Many Alabamians wrestle with credit card, auto, medical, payday and other debt types. Even though The Yellowhammer State has a reasonably strong economy with 2.7% GDP growth, and a historically low unemployment rate of 3.5%, 18.90% of residents live below the poverty line. Many have debt struggles.
The average Alabamian has $1,787 in personal debt, plus $140,659 of mortgage debt for homeowners. On average, Alabama residents carry a credit cardd balance of $5,961 and 50% of Alabamians have student loan debt – $31,899 worth to be precise. Every year approximately 13,087 Alabamians declare bankruptcy. Fortunately for you, there are a number of Alabama debt consolidation options to help you get free from debt.
So whether you live in Birmingham, Mobile, Montgomery, or somewhere in-between, take charge of your financial situation and consider consolidating your debt load.
The Best Debt Consolidation Companies in Alabama (updated 2020)
Finding a legit debt consolidation firm can be tough. We’ve done the research and picked the best debt consolidation firms in the state of Alabama. 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.
Town & Country Acceptance Corporation
PO Box 560
Chelsea, AL, 35043-0560
(205) 823-4930
http://www.tcac.org
Rating: 9.04/10
Tenner Holding Group LLC
5009 County Rd. 18
Pine Hill, AL, 36769
(334) 398-0244
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Rating: 9.15/10
Restoration Fi-cial Services, LLC
3007 Leeman Ferry Road Suite A12
Huntsville, AL, 35805
(256) 975-5099
http://www.restorationfi-cial.com
Rating: 9.26/10
MortgageRight
1 Perimeter Park S STE 230
Birmingham, AL, 35243-2327
(205) 776-8401
http://birmingham.mortgageright.com
Rating: 9.37/10
Bond, Botes, Sykstus, Tanner & Ezzell P.C.
225 Pratt Ave NE
Huntsville, AL, 35801-4008
(256) 539-9899
http://www.bondnbotes.com
Rating: 9.48/10
1st Family Mortgage Company, LLC
900 Merchants Walk SW STE A
Huntsville, AL, 35801-5256
(256) 425-0105
http://www.1fmc.com
Rating: 9.6/10
Alabama Debt Statistics
| Total Debt | $8,772,871 |
| Debt Per Capita | $1,787 |
| Debt Per Capita Rank | 41 |
Source: World Population Review
Alabama Credit Card Debt Statistics
| Average Credit Card Balance | 654 |
| Average Credit Score | $5,961 |
| Avg Credit Card Balance Rank (1 = Highest Balance) | 31 |
| Avg Credit Score Rank (1=Highest Score) | 47 |
Source: Experian
Mortgage Debt in Alabama
| Mortgage Debt Per Capita | $140,659 |
| Avg 30 yr Mortgage Rate | 3.97% |
| Avg 15 yr Mortgage Rate | 3.58% |
| Median Home Value | $134,300 |
| Avg Outstanding Mortgage Debt | $141,302 |
| Difference Between Value and Mortgage Debt | ($7,002) |
| Avg Homeowner FICO Score | 680 |
Source: Federal Reserve, Value Penguin, Experian
Payday Loan Debt in Alabama
| Payday Loan Legal Status | Legal |
| Max Payday Loan Amount | 500 |
| Max Payday Loan Term | 31 days |
| Max Payday Loan APR | 456% |
Source: Alabama Government Website
Unemployment and the Economy of Alabama
| Poverty Rate – Population | 18.90% |
| Poverty Rate – Population – Rank | 5 |
| Poverty Rate – Family | 14.60% |
| Poverty Rate – Family – Rank | 4 |
| Unemployment Rate (March 2020) | 3.5 |
| Unemployment Rank | 18 |
| GDP Growth | 2.7 |
| GDP Growth Rank | 29 |
Source: US Census, Bureau of Labor Statistics
Student Loan Debt in Alabama
| Percent of Population with Student Loans | 50% |
| Average Student Loan debt | $31,899 |
| Average Debt of New Graduates (2017-18) | $29,469 |
| Average Debt Rank | nan |
| Percent of Graduates with Debt (2017-18) | 51% |
| Percent with Debt Rank | nan |
| Usable Institutions (BA-Granting) | 13 |
| Percent of Graduates at Schools with Usable Data | 75% |
| Nonfederal debt of graduates, as percent of total debt | 27% |
| Fall enrollment – Undergraduate total (IPEDS) | 261,337 |
| Tuition and Fees (in-district/in-state) | $9,547 |
| Total Cost of Attendance (on-campus) | $25,542 |
| Percent of Institutional Grants that are Need-Based | 38% |
Source: Value Penguin, TICAS
Cost of Living in Alabama
| Annual Mean Wage (All Occupations) | $43,790 |
| Median Monthly Rent | $998 |
| Value of a Dollar | $1.15 |
| Cost of Living | 89.3 |
| Cost of Living Rank | 11 |
| Grocery Cost Index | 97.4 |
| Housing Cost Index | 71.5 |
| Utilities Cost Index | 103.3 |
| Transportation Cost Index | 88.6 |
| Miscellaneous Cost Index | 90.8 |
Source: World Population Review