The Best Alabama Debt Consolidation Companies of 2020

Many Alabamians wrestle with credit card, auto, medical, payday and other debt types. Even though The Yellowhammer State has a reasonably strong economy with 2.7% GDP growth, and a historically low unemployment rate of 3.5%, 18.90% of residents live below the poverty line. Many have debt struggles.

The average Alabamian has $1,787 in personal debt, plus $140,659 of mortgage debt for homeowners. On average, Alabama residents carry a credit cardd balance of $5,961 and 50% of Alabamians have student loan debt – $31,899 worth to be precise. Every year approximately 13,087 Alabamians declare bankruptcy. Fortunately for you, there are a number of Alabama debt consolidation options to help you get free from debt.

So whether you live in Birmingham, Mobile, Montgomery, or somewhere in-between, take charge of your financial situation and consider consolidating your debt load.

The Best Debt Consolidation Companies in Alabama (updated 2020)

Finding a legit debt consolidation firm can be tough. We’ve done the research and picked the best debt consolidation firms in the state of Alabama. Our criteria includes online reputation, breadth of services offered, and demonstration of expertise. All have at least an A rating with the Better Business Bureau.

Town & Country Acceptance Corporation

PO Box 560
Chelsea, AL, 35043-0560
(205) 823-4930
http://www.tcac.org

Rating: 9.04/10

Tenner Holding Group LLC

5009 County Rd. 18
Pine Hill, AL, 36769
(334) 398-0244

Rating: 9.15/10

Restoration Fi-cial Services, LLC

3007 Leeman Ferry Road Suite A12
Huntsville, AL, 35805
(256) 975-5099
http://www.restorationfi-cial.com

Rating: 9.26/10

MortgageRight

1 Perimeter Park S STE 230
Birmingham, AL, 35243-2327
(205) 776-8401
http://birmingham.mortgageright.com

Rating: 9.37/10

Bond, Botes, Sykstus, Tanner & Ezzell P.C.

225 Pratt Ave NE
Huntsville, AL, 35801-4008
(256) 539-9899
http://www.bondnbotes.com

Rating: 9.48/10

1st Family Mortgage Company, LLC

900 Merchants Walk SW STE A
Huntsville, AL, 35801-5256
(256) 425-0105
http://www.1fmc.com

Rating: 9.6/10

Alabama Debt Statistics

Total Debt$8,772,871
Debt Per Capita$1,787
Debt Per Capita Rank41

Source: World Population Review

Alabama Credit Card Debt Statistics

Average Credit Card Balance654
Average Credit Score$5,961
Avg Credit Card Balance Rank (1 = Highest Balance)31
Avg Credit Score Rank (1=Highest Score)47

Source: Experian

Mortgage Debt in Alabama

Mortgage Debt Per Capita$140,659
Avg 30 yr Mortgage Rate3.97%
Avg 15 yr Mortgage Rate3.58%
Median Home Value$134,300
Avg Outstanding Mortgage Debt$141,302
Difference Between Value and Mortgage Debt($7,002)
Avg Homeowner FICO Score680

Source: Federal Reserve, Value Penguin, Experian

Payday Loan Debt in Alabama

Payday Loan Legal StatusLegal
Max Payday Loan Amount500
Max Payday Loan Term31 days
Max Payday Loan APR456%

Source: Alabama Government Website

Unemployment and the Economy of Alabama

Poverty Rate – Population18.90%
Poverty Rate – Population – Rank5
Poverty Rate – Family14.60%
Poverty Rate – Family – Rank4
Unemployment Rate (March 2020)3.5
Unemployment Rank18
GDP Growth2.7
GDP Growth Rank29

Source: US Census, Bureau of Labor Statistics

Student Loan Debt in Alabama

Percent of Population with Student Loans50%
Average Student Loan debt$31,899
Average Debt of New Graduates (2017-18)$29,469
Average Debt Ranknan
Percent of Graduates with Debt (2017-18)51%
Percent with Debt Ranknan
Usable Institutions (BA-Granting)13
Percent of Graduates at Schools with Usable Data75%
Nonfederal debt of graduates, as percent of total debt27%
Fall enrollment – Undergraduate total (IPEDS)261,337
Tuition and Fees (in-district/in-state)$9,547
Total Cost of Attendance (on-campus)$25,542
Percent of Institutional Grants that are Need-Based38%

Source: Value Penguin, TICAS

Cost of Living in Alabama

Annual Mean Wage (All Occupations)$43,790
Median Monthly Rent$998
Value of a Dollar$1.15
Cost of Living89.3
Cost of Living Rank11
Grocery Cost Index97.4
Housing Cost Index71.5
Utilities Cost Index103.3
Transportation Cost Index88.6
Miscellaneous Cost Index90.8

Source: World Population Review