Debt Consolidation in Action: New Jersey

Learn how debt affects residents and see how some are using credit counseling to find relief.

New Jerseyans love to be the best, but when it comes to ranking sixth in the nation for credit card debt per borrower, it would probably be better if they didn’t. Statistics show that the average credit card user in New Jersey currently carries a balance that’s about $500 higher than the national average. At the same time, residents also face challenges with student loan debt and mortgages that are still underwater following the market collapse in 2009.

The information below shows you how we’ve been able to help other Floridians eliminate credit card debt as well as other unsecured debts. If you’re struggling and need help, call us at or complete an online application to request a free confidential debt evaluation from a certified credit counselor.

Debt statistics in New Jersey

Here’s a quick look at how debt is affecting you and your neighbors in New Jersey.

  • Average credit card debt: $5,484 per borrower[1]
  • 90-day credit card delinquency rate: 1.43%
  • Average student debt: $28,109
  • Student loan default rate: 10.60%
  • % of homes underwater (mortgage more than value): 16.71%
  • Mortgage delinquency rate for underwater homes: 16.96%
  • Average debt in collections: $4,309

[1] https://www.washingtonpost.com/blogs/govbeat/wp/2013/08/20/ranking-the-states-credit-card-debt/

All other statistics are brought to you by America’s Voice on Debt (AVOD)

John from Plainfield, NJ

This process has been easy and a great relief. The service was excellent and gave me hope!

Where he started:

  • Total unsecured debt: $410,957.00
  • Estimated interest charges: $23,941.78
  • Time to payoff: 15 years, 3 months
  • Total monthly payments: $1,638.28

After DMP enrollment:

  • Average negotiated interest rate: 7.78%
  • Total interest charges: $4,938.88
  • Time to payoff: 4 years, 6 months
  • Total monthly payment: $856.00
Time Saved:
10 years, 9 months
Monthly Savings:
$782.28
Interest Saved:
$19,002.90
Magalys from Woodland Park, NJ

The best thing I could have done was to make that first call and I’m glad I did. I’m almost debt free. Thank you!

Where she started:

  • Total unsecured debt: $24,454.00
  • Estimated interest charges: $13,786.94
  • Time to payoff: 13 years, 6 months
  • Total monthly payments: $978.16

After DMP enrollment:

  • Average negotiated interest rate: 2.70%
  • Total interest charges: $2,149.04
  • Time to payoff: 3 years, 1 month
  • Total monthly payment: $710.00
Time Saved:
10 years, 5 months
Monthly Savings:
$268.61
Interest Saved:
$11,637.90
Paul from Keyport, NJ

Five stars! The program did exactly what the counselor promised and I couldn’t be happier. Consolidated Credit helped me save my credit and a lot of money in finance charges.

Where he started:

  • Total unsecured debt: $31,311.00
  • Estimated interest charges: $18,407.19
  • Time to payoff: 15 years, 7 months
  • Total monthly payments: $1,252.44

After DMP enrollment:

  • Average negotiated interest rate: 6.97%
  • Total interest charges: $6,075.25
  • Time to payoff: 4 years, 10 months
  • Total monthly payment: $652.00
Time Saved:
10 years, 9 months
Monthly Savings:
$600.44
Interest Saved:
$12,331.94