The Best Kentucky Debt Consolidation Companies of 2023

Many Kentucky residents struggle with auto, payday, medical, student and other types of debt. If you’re in this group, you’re not alone. Kentucky ranks in the bottom half of the country in terms of unemployment, with a rate of 4%. Approximately 16% of the population and 21% of children live in poverty.

The average Kentuckian has $7,154 in credit card debt, plus $138,117 in mortgage debt per capita. On average, residents have a credit utilization rate of 31% and 13% of residents have student loan debt, the average amount of which totals $33,300. In 2021, more than 8,000 Kentuckians filed for bankruptcy. Fortunately, there are plenty of Kentucky debt consolidation options to help you get back on track financially.

Whether you live in Louisville, Lexington, Bowling Green, or somewhere else in the Bluegrass State, take charge of your financial situation and consider consolidating your debt load.

The Best Debt Consolidation Companies in Kentucky (Updated 2023)

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 Kentucky. 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.

Student Consolidation Relief LLC

632 Adams Street Ste 733
Bowling Green, KY, 42101
(270) 779-9910

Rating: 8.86/10

Steiden Law Offices – Florence

6900 Houston Rd #21
Florence, KY, 41042
(513) 888-8888

Rating: 8.97/10

Steiden Law Offices

411 Madison Avenue
Covington, KY, 41011
(513) 888-8888

Rating: 9.08/10


Louisville, KY, 40220
(866) 892-5132

Rating: 9.19/10

Al Consulting

923 Jairus Dr
Lexington, KY, 40515-5536
(855) 967-6683

Rating: 9.3/10

Kentucky Debt Statistics

Total Debt$14,403,514
Debt Per Capita$3,161
Debt Per Capita Rank23

Source: World Population Review

Kentucky Credit Card Debt Statistics

Average Credit Card Balance$5,140
Average Credit Score698
Avg Credit Card Balance Rank (1 = Highest Balance)46
Avg Credit Score Rank (1=Highest Score)38

Source: Experian

Mortgage Debt in Kentucky

Mortgage Debt Per Capita$138,117
Avg 30 yr Mortgage Rate6.9%
Avg 15 yr Mortgage Rate5.8%
Median Home Value$172,433
Avg Outstanding Mortgage Debt$126,485
Difference Between Value and Mortgage Debt$45,948
Avg Homeowner FICO Score692

Source: Federal Reserve, Value Penguin, Experian

Payday Loan Debt in Kentucky

Payday Loan Legal StatusLegal
Max Payday Loan Amount500
Max Payday Loan Term60 days
Max Payday Loan APR460%

Source: Kentucky Government Website

Unemployment and the Economy of Kentucky

Poverty Rate – Population18.90%
Poverty Rate – Population – Rank6
Poverty Rate – Family14.40%
Poverty Rate – Family – Rank5
Unemployment Rate (March 2020)5.8
Unemployment Rank45
GDP Growth2.5
GDP Growth Rank26

Source: US Census, Bureau of Labor Statistics

Student Loan Debt in Kentucky

Percent of Population with Student Loans13%
Average Student Loan debt$33,300
Average Debt of New Graduates (2017-18)$28,435
Average Debt Ranknan
Percent of Graduates with Debt (2017-18)64%
Percent with Debt Ranknan
Usable Institutions (BA-Granting)17
Percent of Graduates at Schools with Usable Data90%
Nonfederal debt of graduates, as percent of total debt21%
Fall enrollment – Undergraduate total (IPEDS)219,333
Tuition and Fees (in-district/in-state)$12,287
Total Cost of Attendance (on-campus)$29,140
Percent of Institutional Grants that are Need-Based57%

Source: Value Penguin, TICAS

Cost of Living in Kentucky

Annual Mean Wage (All Occupations)$72,318
Median Monthly Rent$1,082
Value of a Dollar$1.13
Cost of Living82
Cost of Living Rank9
Grocery Cost Index94
Housing Cost Index57
Utilities Cost Index92.9
Transportation Cost Index89.1
Miscellaneous Cost Index77.5

Source: World Population Review

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