The Best Rhode Island Debt Consolidation Companies of 2020

If you’re one of the many Rhode Islanders struggling with payday, auto, credit card, student or other types of debt, you’re not alone. Among the states, Rhode Island ranks below average in terms of unemployment, with 4.6% of the labor force unemployed. About 14.20% of the population and 10.00% of families live in poverty.

The average Rhode Islander has $8,457 in personal debt, plus $185,646 of mortgage debt per capita. On average, residents have an open credit card balance of $6,146 and 64% of residents have a student loan, the average amount of which is $36,250 . Each year approximately 1,977 Rhode Islanders declare bankruptcy If this is you, there are Rhode Island debt consolidation options to help you reach your financial goals.

No matter whether you live in Providence, Warwick, Pawtucket, or somewhere else in the great state of Rhode Island, take charge of your financial situation and consider consolidating your debt load.

The Best Debt Consolidation Companies in Rhode Island (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 Rhode Island. 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.

No companies found that meet criteria

Rhode Island Debt Statistics

Total Debt$8,932,377
Debt Per Capita$8,457
Debt Per Capita Rank3

Source: World Population Review

Rhode Island Credit Card Debt Statistics

Average Credit Card Balance687
Average Credit Score$6,146
Avg Credit Card Balance Rank (1 = Highest Balance)25
Avg Credit Score Rank (1=Highest Score)18

Source: Experian

Mortgage Debt in Rhode Island

Mortgage Debt Per Capita$185,646
Avg 30 yr Mortgage Rate3.80%
Avg 15 yr Mortgage Rate3.29%
Median Home Value$284,200
Avg Outstanding Mortgage Debt$185,777
Difference Between Value and Mortgage Debt$98,423
Avg Homeowner FICO Score713

Source: Federal Reserve, Value Penguin, Experian

Payday Loan Debt in Rhode Island

Payday Loan Legal StatusLegal
Max Payday Loan Amount500
Max Payday Loan TermUnspecified
Max Payday Loan APR261%

Source: Rhode Island Government Website

Unemployment and the Economy of Rhode Island

Poverty Rate – Population14.20%
Poverty Rate – Population – Rank28
Poverty Rate – Family10.00%
Poverty Rate – Family – Rank28
Unemployment Rate (March 2020)4.6
Unemployment Rank34
GDP Growth2.2
GDP Growth Rank12

Source: US Census, Bureau of Labor Statistics

Student Loan Debt in Rhode Island

Percent of Population with Student Loans64%
Average Student Loan debt$36,250
Average Debt of New Graduates (2017-18)$36,036
Average Debt Ranknan
Percent of Graduates with Debt (2017-18)63%
Percent with Debt Ranknan
Usable Institutions (BA-Granting)8
Percent of Graduates at Schools with Usable Data82%
Nonfederal debt of graduates, as percent of total debt36%
Fall enrollment – Undergraduate total (IPEDS)73,279
Tuition and Fees (in-district/in-state)$28,042
Total Cost of Attendance (on-campus)$48,147
Percent of Institutional Grants that are Need-Based81%

Source: Value Penguin, TICAS

Cost of Living in Rhode Island

Annual Mean Wage (All Occupations)$54,810
Median Monthly Rent$1,725
Value of a Dollar$1.00
Cost of Living119.4
Cost of Living Rank41
Grocery Cost Index106.2
Housing Cost Index129.4
Utilities Cost Index123.5
Transportation Cost Index124.0
Miscellaneous Cost Index109.3

Source: World Population Review