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- 1 min read
Debt Consol can be Short for Debt Consolidation
Were not able to find what you were looking for when you searched for debt consolidation? Sometime people search for the abbreviation debt consol to see if they can get better results. Sometimes you are in such a hurry that you hit enter and search for debt consol before you were able to complete your thought. Debt consol may be a shorter version of consolidation, but that does not mean that you need less information regarding options for your finances.
You have found the best information on debt consolidation.
Find out more about consolidating your debt and other options at Bills.com. With guides and articles on financial solutions, we have all the information that you will need to make good decisions. Visit our Debt Consolidation Savings Center to find out more about the services available to you.
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Did you know?
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 Wisconsin, 16% have student loan debt. Of those holding student loan debt, 6% are in default. Auto/retail loan delinquency rate is 3%.
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.
