The Best Iowa Debt Consolidation Companies of 2020

Many Iowans struggle with auto, credit card, student, payday and other types of debt, so if that’s you, you’re not alone. Even though The Hawkeye State has a reasonably strong economy with 2.3% GDP growth, and a reasonably low unemployment rate of 3.7%, 12.60% of residents live below the poverty line. Many have trouble with debt.

The average Iowan has $1,934 in personal debt, plus $131,709 of mortgage debt for homeowners. On average, Iowa residents carry a credit cardd balance of $5,581 and 63% of Iowans have student loan debt – $29,859 worth to be precise. Every year approximately 4,651 Iowans declare bankruptcy. Fortunately, there are plenty of Iowa debt consolidation options to get you to where you need to be financially.

So whether you live in Des Moines, Cedar Rapids, Davenport, or somewhere in-between, take charge of your financial situation and consider consolidating your debt load.

The Best Debt Consolidation Companies in Iowa (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 Iowa. 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.

Nationwide Credit Inc

PO BOX 14581
Des Moines, IA, 50306-3581
(800) 456-4729
http://www.ncirm.com/

Rating: 9.5/10

Iowa Debt Statistics

Total Debt$6,149,694
Debt Per Capita$1,934
Debt Per Capita Rank39

Source: World Population Review

Iowa Credit Card Debt Statistics

Average Credit Card Balance667
Average Credit Score$5,581
Avg Credit Card Balance Rank (1 = Highest Balance)44
Avg Credit Score Rank (1=Highest Score)38

Source: Experian

Mortgage Debt in Iowa

Mortgage Debt Per Capita$131,709
Avg 30 yr Mortgage Rate3.91%
Avg 15 yr Mortgage Rate3.43%
Median Home Value$146,500
Avg Outstanding Mortgage Debt$131,494
Difference Between Value and Mortgage Debt$15,006
Avg Homeowner FICO Score720

Source: Federal Reserve, Value Penguin, Experian

Payday Loan Debt in Iowa

Payday Loan Legal StatusLegal
Max Payday Loan Amount500
Max Payday Loan Term31 days
Max Payday Loan APR337%

Source: Iowa Government Website

Unemployment and the Economy of Iowa

Poverty Rate – Population12.60%
Poverty Rate – Population – Rank38
Poverty Rate – Family8.20%
Poverty Rate – Family – Rank41
Unemployment Rate (March 2020)3.7
Unemployment Rank22
GDP Growth2.3
GDP Growth Rank31

Source: US Census, Bureau of Labor Statistics

Student Loan Debt in Iowa

Percent of Population with Student Loans63%
Average Student Loan debt$29,859
Average Debt of New Graduates (2017-18)$30,045
Average Debt Ranknan
Percent of Graduates with Debt (2017-18)63%
Percent with Debt Ranknan
Usable Institutions (BA-Granting)23
Percent of Graduates at Schools with Usable Data93%
Nonfederal debt of graduates, as percent of total debt22%
Fall enrollment – Undergraduate total (IPEDS)225,761
Tuition and Fees (in-district/in-state)$14,010
Total Cost of Attendance (on-campus)$27,512
Percent of Institutional Grants that are Need-Based69%

Source: Value Penguin, TICAS

Cost of Living in Iowa

Annual Mean Wage (All Occupations)$46,150
Median Monthly Rent$1,057
Value of a Dollar$1.11
Cost of Living90.1
Cost of Living Rank13
Grocery Cost Index95.9
Housing Cost Index79.6
Utilities Cost Index95.3
Transportation Cost Index95.5
Miscellaneous Cost Index97.8

Source: World Population Review