Getting Out of Debt: New Jersey Debt Relief

In a Nutshell

Getting out of debt is hard, but if you’re in debt or have unsecured debt in New Jersey, you can recover from your financial hardships. The average amount of credit card debt owed to credit card companies in New Jersey is $7,084, but when you enlist TurboDebt to help, you can easily tackle credit card debt and other unsecured debts at the same time.

If you’re ready to start your journey toward financial freedom, you’ve come to the right place. We’ll go over statistics about debt in New Jersey and provide key resources and information about how you can achieve debt relief in NJ.

We’re Here to Help New Jerseyans Escape Debt

TurboDebt knows that getting rid of debt can be taxing, especially if you have a lot of other bills to pay. However, if you’re committed to following a strict regimen, you’ll be on your way to escaping the cycle of debt. New Jersey is known for being a great state, but it’s also known for having a lot of debt, so if you’re a resident of New Jersey, there’s a large chance that you’re in debt. Let’s go over some statistics about debt in New Jersey, and by the end of this article, you’ll be on your way to a better financial future.

Debt and Finance Statistics in New Jersey

Average Consumer Debt

The average consumer debt for someone in New Jersey is currently average. It is not in the top ten states with the most average consumer debt, and it is not in the bottom ten states with the least average consumer debt. Because a collection agency will charge you fees for debt collection, you want to get out of debt as quickly as possible.

Credit Card Debt

It’s very easy to accrue credit card debt. If you’ve built up a lot of credit card debt over the years, you aren’t alone because the average amount of debt in New Jersey is over $7,000.

Credit cards are resources, and it is the cardholder's responsibility to utilize them wisely. Americans now carry $986 billion in credit card debt.

There are various reasons it’s so easy to get into credit card debt. Credit cards let people spend more than they make, whether it’s a wise choice or not. Many people don’t have an emergency fund, meaning their credit cards are the only way to cover an emergency.

It takes work to figure out how to quickly pay off credit card bills after the debt has accumulated. However, there is a way to get out of this situation. You can achieve freedom from credit card debt with TurboDebt. TurboDebt can help you avoid debt coll,ectors.

Auto Loan Debt

Auto loans are personal loans that come when you decide to purchase a car, but you don’t have enough money to buy the car in full. You might get a loan to get a new or used car, but in New Jersey, the average amount of money owed on auto loans is $17,309. This number has increased by 7.4% since the year prior. If you have higher credit scores, you’ll pay a lower interest rate than you would if you have a lower credit score, so you want to have good credit before you try to get a car loan. You don’t want missed payments or late fees.

Mortgage Debt

Americans must purchase homes, but when you purchase homes and you cannot afford your mortgage, you’re getting into financial trouble or the risk of foreclosure. In New Jersey, the average home cost is around $440,368, substantially higher than the national average. The average amount of mortgage debt that residents of New Jersey carry was $257,487 at the end of 2021. This number has increased by five percent in the past year, but it’s important to note that most homes in New Jersey have increased in value by 18.9%.

Student Loan Debt

These days, student loans are nearly unavoidable. With so many students graduating college with obscene amounts of debt, sometimes, going to college puts people on a path toward a bad financial future. The average federal student loan debt for people in New Jersey is $35,794.

Bankruptcy

When many Americans reach a point where they don’t think they can escape their debt because of wage garnishment or other things, they choose to opt for bankruptcy—usually, chapter 7 bankruptcy or chapter 13 bankruptcy. In New Jersey, 10,661 people filed for bankruptcy in 2022.

Average Income and Employment

In New Jersey, the median household income is currently $89,703. In terms of the average individual income (per capita), residents earn $46,691.

Credit Scores

To achieve financial freedom, one thing that you need to have is a high credit score and a good credit report. In New Jersey, the average credit score is 724 in 2022. The year before, the average credit score was about the same, so the trend for credit scores in New Jersey is positive.

Identity Theft

Unfortunately, more and more people fall victim to different scams, especially as technology advances. You want to avoid scams at all costs, but people in New Jersey are still victims of identity theft. There were 28,712 identity theft cases reported in New Jersey in 2022. When you consider the population of New Jersey, the state is ranked 13th for the most identity theft incidents per resident.

Banking and Tax Info

If you live in New Jersey, you’ve got to be aware of the tax-specific information for your state. In New Jersey, the sales tax is 6.625 percent. This number varies.

TurboDebt Can Help You Find Debt Relief in NJ

As we’ve discussed thus far, there are a lot of New Jersey residents with debt. If you’re ready to escape debt, you’re ready to work with TurboDebt. In 2022, TurboDebt helped 3,698 residents from New Jersey, with 1206 clients enrolled into debt relief programs.

Each client's average debt was $24,143, and the total debt enrolled into our TurboDebt programs was $29,128,507. On average, New Jersey residents saved 53.27 percent on their debts before fees. So, if you’re ready for debt relief, TurboDebt has been proven to help New Jersey residents escape debt.

