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Debt Consolidation in New York

New Yorkers tend to fare well across many dimensions of consumer debt. The state ranks 38th overall when looking at the highest credit card balances maintained by residents, with an average balance of $4,382.34. The Deseret News put New York in 19th place with respect to states with the lowest levels of consumer debt; out of all credit holders in the state, only 4.7% have a balance that is past due. Of those consumers, 28.3% have debt in collections with an average amount of $5,147.

Similarly, New York is in 42nd place for bankruptcy rates. While the overall number in an average year - 55,596 individuals filing for bankruptcy - may sound high, it represents a rate of 2.85 residents out of every 1000 people in the state population. New Yorkers can choose to pursue debt consolidation instead of filing for bankruptcy.

Despite New York having one of the highest median home sales prices in the nation ($317,500), overall foreclosures are some of the lowest, with an average of one in every 2026 homes in a state of foreclosure. However, it is worth noting that while the state average is low, there are a number of counties that experience significantly higher foreclosure rates. In both Dutchess and Ulster Counties, residents see average rates of more than one in every 500 homes in foreclosure.

College graduates in New York fall squarely in the middle when student loan debt is analyzed. 60% of students finish with some amount of student debt remaining, with an average amount of $26,381. This ranks New York in 26th and 25th place, respectively. Some students use debt consolidation to manage student loans and other debts incurred during their years of university studies.

Medical debt does factor into personal debt for New Yorkers. A study by the Commonwealth Fund revealed that almost a third of adults with medical bill challenges are unable to afford rent, food, or heat because of those bills; many take on credit card debt in order to meet their basic needs.

 

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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



Student Loan Debt Relief Operations Allegedly Bilked $95M From Borrowers

The federal government and 11 states have joined together to accuse 30 purported debt relief operations of using deception and false promises to swindle more than $95 million from student loan borrowers. "Operation Game of Loans" - the eyeroll-worthy ...

Published:  Fri, 13 Oct 2017 10:44:00 GMT



How to Consolidate Credit Card Debt

GCredit card consolidation refers to merging all your existing debt into one loan, which is different than restructuring your debt, which refers to renegotiating the terms or amounts of your debt. Using credit card debt consolidation as a debt management ...

Published:  Sat, 30 Dec 2017 20:00:00 GMT




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