in the family, or sickness can lead to financial hardship. Fortunately, there are many ways to deal with debt including an aggressive payment plan, debt consolidation loan, or a negotiated settlement.