Top Types of Debt to get Relief from in New Jersey

Credit Card Debt

Regarding per capita income, the U.S. Chamber of Commerce ranks New Jersey as one of the most prosperous states. However, being a resident of a wealthier state has both advantages and disadvantages. Living in New Jersey is quite expensive, even by American standards (up to 13% more than the national average).

What will it cost you in 2023 for rent, food, transit, and utilities? All of them are well above the median value for the country.

High debt levels will inevitably accompany a similarly high cost of living. As noted above, the average New Jersey resident carries more than $7,000 in credit card debt. That means that not only is this a common financial problem but it can be addressed in a variety of ways.

Residents of New Jersey struggling with credit card debt can choose from many ways to get out of debt. People trying to pay off their credit card debt can get help from banks, credit unions, online lenders, non-profit and for-profit credit counseling agencies, and debt settlement companies.

Debt relief companies take different approaches, so New Jerseyans should consider their finances when weighing the pros and cons. Debt management programs, debt consolidation loans, debt settlement, nonprofit debt settlement, and bankruptcy are the five ways to get out of credit card debt.

Divorce Debt

Divorces are hard enough, but they’re even more challenging when debt is involved. In fact, when debts are held in both spouses' names, debt collectors may pursue both parties for the balance, even if the court ordered one spouse to pay the entire amount. TurboDebt wants to ensure that divorce doesn’t ruin your financial future, so our expert team can help you get rid of divorce debt.

Business Debt

When you decide to start your own business, it can be risky, especially if you have to go into debt. With the help of TurboDebt, business owners from New Jersey can begin to rebuild after going into extreme debt to start their careers.

Medical Debt

Unfortunately, medical debt and medical bills are incredibly easy to accrue. If you’re someone with medical debt, TurboDebt can help. We’re committed to helping New Jerseyans get out of their medical debt because you shouldn’t have to go into debt to get the medical care you need.

Homeowner Debt

In New Jersey, many residents take out mortgages, and when you take out a mortgage, you’re going into debt. So, to avoid any financial problems, it’s best to talk to a professional to figure out how to reduce your homeowner debt. TurboDebt wants to help New Jerseyans in homeowner debt.

Retirement Debt

In America, many people retire with debt. In fact, many people in New Jersey retire with debt, too. To avoid having debt that you cannot pay off during retirement, TurboDebt can help.

Options for Debt Relief in New Jersey

Debt Management Programs

Debt management programs help you find a more reasonable monthly payment plan to stop missing payments. Missed payments are bad for your credit, and when you have a debt management program help, you’ll be better suited to pay for your debts each month.

Debt Consolidation Loans

It’s harder to pay off your debts if you have debts from various places because you’ll have more interest. So, debt consolidation loans help you only have one payment a month. When you only have one debt accruing interest, it will be easier to achieve your financial goals.

Debt Settlement

Coming to a debt settlement company means reaching a consensus on how to pay off your debts for a lower price. If you have $10,000 in debt, you might talk to your lender and determine that paying 30% of that debt is sufficient. Debt Settlements work in many different ways.

Credit Counseling

Credit counseling is an excellent way to get a more personalized understanding of your debts. So, when you work with a credit counselor at a credit counseling agency, you’ll get one-on-one advice to help you figure out how to get out of debt. There are also nonprofit credit counselors.

Bankruptcy

When you file bankruptcy, you’re coming to a court-ordered agreement on how to pay down your debts. This is not entirely uncommon, but still, not many Americans opt to do this.

Debt Forgiveness

When you opt for debt forgiveness, that means that your debts are being forgiven entirely, and you don’t have to have a repayment plan. This is one of the least expected ways to get relief from debt, but it is possible. For example, student loans were just forgiven for some Americans.

Debt and Financial Hardship Resources

Temporary Assistance

There are many nonprofits and Temporary Assistance Programs in New Jersey; if you need help, the Temporary Assistance for Needy Families, New Jersey, will help.

State Health and Human Services

Everyone must have access to healthcare, and in New Jersey, there are ways to find reduced healthcare services. For example, you might try Medicaid or Medicare, or GetCoveredNJ.

Child Care

If you’re a working parent, you must find ways for your kids to have daycare during the day. However, as many parents know, daycare is expensive. If you need help, you might find that New Jersey’s Child Care Assistance Program could help you afford daycare.

Shelters for the Homeless

There are a lot of homeless shelters in New Jersey. For example, there is St. Lucy’s Emergency Shelter, Newark Homeless Shelter, and Cornerstone House. All of these places take in people who are experiencing housing instability.

Free Transportation Services

There’s nothing more important than being able to get to work or doctor’s appointments. So, if you need accessible transportation services, try using the New Jersey Transit Access Link.

Conclusion

It can be easy to be overwhelmed by the amount of debt that you have. However, when you work with the team of professionals at TurboDebt, you’re on your way to escaping your financial situation.

Because scamming is so common these days, it’s a good idea to be vigilant when reducing debt. It’s easy to fall for scams, but you can trust that TurboDebt is not a scam. So, don’t wait to be debt free any longer. Contact TurboDebt to start your path toward financial freedom. We offer free debt consultations, so reach out now!