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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

Student loan borrowers seek class status in lawsuit over debt relief

Borrowers accusing student loan servicer Navient of falsely telling them their loans were eligible for a debt relief program for public service workers have asked a federal judge in Tampa to certify t...

Published:  Mon, 17 Dec 2018 14:55:00 GMT

Who wants to be crippled by student debt

This is not the only competition that embraces the theme of graduate debt relief. It is now increasingly cropping up off the screens too, in the world of finance. Fifth Third Bank, headquartered ...

Published:  Mon, 17 Dec 2018 21:00:00 GMT

Assam approves Rs 600 cr farm loan waiver

The waiver will be for all the loans taken through Kisan Credit Card (KCC) and from PSU banks, he said. The government has also sanctioned an interest relief scheme which will enable around 19 lakh fa...

Published:  Tue, 18 Dec 2018 03:20:00 GMT

Buffalo firm helps national nonprofit pay off medical debt

Western New Yorkers are among those who have benefited already: Locally, the program has meant relief for 58 individuals who had $65,000 in debt wiped out. That came directly through the efforts of a ...

Published:  Mon, 17 Dec 2018 03:02:00 GMT

Obama-era rule leads to $150M in student loan forgiveness

The students are eligible for loan relief under an Obama-era rule that was intended to make it easier for defrauded students to get their loans cleared. Part of the rule granted automatic loan forgive...

Published:  Mon, 17 Dec 2018 04:10:00 GMT

Major Debt Buyer Reaches Settlement With 42 States and the District of Columbia

The company must also credit the outstanding judgment balances of certain customers, reducing or eliminating entirely their debt balances, which will likely total tens of millions of dollars in consum...

Published:  Mon, 17 Dec 2018 10:52:00 GMT

Education Department Announces Student Loan Debt Cancellation For Attendees Of Fraudulent Schools

"It's disappointing that it took a court order to get Secretary DeVos to begin providing debt relief to students left in the lurch by predatory for-profit colleges, but I am pleased the ...

Published:  Sun, 16 Dec 2018 10:20:00 GMT

Students from closed colleges could see their loans erased by U.S. Education Department

The update included a provision to grant automatic debt cancellation to borrowers whose schools closed ... but many thousands of students are still waiting for relief," said Julie Murray, an attorney ...

Published:  Mon, 17 Dec 2018 11:33:00 GMT

Credit Card Debt Repayment - Guide to Your Options for Reducing Interest Rates

Read:What You Need to Know About Licensed Moneylenders in Singapore 4. Apply for a Debt Consolidation Plan (DCP) There may be a situation wherein your debt is 12 times your monthly income. In such cas...

Published:  Fri, 14 Dec 2018 07:10:00 GMT

Gambia names international advisers to tackle debt, ministry says

including creditors that have not provided the debt relief they committed in the Heavily Indebted Poor Countries process," he said in the statement. Washington-based Potomac Group is a financial ...

Published:  Mon, 17 Dec 2018 23:59:00 GMT

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