The Best Texas Debt Consolidation Companies of 2020

Many Texans struggle with credit card, student, auto, payday and other types of debt, so if that’s you, you’re not alone. Among the states, Texas ranks below average in terms of unemployment, with 4.7% of the labor force unemployed. About 17.70% of the population and 13.70% of families live in poverty.

The average Texan has $1,729 in personal debt, plus $176,736 of mortgage debt per capita. On average, residents have an open credit card balance of $5,975 and 55% of residents have a student loan, the average amount of which is $26,824 . Each year approximately 34,185 Texans declare bankruptcy Fortunately, there are plenty of Texas debt consolidation options to get you to where you need to be financially.

No matter whether you live in Houston, San Antonio, Dallas, or somewhere else in the great state of Texas, take charge of your financial situation and consider consolidating your debt load.

The Best Debt Consolidation Companies in Texas (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 Texas. 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.

Shaw & Associates, PLLC / Shaw Defense

1415 S Voss Rd Ste 110-99
Houston, TX, 77057-1086
(713) 750-9038
https://shawdefense.com

Rating: 9.07/10

Fi-cial Corporation of America

12515 Research Blvd Ste 100 Bldg 2
Austin, TX, 78759-2247
(800) 880-8200
http://www.fcoa.com

Rating: 9.18/10

Debtvantage, Inc

823 Congress Ave Ste P4
Austin, TX, 78701-2461
(866) 211-2853
http://debtvantage.com/

Rating: 9.29/10

Consolidated Wealth Management LLC

5300 Memorial Dr Ste 970
Houston, TX, 77007-8273
(713) 880-4141

Rating: 9.4/10

Texas Debt Statistics

Total Debt$50,963,262
Debt Per Capita$1,729
Debt Per Capita Rank42

Source: World Population Review

Texas Credit Card Debt Statistics

Average Credit Card Balance662
Average Credit Score$5,975
Avg Credit Card Balance Rank (1 = Highest Balance)30
Avg Credit Score Rank (1=Highest Score)40

Source: Experian

Mortgage Debt in Texas

Mortgage Debt Per Capita$176,736
Avg 30 yr Mortgage Rate4.09%
Avg 15 yr Mortgage Rate3.61%
Median Home Value$199,900
Avg Outstanding Mortgage Debt$177,924
Difference Between Value and Mortgage Debt$21,976
Avg Homeowner FICO Score680

Source: Federal Reserve, Value Penguin, Experian

Payday Loan Debt in Texas

Payday Loan Legal StatusLegal
Max Payday Loan AmountNot specified
Max Payday Loan TermNot fixed
Max Payday Loan APR662%

Source: Texas Government Website

Unemployment and the Economy of Texas

Poverty Rate – Population17.70%
Poverty Rate – Population – Rank13
Poverty Rate – Family13.70%
Poverty Rate – Family – Rank10
Unemployment Rate (March 2020)4.7
Unemployment Rank36
GDP Growth5.1
GDP Growth Rank2

Source: US Census, Bureau of Labor Statistics

Student Loan Debt in Texas

Percent of Population with Student Loans55%
Average Student Loan debt$26,824
Average Debt of New Graduates (2017-18)$27,293
Average Debt Ranknan
Percent of Graduates with Debt (2017-18)56%
Percent with Debt Ranknan
Usable Institutions (BA-Granting)47
Percent of Graduates at Schools with Usable Data67%
Nonfederal debt of graduates, as percent of total debt22%
Fall enrollment – Undergraduate total (IPEDS)1,463,293
Tuition and Fees (in-district/in-state)$9,886
Total Cost of Attendance (on-campus)$26,364
Percent of Institutional Grants that are Need-Based67%

Source: Value Penguin, TICAS

Cost of Living in Texas

Annual Mean Wage (All Occupations)$49,720
Median Monthly Rent$1,455
Value of a Dollar$1.03
Cost of Living91.5
Cost of Living Rank18
Grocery Cost Index88.9
Housing Cost Index85.3
Utilities Cost Index102.3
Transportation Cost Index91.4
Miscellaneous Cost Index96.2

Source: World Population Review