If you’re one of the many Alaskans stuck in payday, credit card, auto, medical or any other kind of personal debt, you’re not alone. Alaska ranks below average in unemployment (3.9%) and has a concerning poverty rate of 10.10%.
The average Alaskan has $8,068 in personal debt, plus $223,430 of mortgage debt per capita. On average, residents have an open credit card balance of $8,516 and 46% of residents have a student loan, the average amount of which is $25,682 . Each year approximately 384 Alaskans declare bankruptcy Fortunately for you, there are a number of Alaska debt consolidation options to help you get back on track financially.
No matter whether you live in Anchorage, Fairbanks, Wasilla, or somewhere else in the great state of Alaska, take charge of your financial situation and consider consolidating your debt load.
Table of Contents
The Best Debt Consolidation Companies in Alaska (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 Alaska. 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 North Federal Credit Union
341 W Tudor Rd Ste 100
Anchorage, AK, 99503-6639
(907) 771-4777
http://www.truenorthfcu.org
Rating: 9.58/10
Money Management International, Inc.
707 A Street Suite 120
Anchorage, AK, 99501
(800) 308-2227
http://www.moneymanagement.org
Rating: 9.7/10
Alaska Debt Statistics
| Total Debt | $5,921,713 |
| Debt Per Capita | $8,068 |
| Debt Per Capita Rank | 4 |
Source: World Population Review
Alaska Credit Card Debt Statistics
| Average Credit Card Balance | 668 |
| Average Credit Score | $8,516 |
| Avg Credit Card Balance Rank (1 = Highest Balance) | 1 |
| Avg Credit Score Rank (1=Highest Score) | 36 |
Source: Experian
Mortgage Debt in Alaska
| Mortgage Debt Per Capita | $223,430 |
| Avg 30 yr Mortgage Rate | 3.94% |
| Avg 15 yr Mortgage Rate | 3.48% |
| Median Home Value | $326,000 |
| Avg Outstanding Mortgage Debt | $223,167 |
| Difference Between Value and Mortgage Debt | $102,833 |
| Avg Homeowner FICO Score | 707 |
Source: Federal Reserve, Value Penguin, Experian
Payday Loan Debt in Alaska
| Payday Loan Legal Status | Legal |
| Max Payday Loan Amount | 500 |
| Max Payday Loan Term | 14 days |
| Max Payday Loan APR | 435% |
Source: Alaska Government Website
Unemployment and the Economy of Alaska
| Poverty Rate – Population | 10.10% |
| Poverty Rate – Population – Rank | 49 |
| Poverty Rate – Family | 7.00% |
| Poverty Rate – Family – Rank | 49 |
| Unemployment Rate (March 2020) | 5.6 |
| Unemployment Rank | 44 |
| GDP Growth | 3.9 |
| GDP Growth Rank | 6 |
Source: US Census, Bureau of Labor Statistics
Student Loan Debt in Alaska
| Percent of Population with Student Loans | 46% |
| Average Student Loan debt | $25,682 |
| Average Debt of New Graduates (2017-18) | nan |
| Average Debt Rank | nan |
| Percent of Graduates with Debt (2017-18) | nan |
| Percent with Debt Rank | nan |
| Usable Institutions (BA-Granting) | 1 |
| Percent of Graduates at Schools with Usable Data | 29% |
| Nonfederal debt of graduates, as percent of total debt | nan |
| Fall enrollment – Undergraduate total (IPEDS) | 25,574 |
| Tuition and Fees (in-district/in-state) | $6,775 |
| Total Cost of Attendance (on-campus) | $24,397 |
| Percent of Institutional Grants that are Need-Based | 74% |
Source: Value Penguin, TICAS
Cost of Living in Alaska
| Annual Mean Wage (All Occupations) | $58,710 |
| Median Monthly Rent | $1,748 |
| Value of a Dollar | $0.95 |
| Cost of Living | 129.9 |
| Cost of Living Rank | 45 |
| Grocery Cost Index | 134.2 |
| Housing Cost Index | 133.9 |
| Utilities Cost Index | 154.2 |
| Transportation Cost Index | 130.8 |
| Miscellaneous Cost Index | 150.9 |
Source: World Population Review