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How Much Debt Would You Have to Accumulate Before You Reached Out to a Professional For Help?

Posted By:  |  April 23, 2015  |  0 Comment(s)

professional help released a new survey concerning the amount of debt people accumulate before seeking professional help. This is first survey released this year for

The BDC team wanted to gain insight regarding the amount of debt people had and whether or not they were seeking professional help. wanted to better gage consumers’ thoughts about debt.

The survey asked the following question to 1,000 participants: “How much debt would you have to accumulate before you reached out to a professional for help?

These are the responses with their percentages:

  • Over $25,000-37.6 percent
  • $20,000-$25,000-20.3 percent
  • $10,000-$15,000-11.9 percent
  • $5,000-$10,000-12.4percent
  • Under $5,000-17.9 percent

The majority response that consumers chose was that they needed to accumulate over $25,000 in debt before they sought out a professional for help. It had 37.6 percent of the responses. The next closest was for those who had between $20,000-$25,000 in debt with 20.3 percent.

This survey sheds some light on the debt industry as whole and the types of clients they deal daily. It shows how the majority of customers only seek help with a large sum of unsecured debt. This type of debt include credit cards bills, medical bills or other expenses without collateral.

In other words, student loans, mortgages and auto loans are not included in the debt amount. People are seeking for professional help if they have over $25,000 in unsecured debt.

This survey provides insight into what kinds of debt people are willing to have, but also provides valuable information to the debt industry as a whole. The high amount of debt combined with the large majority of responses indicates that the debt industry is here to stay. provide unbiased reviews of debt consolidation, debt settlement, tax relief and student debt companies. The BDC team believes in the customer’s voices. The more real reviews, the more informed potential customers are about debt services.


  • How important is it to you for a debt consolidation company to offer financial education resources?
  • Takes your existing debt and try to settle with your creditors for a lower amount. If you pay off the settled amount, your debt will be considered paid in full.
  • Negotiates with your creditors on your behalf.
  • Fee based on a percentage of your total starting debt or a percentage of the debt they save you.
  • Most settlement companies have you create a separate "escrow" account where you will make monthly contributions over a certain amount of time to contribute to your settlement. Once there is a substantial amount of funds to show your creditors, the settlement company will try to negotiate a lower amount of debt.
  • Combines all your debts and creditors into one monthly payment.
  • Allows you to pay one monthly payment to the consolidation company, instead of multiple payments to different creditors.
  • You no longer owe your original creditors; instead you pay one monthly payment to your consolidation company.
  • Consolidation companies can help negotiate lower interest rates on your debts and help lower your total debt payment in the long run. A lower interest rate will lower the amount you owe in the end.
  • Allows you to consolidate all your different debts into one personal loan that can be paid off over time.
  • Can offer borrowers a lower interest rate with a longer payback term (compared to high-interest credit cards or medical bills). This will lower the amount of money required to pay off the loan over time.
  • Personal loan debt consolidation can be an effective way to raise your credit score quickly (within 3-6 months).
  • Borrowers can receive funds from their loan within only a few days.

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