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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.
Debt Consolidation In The News
SCOTTSDALE, Ariz., March 20, 2019 /PRNewswire/ -- For those carrying credit card debt, David (UseDavid.com) is making it easier than ever to take control of the situation by automating much of its ...
Published: Wed, 20 Mar 2019 07:14:00 GMT
The main reason is that debt consolidation makes you feel like you did something to really change your financial world when you didn't. That's part of the catch. Believe it or not, I hear ...
Published: Wed, 20 Mar 2019 08:38:00 GMT
I've heard you tell people to avoid debt consolidation companies. Why do you think debt consolidation is such a bad thing The main reason is that debt consolidation makes you feel like you did ...
Published: Tue, 19 Mar 2019 10:01:00 GMT
Culver City, CA, March 19, 2019 (GLOBE NEWSWIRE) -- eWellness Healthcare Corporation - (OTCQB:EWLL) - a provider of the state of the art PHZIO platform for the physical therapy ("PT") and telehealth ...
Published: Tue, 19 Mar 2019 07:00:00 GMT
Legislation currently making its way through Congress would enable employers to give tax-free loan assistance to their employees who wish to repay student loans. The Employer Participation in ...
Published: Tue, 19 Mar 2019 11:24:00 GMT
COVINGTON - A father-son pair of bail bondsmen in Tangipahoa and St. Tammany Parishes have been arrested in a sex trafficking investigation led by state police and the FBI. According to Louisiana ...
Published: Fri, 15 Mar 2019 15:37:00 GMT
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