Many New York residents wrestle with student, medical, auto, credit card and other debt types. Among the states, New York ranks below average in terms of unemployment, with 4.5% of the labor force unemployed. About 15.60% of the population and 12.00% of families live in poverty.
The average New Yorker has $7,162 in personal debt, plus $236,093 of mortgage debt for homeowners. On average, New York residents carry a credit cardd balance of $6,317 and 60% of New Yorkers have student loan debt – $30,931 worth to be precise. Every year approximately 33,097 New Yorkers declare bankruptcy. Fortunately, there are plenty of New York debt consolidation options to help you get back on track financially.
So whether you live in Brooklyn, New York, Bronx, or somewhere in-between, take charge of your financial situation and consider consolidating your debt load.
Table of Contents
The Best Debt Consolidation Companies in New York (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 New York. 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.
Valer Enterprises, Inc.
1170 Lincoln Avenue, Ste 1
Holbrook, NY, 11741-2286
(631) 472-6300
–
Rating: 6.39/10
United Credit Solutions, Inc.
1375 Broadway, 6th Floor
New York, NY, 10018-7001
(877) 890-3135
http://www.ucsolutions.org
Rating: 6.47/10
Trust Tech Solution
100-A Walnut Street Suite 183
Champlain, NY, 12919
(888) 288-8013
–
Rating: 6.54/10
The Law Offices of Adam C. Gomerman
807 East Jericho Turnpike
Huntingtn Station, NY, 11746-7513
(631) 549-2070
–
Rating: 6.62/10
The Debt Relief Company
99 Wall Street # 725
New York, NY, 10005
(888) 344-0214
https://www.thedebtreliefcompany.com/
Rating: 6.7/10
The Debt Management Group
2653 Coney Island Ave Fl 2
Brooklyn, NY, 11223-5502
(800) 667-3328
http://www.thedebtmanagementgroup.com
Rating: 6.79/10
ProLine Mortgage Corporation – Clifton Park
661A Plank Road
Clifton Park, NY, 12065
(518) 885-8957
–
Rating: 6.87/10
ProLine Mortgage Corporation
20 Prospect Street Suite 302
Ballston Spa, NY, 12020
(518) 885-8957
–
Rating: 6.95/10
Northgate Funding Co.
Pinewest Plaza Building #3 Washington Avenue Ext.
Albany, NY, 12205
(518) 464-4448
–
Rating: 7.04/10
National Debt Relief, LLC
180 Maiden Lane, 30th Floor
New York, NY, 10038
(888) 502-6611
https://www.nationaldebtrelief.com/?src=BBB&placement=profile
Rating: 7.12/10
Money Management International, Inc. – New York
1501 Broadway 12th Floor, Ste. 12021
New York, NY, 10036
(800) 308-2227
http://www.moneymanagement.org
Rating: 7.21/10
Money Management International, Inc.
903 Sheridan Ave 2nd Floor, Ste. 1
Bronx, NY, 10451
(800) 308-2227
http://www.moneymanagement.org
Rating: 7.29/10
MEM Fi-cial Solutions, Inc. – Schenectady
202 State Street
Schenectady, NY, 12305
(518) 348-1096
–
Rating: 7.38/10
MEM Fi-cial Solutions, Inc.
150 Warren Street
Glens Falls, NY, 12801
(518) 348-1096
–
Rating: 7.47/10
Law Offices of Crystal Moroney, P.C. – New City
17 Squadron Blvd Ste 305
New City, NY, 10956-5214
(888) 223-0010
http://www.crystalmoroneylaw.com/
Rating: 7.56/10
Law Offices of Crystal Moroney, P.C.
119 Rockland Ctr Ste 390
-uet, NY, 10954-2956
(888) 223-0010
http://www.crystalmoroneylaw.com/
Rating: 7.66/10
JXD Fi-cial
34-18 Northern Blvd, 4th Floor
Long Island City, NY, 11101
(877) 332-8311
http://www.jxdfi-cial.com/
Rating: 7.75/10
Imperial Advance LLC
247 W 36th St Fl 2
New York, NY, 10018
(888) 633-2083
http://www.imperialadvance.com/
Rating: 7.84/10
Guardian Debt Relief
68 Jay Street, Suite 720
Brooklyn, NY, 11201
(888) 210-0699
https://www.guardiandebtrelief.com
Rating: 7.94/10
Grayson Fi-cial Services, Inc.
451 Sunrise Hwy Ste 2B
Lynbrook, NY, 11563-3037
(718) 322-7220
http://www.990club.com
Rating: 8.03/10
Fi-ce Solutions
132 E 43rd St # 237
New York, NY, 10017-4019
(855) 331-4852
http://www.fi-cesolutions.org
Rating: 8.13/10
Debt Reduction Services
4170 Veterans Memorial Hwy Ste 203
Bohemia, NY, 11716
(631) 473-7500
http://www.debtreductionservices.org
Rating: 8.23/10
Consumers Credit Bureaus
225 West 34th Street, Ste. 806
New York, NY, 10122
(212) 695-5579
–
Rating: 8.33/10
Consumer Debt Counselors Inc.
