Many Kentucky residents struggle with auto, payday, medical, student and other types of debt. If you’re in this group, you’re not alone. Kentucky ranks in the bottom half of the country in terms of unemployment, with a rate of 4%. Approximately 16% of the population and 21% of children live in poverty.
The average Kentuckian has $7,154 in credit card debt, plus $138,117 in mortgage debt per capita. On average, residents have a credit utilization rate of 31% and 13% of residents have student loan debt, the average amount of which totals $33,300. In 2021, more than 8,000 Kentuckians filed for bankruptcy. Fortunately, there are plenty of Kentucky debt consolidation options to help you get back on track financially.
Whether you live in Louisville, Lexington, Bowling Green, or somewhere else in the Bluegrass State, take charge of your financial situation and consider consolidating your debt load.
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The Best Debt Consolidation Companies in Kentucky (Updated 2023)
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 Kentucky. 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.
Student Consolidation Relief LLC
632 Adams Street Ste 733
Bowling Green, KY, 42101
(270) 779-9910
Rating: 8.86/10
Steiden Law Offices – Florence
6900 Houston Rd #21
Florence, KY, 41042
(513) 888-8888
http://www.steidenlaw.com
Rating: 8.97/10
Steiden Law Offices
411 Madison Avenue
Covington, KY, 41011
(513) 888-8888
http://www.steidenlaw.com
Rating: 9.08/10
DebtorSolution
Louisville, KY, 40220
(866) 892-5132
http://www.debtorsolution.com
Rating: 9.19/10
Al Consulting
923 Jairus Dr
Lexington, KY, 40515-5536
(855) 967-6683
Rating: 9.3/10
Kentucky Debt Statistics
| Total Debt | $14,403,514 |
| Debt Per Capita | $3,161 |
| Debt Per Capita Rank | 23 |
Source: World Population Review
Kentucky Credit Card Debt Statistics
| Average Credit Card Balance | $5,140 |
| Average Credit Score | 698 |
| Avg Credit Card Balance Rank (1 = Highest Balance) | 46 |
| Avg Credit Score Rank (1=Highest Score) | 38 |
Source: Experian
Mortgage Debt in Kentucky
| Mortgage Debt Per Capita | $138,117 |
| Avg 30 yr Mortgage Rate | 6.9% |
| Avg 15 yr Mortgage Rate | 5.8% |
| Median Home Value | $172,433 |
| Avg Outstanding Mortgage Debt | $126,485 |
| Difference Between Value and Mortgage Debt | $45,948 |
| Avg Homeowner FICO Score | 692 |
Source: Federal Reserve, Value Penguin, Experian
Payday Loan Debt in Kentucky
| Payday Loan Legal Status | Legal |
| Max Payday Loan Amount | 500 |
| Max Payday Loan Term | 60 days |
| Max Payday Loan APR | 460% |
Source: Kentucky Government Website
Unemployment and the Economy of Kentucky
| Poverty Rate – Population | 18.90% |
| Poverty Rate – Population – Rank | 6 |
| Poverty Rate – Family | 14.40% |
| Poverty Rate – Family – Rank | 5 |
| Unemployment Rate (March 2020) | 5.8 |
| Unemployment Rank | 45 |
| GDP Growth | 2.5 |
| GDP Growth Rank | 26 |
Source: US Census, Bureau of Labor Statistics
Student Loan Debt in Kentucky
| Percent of Population with Student Loans | 13% |
| Average Student Loan debt | $33,300 |
| Average Debt of New Graduates (2017-18) | $28,435 |
| Average Debt Rank | nan |
| Percent of Graduates with Debt (2017-18) | 64% |
| Percent with Debt Rank | nan |
| Usable Institutions (BA-Granting) | 17 |
| Percent of Graduates at Schools with Usable Data | 90% |
| Nonfederal debt of graduates, as percent of total debt | 21% |
| Fall enrollment – Undergraduate total (IPEDS) | 219,333 |
| Tuition and Fees (in-district/in-state) | $12,287 |
| Total Cost of Attendance (on-campus) | $29,140 |
| Percent of Institutional Grants that are Need-Based | 57% |
Source: Value Penguin, TICAS
Cost of Living in Kentucky
| Annual Mean Wage (All Occupations) | $72,318 |
| Median Monthly Rent | $1,082 |
| Value of a Dollar | $1.13 |
| Cost of Living | 82 |
| Cost of Living Rank | 9 |
| Grocery Cost Index | 94 |
| Housing Cost Index | 57 |
| Utilities Cost Index | 92.9 |
| Transportation Cost Index | 89.1 |
| Miscellaneous Cost Index | 77.5 |
Source: World Population Review