The Best Virginia Debt Consolidation Companies of 2020

Many Virginia residents wrestle with payday, auto, student, medical and other debt types. Even though Old Dominion has a pretty strong economy with 2.7% GDP growth, and a historically low unemployment rate of 3.3%, 11.50% of residents live below the poverty line. Many have debt problems.

The average Virginian has $3,226 in personal debt, plus $242,794 of mortgage debt for homeowners. On average, Virginia residents carry a credit cardd balance of $5,924 and 56% of Virginians have student loan debt – $29,887 worth to be precise. Every year approximately 23,157 Virginians declare bankruptcy. Fortunately, there are plenty of Virginia debt consolidation options to help reduce your debt burden.

So whether you live in Virginia Beach, Norfolk, Chesapeake, or somewhere in-between, take charge of your financial situation and consider consolidating your debt load.

The Best Debt Consolidation Companies in Virginia (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 Virginia. 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.

True Debt Solutions, Inc. – Reston

11654 Plaza America Dr Ste 317
Reston, VA, 20190-4700
(703) 392-6171

Rating: 8.84/10

True Debt Solutions, Inc.

8811 Sudley Rd Ste 213
Manassas, VA, 20110-4750
(703) 392-6171

Rating: 8.94/10

Northern Star Credit Union

5100 George Washington Highway
Portsmouth, VA, 23702-2604
(757) 487-3474
http://www.nstarcu.org

Rating: 9.05/10

Newby Tax Fi-cial 22nd Century Affordable Homes Corp.

1438 Atlantic Ave
Chesapeake, VA, 23324-3254
(757) 543-3333
http://www.activemember.com/newbytax

Rating: 9.16/10

New Fidelity Funding

919 E Main St Ste 100
Richmond, VA, 23219-4600
(877) 353-1046
http://www.newfidelityfunding.com

Rating: 9.27/10

Money Management International, Inc.

5680 King Centre Dr Ste 600
Alexandria, VA, 22315-5755
(800) 308-2227
http://www.moneymanagement.org

Rating: 9.39/10

MKL/Starr Productions, Inc.

3174 Golansky Blvd #202
Woodbridge, VA, 22191
(301) 627-2476

Rating: 9.5/10

Virginia Debt Statistics

Total Debt$27,825,929
Debt Per Capita$3,226
Debt Per Capita Rank25

Source: World Population Review

Virginia Credit Card Debt Statistics

Average Credit Card Balance702
Average Credit Score$5,924
Avg Credit Card Balance Rank (1 = Highest Balance)33
Avg Credit Score Rank (1=Highest Score)2

Source: Experian

Mortgage Debt in Virginia

Mortgage Debt Per Capita$242,794
Avg 30 yr Mortgage Rate3.98%
Avg 15 yr Mortgage Rate3.52%
Median Home Value$264,200
Avg Outstanding Mortgage Debt$242,397
Difference Between Value and Mortgage Debt$21,803
Avg Homeowner FICO Score709

Source: Federal Reserve, Value Penguin, Experian

Payday Loan Debt in Virginia

Payday Loan Legal StatusLegal
Max Payday Loan Amount500
Max Payday Loan Term30 days
Max Payday Loan APR601%

Source: Virginia Government Website

Unemployment and the Economy of Virginia

Poverty Rate – Population11.50%
Poverty Rate – Population – Rank44
Poverty Rate – Family8.20%
Poverty Rate – Family – Rank39
Unemployment Rate (March 2020)3.3
Unemployment Rank13
GDP Growth2.7
GDP Growth Rank5

Source: US Census, Bureau of Labor Statistics

Student Loan Debt in Virginia

Percent of Population with Student Loans56%
Average Student Loan debt$29,887
Average Debt of New Graduates (2017-18)$30,363
Average Debt Ranknan
Percent of Graduates with Debt (2017-18)57%
Percent with Debt Ranknan
Usable Institutions (BA-Granting)32
Percent of Graduates at Schools with Usable Data92%
Nonfederal debt of graduates, as percent of total debt26%
Fall enrollment – Undergraduate total (IPEDS)461,128
Tuition and Fees (in-district/in-state)$14,318
Total Cost of Attendance (on-campus)$32,662
Percent of Institutional Grants that are Need-Based72%

Source: Value Penguin, TICAS

Cost of Living in Virginia

Annual Mean Wage (All Occupations)$55,310
Median Monthly Rent$1,452
Value of a Dollar$0.98
Cost of Living100.7
Cost of Living Rank30
Grocery Cost Index96.1
Housing Cost Index108.0
Utilities Cost Index99.2
Transportation Cost Index88.1
Miscellaneous Cost Index97.2

Source: World Population Review

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