{"id":5551,"date":"2025-06-25T09:32:17","date_gmt":"2025-06-25T14:32:17","guid":{"rendered":"https:\/\/www.accrediteddebtrelief.com\/blog\/?p=5551"},"modified":"2026-04-10T10:33:56","modified_gmt":"2026-04-10T15:33:56","slug":"debt-101-common-types-risk-factors-and-debt-relief-options","status":"publish","type":"post","link":"https:\/\/www.accrediteddebtrelief.com\/blog\/debt-101-common-types-risk-factors-and-debt-relief-options\/","title":{"rendered":"Debt 101: Common Types, Risk Factors and Debt Relief Options"},"content":{"rendered":"\n

If you’re feeling overwhelmed by credit cards, personal loans or medical bills, you’re not alone \u2014 and you’re not without options.<\/p>\n\n\n\n

TL;DR:<\/h3>\n\n\n\n

In this guide, we\u2019ll break down the most common debt types, explain their risk and help you figure out which debt relief options can actually help. <\/p>\n\n\n\n

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Common Debt Types, Risk Factors and Relief Options<\/h2>\n\n\n\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n
Debt Source<\/th>\n Debt Type<\/th>\n Collateral<\/th>\n Amount Per Borrower<\/th> Risk Level<\/th>\n Debt Relief Options<\/th>\n <\/tr>\n <\/thead>\n
Payday Loans<\/td>\n Lump Sum<\/td>\n Unsecured<\/td>\n $375 average
(CFPB)<\/td>\n 		Very High<\/td>\n \n
    \n
  • Consolidation Options<\/li>\n
  • Bankruptcy<\/li>\n <\/ul>\n <\/td>\n <\/tr>\n
Student Loans<\/td>\n Installment<\/td>\n Unsecured<\/td>\n $38,375
(Education Data Initiative)<\/td>\n 		High<\/td>\n \n
    \n
  • Forgiveness<\/li>\n
  • IDR<\/li>\n
  • Refinance<\/li>\n
  • Forbearance<\/li>\n <\/ul>\n <\/td>\n <\/tr>\n
Personal Loans<\/td>\n Installment<\/td>\n Unsecured<\/td>\n $10,426 average
(TransUnion Q1 2024)<\/td>\n 		High<\/td>\n \n
    \n
  • Consolidation Options<\/li>\n
  • Repayment Strategies<\/li>\n
  • DMP<\/li>\n
  • Bankruptcy<\/li>\n <\/ul>\n <\/td>\n <\/tr>\n
Credit Card<\/td>\n Revolving<\/td>\n Unsecured<\/td>\n $6,730 average
(Experian Q3 2024)<\/td>\n 		High<\/td>\n \n
    \n
  • Consolidation Options<\/li>\n
  • Refinance<\/li>\n
  • DMP<\/li>\n
  • Bankruptcy<\/li>\n <\/ul>\n <\/td>\n <\/tr>\n
Medical Bills<\/td>\n Installment<\/td>\n Unsecured<\/td>\n ~$3,710 average
(KFF, 2022 est.)<\/td>\n 		Medium<\/td>\n \n
    \n
  • Forgiveness<\/li>\n
  • Payment Plans<\/li>\n
  • Consolidation Options<\/li>\n
  • Bankruptcy<\/li>\n <\/ul>\n <\/td>\n <\/tr>\n
Buy Now Pay Later<\/td>\n Installment<\/td>\n Unsecured<\/td>\n $135 average loan
$2,085 cumulative average of all BNPL loans (CapitalOne)<\/td>\n 		Medium<\/td>\n \n
    \n
  • Consolidation Options<\/li>\n
  • Bankruptcy<\/li>\n
  • DMP<\/li>\n <\/ul>\n <\/td>\n <\/tr>\n
Auto Loans (Used Cars)<\/td>\n Installment<\/td>\n Secured<\/td>\n $26,073 average
(Experian Q1 2024)<\/td>\n 		Medium<\/td>\n \n
    \n
  • Refinance<\/li>\n <\/ul>\n <\/td>\n <\/tr>\n
Auto Loans (New Cars)<\/td>\n Installment<\/td>\n Secured<\/td>\n $40,634 average
(Experian Q1 2024)<\/td>\n 		Medium<\/td>\n \n
    \n
  • Refinance<\/li>\n <\/ul>\n <\/td>\n <\/tr>\n
Mortgage<\/td>\n Installment<\/td>\n Secured<\/td>\n $252,505 average
(Experian 2024)<\/td>\n 		Low<\/td>\n \n
    \n
  • Refinance<\/li>\n
  • Forbearance<\/li>\n <\/ul>\n <\/td>\n <\/tr>\n <\/tbody>\n <\/table>\n<\/div>\n\n