If you’re one of the many Mississippians struggling with auto, medical, payday, credit card or other types of debt, you’re not alone. Mississippi ranks #26 in terms of GDP growth (1.9%), has an unemployment_rate of 5.3%, and a poverty rate of 22.60%.
The average Mississippian has $2,499 in personal debt, plus $121,608 of mortgage debt for homeowners. On average, Mississippi residents carry a credit cardd balance of $5,911 and 58% of Mississippians have student loan debt – $30,439 worth to be precise. Every year approximately 12,463 Mississippians declare bankruptcy. Fortunately, there are plenty of Mississippi debt consolidation options to get you to where you need to be financially.
So whether you live in Jackson, Gulfport, Brandon, or somewhere in-between, take charge of your financial situation and consider consolidating your debt load.
Table of Contents
The Best Debt Consolidation Companies in Mississippi (updated 2022)
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 Mississippi. 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.
2598 Pass Rd Ste F
Biloxi, MS, 39531-2713
(800) 308-2227
http://www.moneymanagement.org
Rating: 9.29/10
Mississippi Debt Statistics
| Total Debt | $7,470,178 |
| Debt Per Capita | $2,499 |
| Debt Per Capita Rank | 35 |
Source: World Population Review
Mississippi Credit Card Debt Statistics
| Average Credit Card Balance | 709 |
| Average Credit Score | $5,911 |
| Avg Credit Card Balance Rank (1 = Highest Balance) | 34 |
| Avg Credit Score Rank (1=Highest Score) | 1 |
Source: Experian
Mortgage Debt in Mississippi
| Mortgage Debt Per Capita | $121,608 |
| Avg 30 yr Mortgage Rate | 4.05% |
| Avg 15 yr Mortgage Rate | 3.61% |
| Median Home Value | $130,200 |
| Avg Outstanding Mortgage Debt | $122,107 |
| Difference Between Value and Mortgage Debt | $8,093 |
| Avg Homeowner FICO Score | 667 |
Source: Federal Reserve, Value Penguin, Experian
Payday Loan Debt in Mississippi
| Payday Loan Legal Status | Legal |
| Max Payday Loan Amount | 500 |
| Max Payday Loan Term | 30 days |
| Max Payday Loan APR | 521% |
Source: Mississippi Government Website
Unemployment and the Economy of Mississippi
| Poverty Rate – Population | 22.60% |
| Poverty Rate – Population – Rank | 1 |
| Poverty Rate – Family | 17.70% |
| Poverty Rate – Family – Rank | 1 |
| Unemployment Rate (March 2020) | 5.3 |
| Unemployment Rank | 40 |
| GDP Growth | 1.9 |
| GDP Growth Rank | 26 |
Source: US Census, Bureau of Labor Statistics
Student Loan Debt in Mississippi
| Percent of Population with Student Loans | 58% |
| Average Student Loan debt | $30,439 |
| Average Debt of New Graduates (2017-18) | $30,117 |
| Average Debt Rank | nan |
| Percent of Graduates with Debt (2017-18) | 58% |
| Percent with Debt Rank | nan |
| Usable Institutions (BA-Granting) | 6 |
| Percent of Graduates at Schools with Usable Data | 74% |
| Nonfederal debt of graduates, as percent of total debt | 19% |
| Fall enrollment – Undergraduate total (IPEDS) | 153,625 |
| Tuition and Fees (in-district/in-state) | $6,114 |
| Total Cost of Attendance (on-campus) | $17,548 |
| Percent of Institutional Grants that are Need-Based | 47% |
Source: Value Penguin, TICAS
Cost of Living in Mississippi
| Annual Mean Wage (All Occupations) | $39,420 |
| Median Monthly Rent | $1,055 |
| Value of a Dollar | $1.16 |
| Cost of Living | 86.1 |
| Cost of Living Rank | 1 |
| Grocery Cost Index | 91.6 |
| Housing Cost Index | 70.1 |
| Utilities Cost Index | 89.1 |
| Transportation Cost Index | 89.2 |
| Miscellaneous Cost Index | 91.4 |
Source: World Population Review