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According to figures released by the Urban Institute, 38.7 percent of the average consumer debt of $55,831 currently is in collections in Arizona. The majority of debt in the state comes from mortgages, with 70.8 percent of Arizonans struggling to make timely payments on their homes. With an average household income of $65,788, consumers who are in debt face a daunting task when it comes to getting themselves out of it.
Some consumers who are up to their eyeballs in debt will consider bankruptcy as a means to alleviate the financial pressure. While bankruptcy is certainly an option, it has a lasting effect on a consumer's credit rating and should not be entered into lightly.
Consumers also have the option of working with a reputable credit counseling agency to consolidate their debt. Consumers who qualify for debt consolidation are able to combine their separate debt into one monthly payment that fits within their budget. Creditors are required to work with consumers who are eligible for debt consolidation. As part of a debt consolidation agreement, consumers may be required to agree not to apply for any new credit until their existing debt is settled. Consumers also may be required to undergo credit counseling.
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