Learn how debt affects New Jersey residents and see how some use credit counseling to find relief.
New Jersey residents face many challenges when it comes to credit card debt. According to government data crunched by WalletHub, the average household owes almost $12,590 in credit card debt.
Garden State residents collectively owe credit card companies $39,480,586,042, a $1,001,846,845 jump from the first quarter of the year.
Over 7% of credit users are over 90 days behind with their payments. And credit utilization sits just above 27% – anything higher than 30% will decrease a consumer’s credit score. That makes it even more challenging for New Jersey residents to find solutions that provide debt relief.
The information below comes from real New Jersey residents who found debt relief with the help of Consolidated Credit. If you’re struggling to pay off debt and need help, call us at (844) 402-3711 to request a free confidential debt evaluation from a certified credit counselor.
How Much Could You Save?
Just tell us how much you owe, in total, and we’ll estimate your new consolidated monthly payment.
Case Study
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: $40,957.00
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
Case Study
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
Case Study
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
New Jersey credit card debt statistics
Here’s a quick look at how debt is affecting you and your neighbors in New Jersey.
This chart shows a breakdown of average consumer debt in New Jersey, based on the latest report of Household Debt report from the Federal Reserve.
Debt relief New Jersey: See our program in action!
We can help you identify the best debt solution for your needs. Talk to a certified credit counselor today to review your options, so you can find relief.
This content is based on accredited financial data gathered from reputable sources, such as government websites, credit bureaus, and nonprofit organizations. All articles are written by certified credit counselors and fact checked by certified financial experts.
Our team strives to provide educational content that fully informs readers of all their options as they relate to debt, credit and personal finance. Our goal is to give readers the information they need to make informed financial decisions on their own.
This article contains references that provide sources for the financial data we used. The numbers in brackets [1,2,3] are clickable links to each data source or study referenced.
