Debt Consolidation in Action: District of Columbia
Residents in our nation’s capital face a tough battle with debt.
DC residents are faced with some major challenges when it comes to personal finance and debt. Home prices are higher, student debt is bigger and even average credit card debt levels put DC residents in the top five places for personal debt in the U.S. – so if you live in DC then chances are good that you may be facing at least a few challenges with debt in your life today.
The information below is designed to help you understand how debt affects residents in DC and how credit counseling has been shown to help some residents find relief from credit card debt. If you’re facing challenges with debt, call Consolidated Credit at or complete our online application to request a free, confidential debt evaluation from a certified credit counselor.
Debt Statistics in the District of Columbia
Here’s a quick look at the state of debt in DC today:
- Average credit card debt: $5,499 
- Average student debt: $40,885 
- Average closed home loan amount: $393,453 
- Average monthly mortgage payment: $1,641 
- Average total debt: $65.532 
- % that is mortgage debt: 75.7% 
- % of debt in collections: 41.8% 
Credit counseling in Action for DC residents
While every financial situation is unique, the following case study and testimonial come from a real client we helped in Washington DC. This can give you a better idea of how we may be able to help you. Call us today to speak a certified credit counselor and see if you qualify for a debt management program.
Where she started:
- Total unsecured debt: $18,601.00
- Estimated interest charges: $10,654.62
- Time to payoff: 13 years, 8 months
- Total monthly payments: $744.04
After DMP enrollment:
- Average negotiated interest rate: 8.50%
- Total interest charges: $3,680.08
- Time to payoff: 4 years, 9 months
- Total monthly payment: $390.00