Many Idahoans wrestle with auto, credit card, payday, medical and other debt types. Even though The Gem State has a rapidly growing economy with 4.4% GDP growth, and a extremely low unemployment rate of 2.6% (#3 of all states), 10.1% of residents live below the poverty line. Many struggle with debt.
The average Idahoan has $2,621 in credit card debt, plus $202,278 of mortgage debt for homeowners. On average, 13% of Idahoans have student loan debt – $26,228 worth, to be precise. In 2021, approximately 2,118 Idahoans declared bankruptcy. Fortunately, there are plenty of Idaho debt consolidation options to get you to where you need to be financially.
So whether you live in Boise, Nampa, Idaho Falls, or somewhere in-between, take charge of your financial situation and consider consolidating your debt load.
Table of Contents
The Best Debt Consolidation Company in Idaho
Finding a legit debt consolidation firm can be tough. We’ve done the research and picked the best debt consolidation firm in the state of Idaho. 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.
Debt Reduction Services
6213 N Cloverdale Rd Ste 100
Boise, ID, 83713-4912
(208) 378-0200
http://www.debtreductionservices.org
Rating: 4.9/5
Idaho Debt Statistics
| Total Debt | $33.5 billion |
| Debt Per Capita | $18,611 |
| Debt Per Capita Rank | 33 |
Source: World Population Review
Idaho Credit Card Debt Statistics
| Average Credit Card Balance | $2,621 |
| Average Credit Score | 727 |
| Avg Credit Card Balance Rank (1 = Highest Balance) | 42 |
| Avg Credit Score Rank (1=Highest Score) | 11 |
Source: Experian
Mortgage Debt in Idaho
| Mortgage Debt Per Capita | $202,278 |
| Avg 30 yr Mortgage Rate | 6.5% |
| Avg 15 yr Mortgage Rate | 6% |
| Median Home Value | $465,160 |
| Avg Outstanding Mortgage Debt | $203,956 |
| Difference Between Value and Mortgage Debt | $261,204 |
| Avg Homeowner FICO Score | 727 |
Source: Federal Reserve, Value Penguin, Experian
Payday Loan Debt in Idaho
| Payday Loan Legal Status | Legal |
| Max Payday Loan Amount | 1,000 |
| Max Payday Loan Term | Unspecified |
| Max Payday Loan APR | 652% |
Source: Idaho Government Website
Unemployment and the Economy of Idaho
| Poverty Rate – Population | 10.9% |
| Poverty Rate – Population – Rank | 28 |
| Poverty Rate – Family | 7.5% |
| Poverty Rate – Family – Rank | 17 |
| Unemployment Rate (February 2023) | 2.6 |
| Unemployment Rank | 3 |
| GDP Growth | 4.4 |
| GDP Growth Rank | 12 |
Source: US Census, Bureau of Labor Statistics
Student Loan Debt in Idaho
| Percent of Population with Student Loans | 11.9% |
| Average Student Loan debt | $33,012 |
| Average Debt of New Graduates (2020-2021) | $28,075 |
| Average Debt Rank | N/A |
| Percent of Graduates with Debt (2020-2021) | 57% |
| Percent with Debt Rank | nan |
| Usable Institutions (BA-Granting) | 6 |
| Percent of Graduates at Schools with Usable Data | 61% |
| Nonfederal debt of graduates, as percent of total debt | 7% |
| Fall enrollment – Undergraduate total (IPEDS) | 125,100 |
| Tuition and Fees (in-district/in-state) | $6,578 |
| Total Cost of Attendance (on-campus) | $18,352 |
| Percent of Institutional Grants that are Need-Based | 29% |
Source: Value Penguin, TICAS
Cost of Living in Idaho
| Annual Mean Wage (All Occupations) | $47,580 |
| Median Monthly Rent | $894 |
| Value of a Dollar | $1.08 |
| Cost of Living | 102.1 |
| Cost of Living Rank | 12 |
| Grocery Cost Index | 93.8 |
| Housing Cost Index | 110.4 |
| Utilities Cost Index | 82.3 |
| Transportation Cost Index | 111.7 |
| Miscellaneous Cost Index | 100.9 |
Source: World Population Review