Many Washington residents wrestle with auto, medical, credit card, payday and other debt types. Washington ranks in the bottom half of the country in terms of unemployment, with a rate of 5.1%. Approximately 13.60% of the population and 9.10% of families live in poverty.
The average Washingtonian has $4,287 in personal debt, plus $262,641 of mortgage debt per capita. On average, residents have an open credit card balance of $6,592 and 52% of residents have a student loan, the average amount of which is $23,936 . Each year approximately 21,967 Washingtonians declare bankruptcy Fortunately, there are plenty of Washington debt consolidation options to help reduce your debt burden.
No matter whether you live in Seattle, Spokane, Tacoma, or somewhere else in the great state of Washington, take charge of your financial situation and consider consolidating your debt load.
Table of Contents
The Best Debt Consolidation Companies in Washington (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 Washington. 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.
Strong, Jacob & Associates LLC
33530 1st Way S Ste 102
Federal Way, WA, 98003-7332
(844) 598-3328
http://www.strongjacob.com
Rating: 8.63/10
S & M Debt Management Services LLC
1103 134th St SW
Everett, WA, 98204-6333
(952) 388-3234
–
Rating: 8.73/10
Reed Consulting Inc
PO Box 13980
Mill Creek, WA, 98082-1980
(425) 357-9089
http://www.fi-cialaid4you.com
Rating: 8.84/10
Money Management International, Inc.
6100 219th St SW Ste 480
Mountlake Ter, WA, 98043-2222
(800) 308-2227
http://www.moneymanagement.org
Rating: 8.94/10
Ink’d Out Credit Solutions – Tacoma
1706 153rd St E
Tacoma, WA, 98445-2439
(253) 426-5019
–
Rating: 9.05/10
#REF!
11012 Canyon Rd E Ste 180
Puyallup, WA, 98373-4200
(253) 426-5019
–
Rating: 9.16/10
Debt Management Consultants of Washington
4630 200th St SW, Ste G-2
Lynnwood, WA, 98036
(425) 776-7050
–
Rating: 9.27/10
Credit Resources of WA
1801 West Bay Dr NW Ste 102B
Olympia, WA, 98502-4310
(360) 956-1014
http://www.crow4u.com
Rating: 9.39/10
Aegis Credit Systems, LLC
114 Alaskan Way S STE 403
Seattle, WA, 98104-2585
(888) 385-6742
–
Rating: 9.5/10
Washington Debt Statistics
| Total Debt | $33,427,752 |
| Debt Per Capita | $4,287 |
| Debt Per Capita Rank | 13 |
Source: World Population Review
Washington Credit Card Debt Statistics
| Average Credit Card Balance | 693 |
| Average Credit Score | $6,592 |
| Avg Credit Card Balance Rank (1 = Highest Balance) | 11 |
| Avg Credit Score Rank (1=Highest Score) | 10 |
Source: Experian
Mortgage Debt in Washington
| Mortgage Debt Per Capita | $262,641 |
| Avg 30 yr Mortgage Rate | 3.99% |
| Avg 15 yr Mortgage Rate | 3.51% |
| Median Home Value | $393,800 |
| Avg Outstanding Mortgage Debt | $263,681 |
| Difference Between Value and Mortgage Debt | $130,119 |
| Avg Homeowner FICO Score | 723 |
Source: Federal Reserve, Value Penguin, Experian
Payday Loan Debt in Washington
| Payday Loan Legal Status | Legal |
| Max Payday Loan Amount | 700 or 30% of gross monthly income |
| Max Payday Loan Term | 45 days |
| Max Payday Loan APR | 391% |
Source: Washington Government Website
Unemployment and the Economy of Washington
| Poverty Rate – Population | 13.60% |
| Poverty Rate – Population – Rank | 32 |
| Poverty Rate – Family | 9.10% |
| Poverty Rate – Family – Rank | 34 |
| Unemployment Rate (March 2020) | 5.1 |
| Unemployment Rank | 38 |
| GDP Growth | 3.1 |
| GDP Growth Rank | 3 |
Source: US Census, Bureau of Labor Statistics
Student Loan Debt in Washington
| Percent of Population with Student Loans | 52% |
| Average Student Loan debt | $23,936 |
| Average Debt of New Graduates (2017-18) | $23,524 |
| Average Debt Rank | nan |
| Percent of Graduates with Debt (2017-18) | 48% |
| Percent with Debt Rank | nan |
| Usable Institutions (BA-Granting) | 17 |
| Percent of Graduates at Schools with Usable Data | 93% |
| Nonfederal debt of graduates, as percent of total debt | 15% |
| Fall enrollment – Undergraduate total (IPEDS) | 334,436 |
| Tuition and Fees (in-district/in-state) | $12,784 |
| Total Cost of Attendance (on-campus) | $30,133 |
| Percent of Institutional Grants that are Need-Based | 70% |
Source: Value Penguin, TICAS
Cost of Living in Washington
| Annual Mean Wage (All Occupations) | $59,410 |
| Median Monthly Rent | $1,838 |
| Value of a Dollar | $0.95 |
| Cost of Living | 110.7 |
| Cost of Living Rank | 38 |
| Grocery Cost Index | 107.8 |
| Housing Cost Index | 117.8 |
| Utilities Cost Index | 88.7 |
| Transportation Cost Index | 121.7 |
| Miscellaneous Cost Index | 118.9 |
Source: World Population Review