If you’re one of the many Delaware residents struggling with student, auto, credit card, payday or other types of loans, you’re one of many. Delaware ranks below average in unemployment (3.9%) and has a concerning poverty rate of 12.00%.
The average Delawarean has $4,641 in personal debt, plus $185,452 of mortgage debt per capita. On average, residents have an open credit card balance of $6,963 and 62% of residents have a student loan, the average amount of which is $34,144 . Each year approximately 2,265 Delawareans declare bankruptcy. If this is you, there are Delaware debt consolidation options to help you get back on track financially.
So whether you live in Wilmington, Newark, Dover, or somewhere in-between, take charge of your financial situation and consider consolidating your debt load.
Table of Contents
The Best Debt Consolidation Companies in Delaware (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 Delaware. 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.
Best Egg
1523 Concord Pike Ste 302
Wilmington, DE, 19803-3654
(800) 711-8198
https://www.mybestegg.com/?cpid=4246ac
Rating: 9.6/10
Delaware Debt Statistics
| Total Debt | $4,561,576 |
| Debt Per Capita | $4,641 |
| Debt Per Capita Rank | 11 |
Source: World Population Review
Delaware Credit Card Debt Statistics
| Average Credit Card Balance | 670 |
| Average Credit Score | $6,963 |
| Avg Credit Card Balance Rank (1 = Highest Balance) | 7 |
| Avg Credit Score Rank (1=Highest Score) | 34 |
Source: Experian
Mortgage Debt in Delaware
| Mortgage Debt Per Capita | $185,452 |
| Avg 30 yr Mortgage Rate | 3.87% |
| Avg 15 yr Mortgage Rate | 3.33% |
| Median Home Value | $236,300 |
| Avg Outstanding Mortgage Debt | $185,527 |
| Difference Between Value and Mortgage Debt | $50,773 |
| Avg Homeowner FICO Score | 701 |
Source: Federal Reserve, Value Penguin, Experian
Payday Loan Debt in Delaware
| Payday Loan Legal Status | Legal |
| Max Payday Loan Amount | 1000 |
| Max Payday Loan Term | 60 days |
| Max Payday Loan APR | 521% |
Source: Delaware Government Website
Unemployment and the Economy of Delaware
| Poverty Rate – Population | 12.00% |
| Poverty Rate – Population – Rank | 39 |
| Poverty Rate – Family | 8.20% |
| Poverty Rate – Family – Rank | 40 |
| Unemployment Rate (March 2020) | 5.1 |
| Unemployment Rank | 38 |
| GDP Growth | 3.9 |
| GDP Growth Rank | 6 |
Source: US Census, Bureau of Labor Statistics
Student Loan Debt in Delaware
| Percent of Population with Student Loans | 62% |
| Average Student Loan debt | $34,144 |
| Average Debt of New Graduates (2017-18) | $34,144 |
| Average Debt Rank | nan |
| Percent of Graduates with Debt (2017-18) | 62% |
| Percent with Debt Rank | nan |
| Usable Institutions (BA-Granting) | 1 |
| Percent of Graduates at Schools with Usable Data | 58% |
| Nonfederal debt of graduates, as percent of total debt | 34% |
| Fall enrollment – Undergraduate total (IPEDS) | 50,083 |
| Tuition and Fees (in-district/in-state) | $11,567 |
| Total Cost of Attendance (on-campus) | $28,497 |
| Percent of Institutional Grants that are Need-Based | 64% |
Source: Value Penguin, TICAS
Cost of Living in Delaware
| Annual Mean Wage (All Occupations) | $53,320 |
| Median Monthly Rent | $1,435 |
| Value of a Dollar | $1.00 |
| Cost of Living | 108.1 |
| Cost of Living Rank | 35 |
| Grocery Cost Index | 113.4 |
| Housing Cost Index | 98.2 |
| Utilities Cost Index | 96.5 |
| Transportation Cost Index | 107.0 |
| Miscellaneous Cost Index | 101.6 |
Source: World Population Review