The Best Mississippi Debt Consolidation Companies of 2020

If you’re one of the many Mississippians struggling with auto, medical, payday, credit card or other types of debt, you’re not alone. Mississippi ranks #26 in terms of GDP growth (1.9%), has an unemployment_rate of 5.3%, and a poverty rate of 22.60%.

The average Mississippian has $2,499 in personal debt, plus $121,608 of mortgage debt for homeowners. On average, Mississippi residents carry a credit cardd balance of $5,911 and 58% of Mississippians have student loan debt – $30,439 worth to be precise. Every year approximately 12,463 Mississippians declare bankruptcy. Fortunately, there are plenty of Mississippi debt consolidation options to get you to where you need to be financially.

So whether you live in Jackson, Gulfport, Brandon, or somewhere in-between, take charge of your financial situation and consider consolidating your debt load.

The Best Debt Consolidation Companies in Mississippi (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 Mississippi. 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.

2598 Pass Rd Ste F
Biloxi, MS, 39531-2713
(800) 308-2227
http://www.moneymanagement.org

Rating: 9.29/10

M.P.N.S.

1009 Terminal Drive, I-59 North
Hattiesburg, MS, 39401
(601) 582-0707

Rating: 9.4/10

Mississippi Debt Statistics

Total Debt$7,470,178
Debt Per Capita$2,499
Debt Per Capita Rank35

Source: World Population Review

Mississippi Credit Card Debt Statistics

Average Credit Card Balance709
Average Credit Score$5,911
Avg Credit Card Balance Rank (1 = Highest Balance)34
Avg Credit Score Rank (1=Highest Score)1

Source: Experian

Mortgage Debt in Mississippi

Mortgage Debt Per Capita$121,608
Avg 30 yr Mortgage Rate4.05%
Avg 15 yr Mortgage Rate3.61%
Median Home Value$130,200
Avg Outstanding Mortgage Debt$122,107
Difference Between Value and Mortgage Debt$8,093
Avg Homeowner FICO Score667

Source: Federal Reserve, Value Penguin, Experian

Payday Loan Debt in Mississippi

Payday Loan Legal StatusLegal
Max Payday Loan Amount500
Max Payday Loan Term30 days
Max Payday Loan APR521%

Source: Mississippi Government Website

Unemployment and the Economy of Mississippi

Poverty Rate – Population22.60%
Poverty Rate – Population – Rank1
Poverty Rate – Family17.70%
Poverty Rate – Family – Rank1
Unemployment Rate (March 2020)5.3
Unemployment Rank40
GDP Growth1.9
GDP Growth Rank26

Source: US Census, Bureau of Labor Statistics

Student Loan Debt in Mississippi

Percent of Population with Student Loans58%
Average Student Loan debt$30,439
Average Debt of New Graduates (2017-18)$30,117
Average Debt Ranknan
Percent of Graduates with Debt (2017-18)58%
Percent with Debt Ranknan
Usable Institutions (BA-Granting)6
Percent of Graduates at Schools with Usable Data74%
Nonfederal debt of graduates, as percent of total debt19%
Fall enrollment – Undergraduate total (IPEDS)153,625
Tuition and Fees (in-district/in-state)$6,114
Total Cost of Attendance (on-campus)$17,548
Percent of Institutional Grants that are Need-Based47%

Source: Value Penguin, TICAS

Cost of Living in Mississippi

Annual Mean Wage (All Occupations)$39,420
Median Monthly Rent$1,055
Value of a Dollar$1.16
Cost of Living86.1
Cost of Living Rank1
Grocery Cost Index91.6
Housing Cost Index70.1
Utilities Cost Index89.1
Transportation Cost Index89.2
Miscellaneous Cost Index91.4

Source: World Population Review

Scroll to Top