The Best Illinois Debt Consolidation Companies of 2020

Many Illinoisans struggle with payday, credit card, auto, medical and other types of debt, so if that’s you, you’re not alone. Illinois ranks #18 in terms of GDP growth (2.9%), has an unemployment_rate of 4.6%, and a poverty rate of 14.40%.

The average Illinoisan has $4,883 in personal debt, plus $177,150 of mortgage debt per capita. On average, residents have an open credit card balance of $5,817 and 61% of residents have a student loan, the average amount of which is $29,214 . Each year approximately 46,972 Illinoisans declare bankruptcy. Fortunately for you, there are a number of Illinois debt consolidation options to help you get free from debt.

So whether you live in Chicago, Rockford, Springfield, or somewhere in-between, take charge of your financial situation and consider consolidating your debt load.

The Best Debt Consolidation Companies in Illinois (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 Illinois. 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.

The Fonfrias Law Group, LLC

125 South Wacker Drive Suite 300
Chicago, IL, 60606
(312) 969-0730
http://www.chicagomoneylawyer.com

Rating: 8.72/10

Stalwart Fi-cial LLC

22 W Washington St Suite 1500
Chicago, IL, 60602-1607
(866) 203-1202
http://stalwartcredit.com

Rating: 8.82/10

Richland Mortgage Co.

2002 S Wentworth Ave
Chicago, IL, 60616-2024
(312) 225-2828

Rating: 8.93/10

Peter Francis Geraci Law LLC – Chicago

234 S Ashland Ave
Chicago, IL, 60607-5310
(800) 401-4010
http://www.infotapes.com

Rating: 9.04/10

Peter Francis Geraci Law LLC

6537 West Cermak Road #B
Berwyn, IL, 60402-2313
(800) 401-4010
http://www.infotapes.com

Rating: 9.15/10

Money Management International, Inc.

401 N Michigan Ave Suite 1200
Chicago, IL, 60611-4264
(800) 308-2227
http://www.moneymanagement.org

Rating: 9.26/10

Family Credit Management

111 N Wabash Ave Ste 1408
Chicago, IL, 60602-3055
(800) 994-3328
http://www.familycredit.org

Rating: 9.37/10

Dunn & Associates-E.

220 S. State St. #830
Chicago, IL, 60604-2001
(312) 986-8500

Rating: 9.48/10

Chicago Corporate

401 N Michigan Ste 1200
Chicago, IL, 60611-4264
(877) 967-1177
http://chicagocorporate.net

Rating: 9.6/10

Illinois Debt Statistics

Total Debt$61,821,319
Debt Per Capita$4,883
Debt Per Capita Rank10

Source: World Population Review

Illinois Credit Card Debt Statistics

Average Credit Card Balance681
Average Credit Score$5,817
Avg Credit Card Balance Rank (1 = Highest Balance)38
Avg Credit Score Rank (1=Highest Score)24

Source: Experian

Mortgage Debt in Illinois

Mortgage Debt Per Capita$177,150
Avg 30 yr Mortgage Rate4.02%
Avg 15 yr Mortgage Rate3.51%
Median Home Value$183,500
Avg Outstanding Mortgage Debt$176,425
Difference Between Value and Mortgage Debt$7,075
Avg Homeowner FICO Score709

Source: Federal Reserve, Value Penguin, Experian

Payday Loan Debt in Illinois

Payday Loan Legal StatusLegal
Max Payday Loan Amount1000 or 25% of gross income
Max Payday Loan TermUp to 120 days
Max Payday Loan APR404%

Source: Illinois Government Website

Unemployment and the Economy of Illinois

Poverty Rate – Population14.40%
Poverty Rate – Population – Rank27
Poverty Rate – Family10.50%
Poverty Rate – Family – Rank26
Unemployment Rate (March 2020)4.6
Unemployment Rank34
GDP Growth2.9
GDP Growth Rank18

Source: US Census, Bureau of Labor Statistics

Student Loan Debt in Illinois

Percent of Population with Student Loans61%
Average Student Loan debt$29,214
Average Debt of New Graduates (2017-18)$29,855
Average Debt Ranknan
Percent of Graduates with Debt (2017-18)66%
Percent with Debt Ranknan
Usable Institutions (BA-Granting)37
Percent of Graduates at Schools with Usable Data67%
Nonfederal debt of graduates, as percent of total debt20%
Fall enrollment – Undergraduate total (IPEDS)616,140
Tuition and Fees (in-district/in-state)$17,903
Total Cost of Attendance (on-campus)$41,616
Percent of Institutional Grants that are Need-Based74%

Source: Value Penguin, TICAS

Cost of Living in Illinois

Annual Mean Wage (All Occupations)$53,790
Median Monthly Rent$1,463
Value of a Dollar$1.01
Cost of Living94.5
Cost of Living Rank21
Grocery Cost Index94.2
Housing Cost Index87.2
Utilities Cost Index100.9
Transportation Cost Index100.9
Miscellaneous Cost Index99.0

Source: World Population Review