The Best Indiana Debt Consolidation Companies of 2020

Many Indiana residents wrestle with student, auto, medical, credit card and other debt types. Though The Hoosier State has a reasonably strong economy with 2.9% GDP growth, and a historically low unemployment rate of 3.2%, many Indiana residents struggle financially. In fact, 15.50% of residents live in poverty, and many struggle to get out of debt

The average Indianian has $3,238 in personal debt, plus $120,354 of mortgage debt for homeowners. On average, Indiana residents carry a credit cardd balance of $6,410 and 57% of Indianians have student loan debt – $29,561 worth to be precise. Every year approximately 23,023 Indianians declare bankruptcy. If this is you, there are Indiana debt consolidation options to help you reach your financial goals.

So whether you live in Indianapolis, Fort Wayne, Evansville, or somewhere in-between, take charge of your financial situation and consider consolidating your debt load.

The Best Debt Consolidation Companies in Indiana (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 Indiana. 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.

Oxford Mortgage

5330 Vogel Rd.
Evansville, IN, 47715
(812) 476-9740
https://www.oxfordmc.net/

Rating: 9.45/10

Mystar Fi-cial Solutions, Inc.

7440 N Shadeland Avenue #205
Indianapolis, IN, 46250-2029
(317) 284-6500
http://www.mystarcredit.com

Rating: 9.57/10

Hotel Capital

133 W Market St Ste 290
Indianapolis, IN, 46204-2801
(317) 632-5555
https://www.hotelcapital.com

Rating: 9.68/10

21st Century Lending, Inc.

405 Main Street
Beech Grove, IN, 46107-1837
(317) 281-6979
http://www.21stlending.com

Rating: 9.8/10

Indiana Debt Statistics

Total Debt$21,842,716
Debt Per Capita$3,238
Debt Per Capita Rank24

Source: World Population Review

Indiana Credit Card Debt Statistics

Average Credit Card Balance683
Average Credit Score$6,410
Avg Credit Card Balance Rank (1 = Highest Balance)14
Avg Credit Score Rank (1=Highest Score)22

Source: Experian

Mortgage Debt in Indiana

Mortgage Debt Per Capita$120,354
Avg 30 yr Mortgage Rate3.94%
Avg 15 yr Mortgage Rate3.47%
Median Home Value$148,700
Avg Outstanding Mortgage Debt$120,567
Difference Between Value and Mortgage Debt$28,133
Avg Homeowner FICO Score699

Source: Federal Reserve, Value Penguin, Experian

Payday Loan Debt in Indiana

Payday Loan Legal StatusLegal
Max Payday Loan Amount550 or 20% of gross income
Max Payday Loan TermUnspecified
Max Payday Loan APR382%

Source: Indiana Government Website

Unemployment and the Economy of Indiana

Poverty Rate – Population15.50%
Poverty Rate – Population – Rank25
Poverty Rate – Family11.30%
Poverty Rate – Family – Rank23
Unemployment Rate (March 2020)3.2
Unemployment Rank10
GDP Growth2.9
GDP Growth Rank18

Source: US Census, Bureau of Labor Statistics

Student Loan Debt in Indiana

Percent of Population with Student Loans57%
Average Student Loan debt$29,561
Average Debt of New Graduates (2017-18)$29,064
Average Debt Ranknan
Percent of Graduates with Debt (2017-18)57%
Percent with Debt Ranknan
Usable Institutions (BA-Granting)29
Percent of Graduates at Schools with Usable Data84%
Nonfederal debt of graduates, as percent of total debt22%
Fall enrollment – Undergraduate total (IPEDS)343,480
Tuition and Fees (in-district/in-state)$15,628
Total Cost of Attendance (on-campus)$30,957
Percent of Institutional Grants that are Need-Based65%

Source: Value Penguin, TICAS

Cost of Living in Indiana

Annual Mean Wage (All Occupations)$45,290
Median Monthly Rent$1,113
Value of a Dollar$1.11
Cost of Living90.0
Cost of Living Rank12
Grocery Cost Index93.3
Housing Cost Index77.3
Utilities Cost Index97.0
Transportation Cost Index93.1
Miscellaneous Cost Index94.3

Source: World Population Review

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