The Best Hawaii Debt Consolidation Companies of 2020

If you’re one of the many Hawaiians struggling with payday, student, medical, credit card or other types of loans, you’re not alone. Even though The Aloha State has a growing economy with 1.2% GDP growth, and a extremely low unemployment rate of 2.6% (#2 of all states), 11.30% of residents live below the poverty line. Many struggle with debt.

The average Hawaiian has $6,835 in personal debt, plus $344,819 of mortgage debt per capita. On average, residents have an open credit card balance of $6,675 and 49% of residents have a student loan, the average amount of which is $25,125 . Each year approximately 1,582 Hawaiians declare bankruptcy Fortunately for you, there are a number of Hawaii debt consolidation options to help you get back on track financially.

No matter whether you live in Honolulu, Waipahu, Ewa Beach, or somewhere else in the great state of Hawaii, take charge of your financial situation and consider consolidating your debt load.

The Best Debt Consolidation Companies in Hawaii (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 Hawaii. 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.

7 Waterfront Plaza, 500 Ala Moana Blvd Ste. 400
Honolulu, HI, 96813
(800) 308-2227
http://www.moneymanagement.org

Rating: 9.58/10

Greg Dunn, Bankruptcy and Debt Relief Attorney

841 Bishop St Ste 2221
Honolulu, HI, 96813-3921
(808) 524-4529
https://www.gregdunnhi.com/

Rating: 9.7/10

Hawaii Debt Statistics

Total Debt$9,656,278
Debt Per Capita$6,835
Debt Per Capita Rank7

Source: World Population Review

Hawaii Credit Card Debt Statistics

Average Credit Card Balance654
Average Credit Score$6,675
Avg Credit Card Balance Rank (1 = Highest Balance)9
Avg Credit Score Rank (1=Highest Score)47

Source: Experian

Mortgage Debt in Hawaii

Mortgage Debt Per Capita$344,819
Avg 30 yr Mortgage Rate3.75%
Avg 15 yr Mortgage Rate3.36%
Median Home Value$619,000
Avg Outstanding Mortgage Debt$345,963
Difference Between Value and Mortgage Debt$273,037
Avg Homeowner FICO Score723

Source: Federal Reserve, Value Penguin, Experian

Payday Loan Debt in Hawaii

Payday Loan Legal StatusLegal
Max Payday Loan Amount600
Max Payday Loan Term32 days
Max Payday Loan APR460%

Source: Hawaii Government Website

Unemployment and the Economy of Hawaii

Poverty Rate – Population11.30%
Poverty Rate – Population – Rank46
Poverty Rate – Family7.90%
Poverty Rate – Family – Rank44
Unemployment Rate (March 2020)2.6
Unemployment Rank2
GDP Growth1.2
GDP Growth Rank40

Source: US Census, Bureau of Labor Statistics

Student Loan Debt in Hawaii

Percent of Population with Student Loans49%
Average Student Loan debt$25,125
Average Debt of New Graduates (2017-18)$24,162
Average Debt Ranknan
Percent of Graduates with Debt (2017-18)47%
Percent with Debt Ranknan
Usable Institutions (BA-Granting)3
Percent of Graduates at Schools with Usable Data66%
Nonfederal debt of graduates, as percent of total debt12%
Fall enrollment – Undergraduate total (IPEDS)57,324
Tuition and Fees (in-district/in-state)$8,816
Total Cost of Attendance (on-campus)$28,486
Percent of Institutional Grants that are Need-Based67%

Source: Value Penguin, TICAS

Cost of Living in Hawaii

Annual Mean Wage (All Occupations)$52,900
Median Monthly Rent$2,481
Value of a Dollar$0.84
Cost of Living192.9
Cost of Living Rank51
Grocery Cost Index169.3
Housing Cost Index318.6
Utilities Cost Index172.7
Transportation Cost Index148.6
Miscellaneous Cost Index116.8

Source: World Population Review