The Best Montana Debt Consolidation Companies of 2020

Many Montana residents wrestle with auto, medical, credit card, payday and other debt types. Even though The Treasure State has a fairly strong economy with 3.2% GDP growth, and a relatively low unemployment rate of 3.5%, 15.30% of residents live below the poverty line. Many struggle to get out of debt.

The average Montanan has $2,572 in personal debt, plus $180,926 of mortgage debt for homeowners. On average, Montana residents carry a credit cardd balance of $5,897 and 59% of Montanans have student loan debt – $28,466 worth to be precise. Every year approximately 1,329 Montanans declare bankruptcy. Fortunately for you, there are a number of Montana debt consolidation options to help you get back on track financially.

So whether you live in Billings, Missoula, Great Falls, or somewhere in-between, take charge of your financial situation and consider consolidating your debt load.

The Best Debt Consolidation Companies in Montana (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 Montana. 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.

Student Benefit Center

1925 Grand Ave Ste 127
Billings, MT, 59102-2776
(888) 908-8014
http://studentbenefitcenter.com

Rating: 9.6/10

Montana Debt Statistics

Total Debt$2,795,614
Debt Per Capita$2,572
Debt Per Capita Rank34

Source: World Population Review

Montana Credit Card Debt Statistics

Average Credit Card Balance675
Average Credit Score$5,897
Avg Credit Card Balance Rank (1 = Highest Balance)35
Avg Credit Score Rank (1=Highest Score)31

Source: Experian

Mortgage Debt in Montana

Mortgage Debt Per Capita$180,926
Avg 30 yr Mortgage Rate4.01%
Avg 15 yr Mortgage Rate3.55%
Median Home Value$242,100
Avg Outstanding Mortgage Debt$180,711
Difference Between Value and Mortgage Debt$61,389
Avg Homeowner FICO Score720

Source: Federal Reserve, Value Penguin, Experian

Payday Loan Debt in Montana

Payday Loan Legal StatusLegal
Max Payday Loan Amount300
Max Payday Loan Term31 days
Max Payday Loan APR36%

Source: Montana Government Website

Unemployment and the Economy of Montana

Poverty Rate – Population15.30%
Poverty Rate – Population – Rank26
Poverty Rate – Family10.00%
Poverty Rate – Family – Rank27
Unemployment Rate (March 2020)3.5
Unemployment Rank18
GDP Growth3.2
GDP Growth Rank13

Source: US Census, Bureau of Labor Statistics

Student Loan Debt in Montana

Percent of Population with Student Loans59%
Average Student Loan debt$28,466
Average Debt of New Graduates (2017-18)$28,032
Average Debt Ranknan
Percent of Graduates with Debt (2017-18)57%
Percent with Debt Ranknan
Usable Institutions (BA-Granting)6
Percent of Graduates at Schools with Usable Data85%
Nonfederal debt of graduates, as percent of total debt11%
Fall enrollment – Undergraduate total (IPEDS)45,604
Tuition and Fees (in-district/in-state)$8,243
Total Cost of Attendance (on-campus)$22,043
Percent of Institutional Grants that are Need-Based66%

Source: Value Penguin, TICAS

Cost of Living in Montana

Annual Mean Wage (All Occupations)$43,860
Median Monthly Rent$1,234
Value of a Dollar$1.06
Cost of Living106.9
Cost of Living Rank34
Grocery Cost Index105.1
Housing Cost Index111.6
Utilities Cost Index83.9
Transportation Cost Index125.0
Miscellaneous Cost Index98.4

Source: World Population Review