For Arkansans struggling with credit card, payday, student, auto or other types of debt, you can rest assured you’re not alone. Arkansas ranks below average in unemployment (2.5%) and has a concerning poverty rate of 19.20%.
The average Arkansan has $1,580 in personal debt, plus $128,842 of mortgage debt for homeowners. On average, Arkansas residents carry a credit cardd balance of $5,660 and 55% of Arkansans have student loan debt – $26,799 worth to be precise. Every year approximately 10,568 Arkansans declare bankruptcy. If this is you, there are Arkansas debt consolidation options to help you get back on track financially.
So whether you live in Little Rock, Fort Smith, Fayetteville, or somewhere in-between, take charge of your financial situation and consider consolidating your debt load.
The Best Debt Consolidation Companies in Arkansas (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 Arkansas. 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.
Money Management International, Inc.
7101 W. 12th St. Ste. 200-E
Little Rock, AR, 72204
(800) 308-2227
http://www.moneymanagement.org
Rating: 9.4/10
Arkansas Debt Statistics
| Total Debt | $4,801,939 |
| Debt Per Capita | $1,580 |
| Debt Per Capita Rank | 43 |
Source: World Population Review
Arkansas Credit Card Debt Statistics
| Average Credit Card Balance | 657 |
| Average Credit Score | $5,660 |
| Avg Credit Card Balance Rank (1 = Highest Balance) | 41 |
| Avg Credit Score Rank (1=Highest Score) | 43 |
Source: Experian
Mortgage Debt in Arkansas
| Mortgage Debt Per Capita | $128,842 |
| Avg 30 yr Mortgage Rate | 4.10% |
| Avg 15 yr Mortgage Rate | 3.59% |
| Median Home Value | $129,500 |
| Avg Outstanding Mortgage Debt | $129,383 |
| Difference Between Value and Mortgage Debt | $117 |
| Avg Homeowner FICO Score | 683 |
Source: Federal Reserve, Value Penguin, Experian
Payday Loan Debt in Arkansas
| Payday Loan Legal Status | Legal |
| Max Payday Loan Amount | nan |
| Max Payday Loan Term | nan |
| Max Payday Loan APR | nan |
Source: Arkansas Government Website
Unemployment and the Economy of Arkansas
| Poverty Rate – Population | 19.20% |
| Poverty Rate – Population – Rank | 4 |
| Poverty Rate – Family | 14.40% |
| Poverty Rate – Family – Rank | 6 |
| Unemployment Rate (March 2020) | 4.8 |
| Unemployment Rank | 37 |
| GDP Growth | 2.5 |
| GDP Growth Rank | 35 |
Source: US Census, Bureau of Labor Statistics
Student Loan Debt in Arkansas
| Percent of Population with Student Loans | 55% |
| Average Student Loan debt | $26,799 |
| Average Debt of New Graduates (2017-18) | $26,579 |
| Average Debt Rank | nan |
| Percent of Graduates with Debt (2017-18) | 53% |
| Percent with Debt Rank | nan |
| Usable Institutions (BA-Granting) | 8 |
| Percent of Graduates at Schools with Usable Data | 53% |
| Nonfederal debt of graduates, as percent of total debt | 13% |
| Fall enrollment – Undergraduate total (IPEDS) | 145,527 |
| Tuition and Fees (in-district/in-state) | $8,884 |
| Total Cost of Attendance (on-campus) | $24,189 |
| Percent of Institutional Grants that are Need-Based | 52% |
Source: Value Penguin, TICAS
Cost of Living in Arkansas
| Annual Mean Wage (All Occupations) | $41,540 |
| Median Monthly Rent | $953 |
| Value of a Dollar | $1.15 |
| Cost of Living | 86.9 |
| Cost of Living Rank | 2 |
| Grocery Cost Index | 92.0 |
| Housing Cost Index | 73.9 |
| Utilities Cost Index | 91.8 |
| Transportation Cost Index | 83.6 |
| Miscellaneous Cost Index | 85.6 |
Source: World Population Review