Many Illinoisans struggle with payday, credit card, auto, medical and other types of debt, so if that’s you, you’re not alone. Illinois ranks #18 in terms of GDP growth (2.9%), has an unemployment_rate of 4.6%, and a poverty rate of 14.40%.
The average Illinoisan has $4,883 in personal debt, plus $177,150 of mortgage debt per capita. On average, residents have an open credit card balance of $5,817 and 61% of residents have a student loan, the average amount of which is $29,214 . Each year approximately 46,972 Illinoisans declare bankruptcy. Fortunately for you, there are a number of Illinois debt consolidation options to help you get free from debt.
So whether you live in Chicago, Rockford, Springfield, or somewhere in-between, take charge of your financial situation and consider consolidating your debt load.
The Best Debt Consolidation Companies in Illinois (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 Illinois. 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.
The Fonfrias Law Group, LLC
125 South Wacker Drive Suite 300
Chicago, IL, 60606
(312) 969-0730
http://www.chicagomoneylawyer.com
Rating: 8.72/10
Stalwart Fi-cial LLC
22 W Washington St Suite 1500
Chicago, IL, 60602-1607
(866) 203-1202
http://stalwartcredit.com
Rating: 8.82/10
Richland Mortgage Co.
2002 S Wentworth Ave
Chicago, IL, 60616-2024
(312) 225-2828
–
Rating: 8.93/10
Peter Francis Geraci Law LLC – Chicago
234 S Ashland Ave
Chicago, IL, 60607-5310
(800) 401-4010
http://www.infotapes.com
Rating: 9.04/10
Peter Francis Geraci Law LLC
6537 West Cermak Road #B
Berwyn, IL, 60402-2313
(800) 401-4010
http://www.infotapes.com
Rating: 9.15/10
Money Management International, Inc.
401 N Michigan Ave Suite 1200
Chicago, IL, 60611-4264
(800) 308-2227
http://www.moneymanagement.org
Rating: 9.26/10
Family Credit Management
111 N Wabash Ave Ste 1408
Chicago, IL, 60602-3055
(800) 994-3328
http://www.familycredit.org
Rating: 9.37/10
Dunn & Associates-E.
220 S. State St. #830
Chicago, IL, 60604-2001
(312) 986-8500
–
Rating: 9.48/10
Chicago Corporate
401 N Michigan Ste 1200
Chicago, IL, 60611-4264
(877) 967-1177
http://chicagocorporate.net
Rating: 9.6/10
Illinois Debt Statistics
| Total Debt | $61,821,319 |
| Debt Per Capita | $4,883 |
| Debt Per Capita Rank | 10 |
Source: World Population Review
Illinois Credit Card Debt Statistics
| Average Credit Card Balance | 681 |
| Average Credit Score | $5,817 |
| Avg Credit Card Balance Rank (1 = Highest Balance) | 38 |
| Avg Credit Score Rank (1=Highest Score) | 24 |
Source: Experian
Mortgage Debt in Illinois
| Mortgage Debt Per Capita | $177,150 |
| Avg 30 yr Mortgage Rate | 4.02% |
| Avg 15 yr Mortgage Rate | 3.51% |
| Median Home Value | $183,500 |
| Avg Outstanding Mortgage Debt | $176,425 |
| Difference Between Value and Mortgage Debt | $7,075 |
| Avg Homeowner FICO Score | 709 |
Source: Federal Reserve, Value Penguin, Experian
Payday Loan Debt in Illinois
| Payday Loan Legal Status | Legal |
| Max Payday Loan Amount | 1000 or 25% of gross income |
| Max Payday Loan Term | Up to 120 days |
| Max Payday Loan APR | 404% |
Source: Illinois Government Website
Unemployment and the Economy of Illinois
| Poverty Rate – Population | 14.40% |
| Poverty Rate – Population – Rank | 27 |
| Poverty Rate – Family | 10.50% |
| Poverty Rate – Family – Rank | 26 |
| Unemployment Rate (March 2020) | 4.6 |
| Unemployment Rank | 34 |
| GDP Growth | 2.9 |
| GDP Growth Rank | 18 |
Source: US Census, Bureau of Labor Statistics
Student Loan Debt in Illinois
| Percent of Population with Student Loans | 61% |
| Average Student Loan debt | $29,214 |
| Average Debt of New Graduates (2017-18) | $29,855 |
| Average Debt Rank | nan |
| Percent of Graduates with Debt (2017-18) | 66% |
| Percent with Debt Rank | nan |
| Usable Institutions (BA-Granting) | 37 |
| Percent of Graduates at Schools with Usable Data | 67% |
| Nonfederal debt of graduates, as percent of total debt | 20% |
| Fall enrollment – Undergraduate total (IPEDS) | 616,140 |
| Tuition and Fees (in-district/in-state) | $17,903 |
| Total Cost of Attendance (on-campus) | $41,616 |
| Percent of Institutional Grants that are Need-Based | 74% |
Source: Value Penguin, TICAS
Cost of Living in Illinois
| Annual Mean Wage (All Occupations) | $53,790 |
| Median Monthly Rent | $1,463 |
| Value of a Dollar | $1.01 |
| Cost of Living | 94.5 |
| Cost of Living Rank | 21 |
| Grocery Cost Index | 94.2 |
| Housing Cost Index | 87.2 |
| Utilities Cost Index | 100.9 |
| Transportation Cost Index | 100.9 |
| Miscellaneous Cost Index | 99.0 |
Source: World Population Review