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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

Euro zone to unlock new loans to Greece, working on debt relief

BRUSSELS (Reuters) - Euro zone creditors are expected to disburse new loans to Greece this month and are working on debt relief measures, the head of the bloc's finance ministers said on Monday, steps that should help underpin its economic recovery.

Published:  Mon, 12 Mar 2018 13:40:00 GMT



Former For-Profit College Students Demand Full Debt Relief

The code has been copied to your clipboard. The URL has been copied to your clipboard A group of past students at the former Corinthian Colleges are taking legal action against the United States Department of Education. In early March, the former students ...

Published:  Sun, 25 Mar 2018 03:02:00 GMT



Debt Consolidation Credit Card Debt Relief An Option For Many Today

As Economy Picks Up Speed, Americans Pick Up Pace of Unloading Personal Debt LOS ANGELES, CA, March 05, 2018 /24-7PressRelease/ -- Debt consolidation and credit card debt relief programs have become increasingly sought after and used by more Americans as ...

Published:  Mon, 05 Mar 2018 00:07:00 GMT



Pain Relief for College Students Overburdened by Loan Debt

Legislators turn their attention to problems facing student borrowers, backing bills that would keep them from being overwhelmed by loan repayments New Jersey lawmakers, who were disturbed in the last legislative session by the practices of the agency that ...

Published:  Thu, 12 Apr 2018 05:00:00 GMT



Debt Relief Under the Heavily Indebted Poor Countries (HIPC) Initiative

The joint IMF-World Bank comprehensive approach to debt reduction is designed to ensure that no poor country faces a debt burden it cannot manage. To date, debt reduction packages under the HIPC Initiative have been approved for 36 countries, 30 of them ...

Published:  Wed, 07 Mar 2018 16:00:00 GMT




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