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      May 21, 2018

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Debt Consolidation in New Jersey

New Jersey MapNew Jersey residents rank in the lower half of the nation when it comes to states with the highest credit card balances. The average credit holder in New Jersey carries a balance of $5,153.19, putting the state in 30th place.

New Jersey fares similarly with respect to personal bankruptcy. The state ranks 33rd out of 50 states, with just under 20,000 residents filing for bankruptcy in a typical year, at a rate of 2.2 people out of every 1,000 in the state’s population. Many individuals choose to use debt consolidation as a means of avoiding the need to file for bankruptcy.

However, New Jersey’s position begins to fall as one considers its rankings with respect to student debt. 70% of the state’s college graduates have loan debt upon completing their studies and do so with an average balance of $28,109, putting New Jersey in 4th and 18th place respectively.

Foreclosure rates in New Jersey are also high in comparison with the rest of the United States. On average, one in every 773 homes is in a state of foreclosure. Atlantic County tends to have foreclosure rates of more than double the state average, with almost 1 in every 338 homes experiencing foreclosure. This likely correlates with the high median sales price of $272,000 for a single-family home in in New Jersey, one of the highest amounts in America. Debt consolidation can help homeowners manage their financial challenges in such a way as to prevent falling into foreclosure.

New Jersey residents are protected by a number of state laws when it comes to debt and collections. For example, hospitals are limited in the amount they are allowed to charge uninsured patients. The state also operates a subsidy fund for health care that reimburses hospital for charity care provided to residents who do not have health insurance.

 

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