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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

9 Common Student Loan Myths That Can Cost Borrowers Big Time

Myth 2: Federal student loan consolidation will save you money on interest. Truth: A lot of times, the terms "consolidation" and "refinancing" are used interchangeably. In reality, they're two very di...

Published:  Thu, 19 Jul 2018 08:34:00 GMT



More student borrowers may be eligible to cancel federal student loans than have applied for relief

The large number of California students who attended for-profit colleges at the time of their closure suggests many more may be eligible for student loan debt relief than have applied under the federa...

Published:  Thu, 19 Jul 2018 21:20:00 GMT



Sobering Study Shows PLUS Loans Actually Widening Income Gap for African-American Families, Says Ameritech Financial

While PLUS loans were expanded to increase access to low-income students, they had the negative consequence of burdening two generations within the same family," said Knickerbocker. "At Ameritech Fina...

Published:  Thu, 19 Jul 2018 13:18:00 GMT



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



Are you eligible to have your federal student loan debt canceled

Education Department Information on Debt Relief Process Consumer Financial Protection Bureau Information About Student Debt The Institute for College Access & Success Public Law Center The Debt Collec...

Published:  Thu, 19 Jul 2018 21:22:00 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




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