If you’re one of the many Hawaiians struggling with payday, student, medical, credit card or other types of loans, you’re not alone. Even though The Aloha State has a growing economy with 1.2% GDP growth, and a extremely low unemployment rate of 2.6% (#2 of all states), 11.30% of residents live below the poverty line. Many struggle with debt.
The average Hawaiian has $6,835 in personal debt, plus $344,819 of mortgage debt per capita. On average, residents have an open credit card balance of $6,675 and 49% of residents have a student loan, the average amount of which is $25,125 . Each year approximately 1,582 Hawaiians declare bankruptcy Fortunately for you, there are a number of Hawaii debt consolidation options to help you get back on track financially.
No matter whether you live in Honolulu, Waipahu, Ewa Beach, or somewhere else in the great state of Hawaii, take charge of your financial situation and consider consolidating your debt load.
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The Best Debt Consolidation Companies in Hawaii (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 Hawaii. 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.
7 Waterfront Plaza, 500 Ala Moana Blvd Ste. 400
Honolulu, HI, 96813
(800) 308-2227
http://www.moneymanagement.org
Rating: 9.58/10
Greg Dunn, Bankruptcy and Debt Relief Attorney
841 Bishop St Ste 2221
Honolulu, HI, 96813-3921
(808) 524-4529
https://www.gregdunnhi.com/
Rating: 9.7/10
Hawaii Debt Statistics
| Total Debt | $9,656,278 |
| Debt Per Capita | $6,835 |
| Debt Per Capita Rank | 7 |
Source: World Population Review
Hawaii Credit Card Debt Statistics
| Average Credit Card Balance | 654 |
| Average Credit Score | $6,675 |
| Avg Credit Card Balance Rank (1 = Highest Balance) | 9 |
| Avg Credit Score Rank (1=Highest Score) | 47 |
Source: Experian
Mortgage Debt in Hawaii
| Mortgage Debt Per Capita | $344,819 |
| Avg 30 yr Mortgage Rate | 3.75% |
| Avg 15 yr Mortgage Rate | 3.36% |
| Median Home Value | $619,000 |
| Avg Outstanding Mortgage Debt | $345,963 |
| Difference Between Value and Mortgage Debt | $273,037 |
| Avg Homeowner FICO Score | 723 |
Source: Federal Reserve, Value Penguin, Experian
Payday Loan Debt in Hawaii
| Payday Loan Legal Status | Legal |
| Max Payday Loan Amount | 600 |
| Max Payday Loan Term | 32 days |
| Max Payday Loan APR | 460% |
Source: Hawaii Government Website
Unemployment and the Economy of Hawaii
| Poverty Rate – Population | 11.30% |
| Poverty Rate – Population – Rank | 46 |
| Poverty Rate – Family | 7.90% |
| Poverty Rate – Family – Rank | 44 |
| Unemployment Rate (March 2020) | 2.6 |
| Unemployment Rank | 2 |
| GDP Growth | 1.2 |
| GDP Growth Rank | 40 |
Source: US Census, Bureau of Labor Statistics
Student Loan Debt in Hawaii
| Percent of Population with Student Loans | 49% |
| Average Student Loan debt | $25,125 |
| Average Debt of New Graduates (2017-18) | $24,162 |
| Average Debt Rank | nan |
| Percent of Graduates with Debt (2017-18) | 47% |
| Percent with Debt Rank | nan |
| Usable Institutions (BA-Granting) | 3 |
| Percent of Graduates at Schools with Usable Data | 66% |
| Nonfederal debt of graduates, as percent of total debt | 12% |
| Fall enrollment – Undergraduate total (IPEDS) | 57,324 |
| Tuition and Fees (in-district/in-state) | $8,816 |
| Total Cost of Attendance (on-campus) | $28,486 |
| Percent of Institutional Grants that are Need-Based | 67% |
Source: Value Penguin, TICAS
Cost of Living in Hawaii
| Annual Mean Wage (All Occupations) | $52,900 |
| Median Monthly Rent | $2,481 |
| Value of a Dollar | $0.84 |
| Cost of Living | 192.9 |
| Cost of Living Rank | 51 |
| Grocery Cost Index | 169.3 |
| Housing Cost Index | 318.6 |
| Utilities Cost Index | 172.7 |
| Transportation Cost Index | 148.6 |
| Miscellaneous Cost Index | 116.8 |
Source: World Population Review