The Best Vermont Debt Consolidation Companies of 2020

Many Vermonters struggle with payday, auto, student, medical and other types of debt, so if that’s you, you’re not alone. Though The Green Mountain State has a fairly strong economy with 2.5% GDP growth, and a reasonably low unemployment rate of 3.2%, many Vermont residents struggle financially. In fact, 12.00% of residents live in poverty, and many struggle with debt

The average Vermonter has $5,577 in personal debt, plus $147,236 of mortgage debt per capita. On average, residents have an open credit card balance of $7,161 and 60% of residents have a student loan, the average amount of which is $30,651 . Each year approximately 523 Vermonters declare bankruptcy. If this is you, there are Vermont debt consolidation options to help you reach your financial goals.

So whether you live in Burlington, Rutland, Essex Junction, or somewhere in-between, take charge of your financial situation and consider consolidating your debt load.

The Best Debt Consolidation Companies in Vermont (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 Vermont. 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

Vermont Debt Statistics

Total Debt$3,502,960
Debt Per Capita$5,577
Debt Per Capita Rank9

Source: World Population Review

Vermont Credit Card Debt Statistics

Average Credit Card Balance680
Average Credit Score$7,161
Avg Credit Card Balance Rank (1 = Highest Balance)3
Avg Credit Score Rank (1=Highest Score)25

Source: Experian

Mortgage Debt in Vermont

Mortgage Debt Per Capita$147,236
Avg 30 yr Mortgage Rate3.92%
Avg 15 yr Mortgage Rate3.39%
Median Home Value$210,600
Avg Outstanding Mortgage Debt$147,241
Difference Between Value and Mortgage Debt$63,359
Avg Homeowner FICO Score726

Source: Federal Reserve, Value Penguin, Experian

Payday Loan Debt in Vermont

Payday Loan Legal StatusLegal
Max Payday Loan Amountnan
Max Payday Loan Termnan
Max Payday Loan APRnan

Source: Vermont Government Website

Unemployment and the Economy of Vermont

Poverty Rate – Population12.00%
Poverty Rate – Population – Rank40
Poverty Rate – Family7.80%
Poverty Rate – Family – Rank45
Unemployment Rate (March 2020)3.2
Unemployment Rank10
GDP Growth2.5
GDP Growth Rank6

Source: US Census, Bureau of Labor Statistics

Student Loan Debt in Vermont

Percent of Population with Student Loans60%
Average Student Loan debt$30,651
Average Debt of New Graduates (2017-18)$31,431
Average Debt Ranknan
Percent of Graduates with Debt (2017-18)63%
Percent with Debt Ranknan
Usable Institutions (BA-Granting)7
Percent of Graduates at Schools with Usable Data71%
Nonfederal debt of graduates, as percent of total debt33%
Fall enrollment – Undergraduate total (IPEDS)37,316
Tuition and Fees (in-district/in-state)$27,638
Total Cost of Attendance (on-campus)$43,883
Percent of Institutional Grants that are Need-Based77%

Source: Value Penguin, TICAS

Cost of Living in Vermont

Annual Mean Wage (All Occupations)$50,150
Median Monthly Rent$1,599
Value of a Dollar$0.98
Cost of Living114.5
Cost of Living Rank39
Grocery Cost Index111.3
Housing Cost Index126.7
Utilities Cost Index120.2
Transportation Cost Index119.9
Miscellaneous Cost Index101.2

Source: World Population Review