Many Louisiana residents wrestle with payday, medical, auto, student and other debt types. Among the states, Louisiana ranks below average in terms of unemployment, with 6.9% of the labor force unemployed. About 19.60% of the population and 15.10% of families live in poverty.
The average Louisianian has $3,895 in personal debt, plus $151,763 of mortgage debt per capita. On average, residents have an open credit card balance of $5,555 and 48% of residents have a student loan, the average amount of which is $27,210 . Each year approximately 9,299 Louisianians declare bankruptcy If this is you, there are Louisiana debt consolidation options to help you get back on track financially.
No matter whether you live in Baton Rouge, New Orleans, Shreveport, or somewhere else in the great state of Louisiana, take charge of your financial situation and consider consolidating your debt load.
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The Best Debt Consolidation Companies in Louisiana (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 Louisiana. 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. – New Orleans
1215 Prytania St Suite 424
New Orleans, LA, 70130
(800) 308-2227
http://www.moneymanagement.org
Rating: 8.82/10
Money Management International, Inc.
615 Chevelle Ct
Baton Rouge, LA, 70806-6502
(800) 308-2227
http://www.moneymanagement.org
Rating: 8.93/10
Mark Credit Corporation
3816 W Congress St STE 1
Lafayette, LA, 70506-8706
(337) 889-3730
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Rating: 9.04/10
Consumer Debt Counselors, Inc.
3925 N 1-10 Service Rd West Suite 222
Metairie, LA, 70002
(800) 820-9232
http://www.consumerdebtcounselors.org
Rating: 9.15/10
Consumer Debt Counselors – Metairie
3925 N I 10 Service Rd W Ste 222 Suite 222
Metairie, LA, 70002-6858
(504) 454-3120
http://www.consumerdebtcounselors.org
Rating: 9.26/10
Consumer Debt Counselors – Lafayette
106 Oil Center Dr STE 102M
Lafayette, LA, 70503-2482
(337) 266-9501
http://www.consumerdebtcounselors.org
Rating: 9.37/10
Consumer Debt Counselors
13001 Justice Ave
Baton Rouge, LA, 70816-5330
(225) 295-0212
http://www.consumerdebtcounselors.org
Rating: 9.48/10
Acadia Bureau of Debt Adjusters
607 N Parkerson Ave
Crowley, LA, 70526-4305
(337) 783-7316
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Rating: 9.6/10
Louisiana Debt Statistics
| Total Debt | $18,092,508 |
| Debt Per Capita | $3,895 |
| Debt Per Capita Rank | 17 |
Source: World Population Review
Louisiana Credit Card Debt Statistics
| Average Credit Card Balance | 663 |
| Average Credit Score | $5,555 |
| Avg Credit Card Balance Rank (1 = Highest Balance) | 45 |
| Avg Credit Score Rank (1=Highest Score) | 39 |
Source: Experian
Mortgage Debt in Louisiana
| Mortgage Debt Per Capita | $151,763 |
| Avg 30 yr Mortgage Rate | 3.95% |
| Avg 15 yr Mortgage Rate | 3.49% |
| Median Home Value | $147,600 |
| Avg Outstanding Mortgage Debt | $151,851 |
| Difference Between Value and Mortgage Debt | ($4,251) |
| Avg Homeowner FICO Score | 677 |
Source: Federal Reserve, Value Penguin, Experian
Payday Loan Debt in Louisiana
| Payday Loan Legal Status | Legal |
| Max Payday Loan Amount | 350 |
| Max Payday Loan Term | 30 days |
| Max Payday Loan APR | 391% |
Source: Louisiana Government Website
Unemployment and the Economy of Louisiana
| Poverty Rate – Population | 19.60% |
| Poverty Rate – Population – Rank | 3 |
| Poverty Rate – Family | 15.10% |
| Poverty Rate – Family – Rank | 3 |
| Unemployment Rate (March 2020) | 6.9 |
| Unemployment Rank | 51 |
| GDP Growth | 3.8 |
| GDP Growth Rank | 8 |
Source: US Census, Bureau of Labor Statistics
Student Loan Debt in Louisiana
| Percent of Population with Student Loans | 48% |
| Average Student Loan debt | $27,210 |
| Average Debt of New Graduates (2017-18) | $27,151 |
| Average Debt Rank | nan |
| Percent of Graduates with Debt (2017-18) | 49% |
| Percent with Debt Rank | nan |
| Usable Institutions (BA-Granting) | 9 |
| Percent of Graduates at Schools with Usable Data | 53% |
| Nonfederal debt of graduates, as percent of total debt | 16% |
| Fall enrollment – Undergraduate total (IPEDS) | 218,752 |
| Tuition and Fees (in-district/in-state) | $11,683 |
| Total Cost of Attendance (on-campus) | $29,193 |
| Percent of Institutional Grants that are Need-Based | 61% |
Source: Value Penguin, TICAS
Cost of Living in Louisiana
| Annual Mean Wage (All Occupations) | $42,660 |
| Median Monthly Rent | $1,245 |
| Value of a Dollar | $1.11 |
| Cost of Living | 93.9 |
| Cost of Living Rank | 20 |
| Grocery Cost Index | 99.9 |
| Housing Cost Index | 86.6 |
| Utilities Cost Index | 89.3 |
| Transportation Cost Index | 98.5 |
| Miscellaneous Cost Index | 98.8 |
Source: World Population Review