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Debt Consolidation in North Carolina

North Carolina residents have one of the lowest levels of consumer debt in the nation. While the average credit card balance for the state is $5,944.91, putting the state in 23rd place, it is ranked fourth overall when considering lowest levels of personal debt: only 4% of credit holders have balances that are past due. While 40.3% of those credit holders do have debt in collections, the average amount of that debt is only $4,280.

North Carolina college graduates also rank relatively well when analyzing student loan debt. 61% of university students will graduate with debt, ranking the state in 24th place, but the average amount of that debt is only $24,319, putting North Carolina in 39th place. Students may pursue debt consolidation as a means of managing student loan debt, along with any other personal debt they incurred during their college years.

In general, North Carolina sees average rates of home foreclosure, with one in every 1044 homes facing foreclosure. However, in Onslow and Jones Counties, homeowners experience foreclosure rates of more than one in every 500 homes, more than double the average for the rest of the state.

However, North Carolina does rank lower than most states with respect to bankruptcy. In typical year, just over 26,000 individuals file for bankruptcy. This represents a rate of 2.80 people filing for bankruptcy out of every 1000 people in the state, giving North Carolina 43rd place overall. Debt consolidation helps residents to avoid the need to file for bankruptcy and address financial challenges before they escalate into larger problems.

North Carolina residents should be aware that state law does allow for state agencies to use an individual?s lottery winnings or tax refunds to collect on unpaid medical debt.

 

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