The Best Arkansas Debt Consolidation Companies of 2020

For Arkansans struggling with credit card, payday, student, auto or other types of debt, you can rest assured you’re not alone. Arkansas ranks below average in unemployment (2.5%) and has a concerning poverty rate of 19.20%.

The average Arkansan has $1,580 in personal debt, plus $128,842 of mortgage debt for homeowners. On average, Arkansas residents carry a credit cardd balance of $5,660 and 55% of Arkansans have student loan debt – $26,799 worth to be precise. Every year approximately 10,568 Arkansans declare bankruptcy. If this is you, there are Arkansas debt consolidation options to help you get back on track financially.

So whether you live in Little Rock, Fort Smith, Fayetteville, or somewhere in-between, take charge of your financial situation and consider consolidating your debt load.

The Best Debt Consolidation Companies in Arkansas (updated 2020)

Finding a legit debt consolidation firm can be tough. We’ve done the research and picked the [n] best debt consolidation firms in the state of Arkansas. 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.

Money Management International, Inc.

7101 W. 12th St. Ste. 200-E
Little Rock, AR, 72204
(800) 308-2227
http://www.moneymanagement.org

Rating: 9.4/10

Arkansas Debt Statistics

Total Debt$4,801,939
Debt Per Capita$1,580
Debt Per Capita Rank43

Source: World Population Review

Arkansas Credit Card Debt Statistics

Average Credit Card Balance657
Average Credit Score$5,660
Avg Credit Card Balance Rank (1 = Highest Balance)41
Avg Credit Score Rank (1=Highest Score)43

Source: Experian

Mortgage Debt in Arkansas

Mortgage Debt Per Capita$128,842
Avg 30 yr Mortgage Rate4.10%
Avg 15 yr Mortgage Rate3.59%
Median Home Value$129,500
Avg Outstanding Mortgage Debt$129,383
Difference Between Value and Mortgage Debt$117
Avg Homeowner FICO Score683

Source: Federal Reserve, Value Penguin, Experian

Payday Loan Debt in Arkansas

Payday Loan Legal StatusLegal
Max Payday Loan Amountnan
Max Payday Loan Termnan
Max Payday Loan APRnan

Source: Arkansas Government Website

Unemployment and the Economy of Arkansas

Poverty Rate – Population19.20%
Poverty Rate – Population – Rank4
Poverty Rate – Family14.40%
Poverty Rate – Family – Rank6
Unemployment Rate (March 2020)4.8
Unemployment Rank37
GDP Growth2.5
GDP Growth Rank35

Source: US Census, Bureau of Labor Statistics

Student Loan Debt in Arkansas

Percent of Population with Student Loans55%
Average Student Loan debt$26,799
Average Debt of New Graduates (2017-18)$26,579
Average Debt Ranknan
Percent of Graduates with Debt (2017-18)53%
Percent with Debt Ranknan
Usable Institutions (BA-Granting)8
Percent of Graduates at Schools with Usable Data53%
Nonfederal debt of graduates, as percent of total debt13%
Fall enrollment – Undergraduate total (IPEDS)145,527
Tuition and Fees (in-district/in-state)$8,884
Total Cost of Attendance (on-campus)$24,189
Percent of Institutional Grants that are Need-Based52%

Source: Value Penguin, TICAS

Cost of Living in Arkansas

Annual Mean Wage (All Occupations)$41,540
Median Monthly Rent$953
Value of a Dollar$1.15
Cost of Living86.9
Cost of Living Rank2
Grocery Cost Index92.0
Housing Cost Index73.9
Utilities Cost Index91.8
Transportation Cost Index83.6
Miscellaneous Cost Index85.6

Source: World Population Review