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Debt Consolidation in New Jersey

New Jersey residents rank in the lower half of the nation when it comes to states with the highest credit card balances. The average credit holder in New Jersey carries a balance of $5,153.19, putting the state in 30th place.

New Jersey fares similarly with respect to personal bankruptcy. The state ranks 33rd out of 50 states, with just under 20,000 residents filing for bankruptcy in a typical year, at a rate of 2.2 people out of every 1,000 in the state's population. Many individuals choose to use debt consolidation as a means of avoiding the need to file for bankruptcy.

However, New Jersey's position begins to fall as one considers its rankings with respect to student debt. 70% of the state's college graduates have loan debt upon completing their studies and do so with an average balance of $28,109, putting New Jersey in 4th and 18th place respectively.

Foreclosure rates in New Jersey are also high in comparison with the rest of the United States. On average, one in every 773 homes is in a state of foreclosure. Atlantic County tends to have foreclosure rates of more than double the state average, with almost 1 in every 338 homes experiencing foreclosure. This likely correlates with the high median sales price of $272,000 for a single-family home in in New Jersey, one of the highest amounts in America. Debt consolidation can help homeowners manage their financial challenges in such a way as to prevent falling into foreclosure.

New Jersey residents are protected by a number of state laws when it comes to debt and collections. For example, hospitals are limited in the amount they are allowed to charge uninsured patients. The state also operates a subsidy fund for health care that reimburses hospital for charity care provided to residents who do not have health insurance.

 

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Debt Consolidation In The News

One loan vs many: Is debt consolidation the answer

PETALING JAYA: For those who are left with only meagre funds in their bank accounts after paying their personal loans every month, debt consolidation can sound like a very attractive prospect. Debt co...

Published:  Sat, 23 Jun 2018 05:00:00 GMT



IMF: Greek economy improved, but may need more debt relief

ATHENS, Greece (AP) - Greece has significantly improved its economy as it heads toward the end of its bailout program in August, but its debt will remain difficult to manage in the long term, the Inte...

Published:  Fri, 29 Jun 2018 12:41:00 GMT



How Greece's PM celebrated European debt relief package

Greece's Prime Minister has welcomed the decision by eurozone creditors to offer debt relief - and marked the occasion by wearing a tie. Alexis Tsipras often joked that he would start wearing a tie on...

Published:  Fri, 22 Jun 2018 15:48:00 GMT



Nearly 35,000 former Corinthian College students in California will see debt relief

Almost 35,000 former Corinthian College students in California will have the remainder of their private loan balances forgiven and some may receive payment refunds after an investigation by the state ...

Published:  Fri, 15 Jun 2018 03:30:00 GMT



Best Debt Relief Companies In Baltimore Named By Best Debt Settlement Companies

Best Debt Settlement Companies recently reviewed and launched the list of top three debt relief companies that can help Baltimore residents get out of their mounting credit card debts. New York, Unite...

Published:  Tue, 05 Jun 2018 01:14:00 GMT



Student loan debt relief company barred from Mass. operations

BOSTON - United Advisors Group LLC, branded as a student-loan debt relief company, has agreed to stop operating in Massachusetts after allegations that it charged unlawful upfront fees and misled cust...

Published:  Tue, 12 Jun 2018 12:15:00 GMT



Best Debt Relief Companies In Baltimore Named By Best Debt Settlement Companies

Best Debt Settlement Companies recently reviewed and launched the list of top three debt relief companies that can help Baltimore residents get out of their mounting credit card debts. Baltimore, MD - ...

Published:  Tue, 05 Jun 2018 01:14:00 GMT




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