989 Jerusalem Ave
Merrick, NY, 11566-1853
(800) 359-3163
http://www.consumerdebtcounselors.org
Rating: 8.43/10
Colonial Home Fi-ce Inc.
58 Clifton Country Road Suite 203
Clifton Park, NY, 12065
(518) 469-7014
–
Rating: 8.53/10
Churchill Credit Solutions
115 Broadway, 3rd Fl.
New York, NY, 10006
(800) 265-1276
http://www.churchillcreditsolutions.com
Rating: 8.64/10
Century First Credit Solutions
230 Park Avenue, 3rd Floor West (Entrance On 71 Vanderbilt Ave)
New York, NY, 10169
(877) 218-9670
http://www.centuryfirst.net
Rating: 8.74/10
Apex Credit Solutions Inc.
1110 South Ave Ste 3
Staten Island, NY, 10314
(718) 701-2252
https://www.apexcreditsolutions.com/
Rating: 8.85/10
American Homes Solutions Group
174 Post Avenue
Westbury, NY, 11590
(800) 333-1116
–
Rating: 8.96/10
American Homes Solution Group Inc.
162 Post Ave
Westbury, NY, 11590-3391
(516) 333-1116
http://www.librededeuda.com/
Rating: 9.07/10
American Debt Resources
248-C Larkfield Road
East Northport, NY, 11731
(800) 498-0766
http://www.AmericanDebtResources.com
Rating: 9.18/10
Alumni Funding, LLC – Saratoga Springs
75 Railroad Place
Saratoga Springs, NY, 12866
(518) 452-9040
–
Rating: 9.29/10
Alumni Funding, LLC
Pine West Plaza Building #2 Washington Avenue Ext.
Albany, NY, 12205
(518) 452-9040
–
Rating: 9.4/10
New York Debt Statistics
| Total Debt | $139,234,923 |
| Debt Per Capita | $7,162 |
| Debt Per Capita Rank | 6 |
Source: World Population Review
New York Credit Card Debt Statistics
| Average Credit Card Balance | 659 |
| Average Credit Score | $6,317 |
| Avg Credit Card Balance Rank (1 = Highest Balance) | 21 |
| Avg Credit Score Rank (1=Highest Score) | 41 |
Source: Experian
Mortgage Debt in New York
| Mortgage Debt Per Capita | $236,093 |
| Avg 30 yr Mortgage Rate | 3.91% |
| Avg 15 yr Mortgage Rate | 3.44% |
| Median Home Value | $305,300 |
| Avg Outstanding Mortgage Debt | $237,610 |
| Difference Between Value and Mortgage Debt | $67,690 |
| Avg Homeowner FICO Score | 712 |
Source: Federal Reserve, Value Penguin, Experian
Payday Loan Debt in New York
| Payday Loan Legal Status | Legal |
| Max Payday Loan Amount | nan |
| Max Payday Loan Term | nan |
| Max Payday Loan APR | nan |
Source: New York Government Website
Unemployment and the Economy of New York
| Poverty Rate – Population | 15.60% |
| Poverty Rate – Population – Rank | 21 |
| Poverty Rate – Family | 12.00% |
| Poverty Rate – Family – Rank | 19 |
| Unemployment Rate (March 2020) | 4.5 |
| Unemployment Rank | 31 |
| GDP Growth | 3.8 |
| GDP Growth Rank | 6 |
Source: US Census, Bureau of Labor Statistics
Student Loan Debt in New York
| Percent of Population with Student Loans | 60% |
| Average Student Loan debt | $30,931 |
| Average Debt of New Graduates (2017-18) | $31,127 |
| Average Debt Rank | nan |
| Percent of Graduates with Debt (2017-18) | 59% |
| Percent with Debt Rank | nan |
| Usable Institutions (BA-Granting) | 81 |
| Percent of Graduates at Schools with Usable Data | 69% |
| Nonfederal debt of graduates, as percent of total debt | 25% |
| Fall enrollment – Undergraduate total (IPEDS) | 1,044,146 |
| Tuition and Fees (in-district/in-state) | $20,003 |
| Total Cost of Attendance (on-campus) | $41,446 |
| Percent of Institutional Grants that are Need-Based | 80% |
Source: Value Penguin, TICAS
Cost of Living in New York
| Annual Mean Wage (All Occupations) | $61,870 |
| Median Monthly Rent | $2,050 |
| Value of a Dollar | $0.87 |
| Cost of Living | 139.1 |
| Cost of Living Rank | 48 |
| Grocery Cost Index | 114.8 |
| Housing Cost Index | 204.4 |
| Utilities Cost Index | 108.7 |
| Transportation Cost Index | 116.6 |
| Miscellaneous Cost Index | 104.8 |
Source: World Population Review