Many Montana residents wrestle with auto, medical, credit card, payday and other debt types. Even though The Treasure State has a fairly strong economy with 3.2% GDP growth, and a relatively low unemployment rate of 3.5%, 15.30% of residents live below the poverty line. Many struggle to get out of debt.
The average Montanan has $2,572 in personal debt, plus $180,926 of mortgage debt for homeowners. On average, Montana residents carry a credit cardd balance of $5,897 and 59% of Montanans have student loan debt – $28,466 worth to be precise. Every year approximately 1,329 Montanans declare bankruptcy. Fortunately for you, there are a number of Montana debt consolidation options to help you get back on track financially.
So whether you live in Billings, Missoula, Great Falls, 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 Montana (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 Montana. 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 Benefit Center
1925 Grand Ave Ste 127
Billings, MT, 59102-2776
(888) 908-8014
http://studentbenefitcenter.com
Rating: 9.6/10
Montana Debt Statistics
| Total Debt | $2,795,614 |
| Debt Per Capita | $2,572 |
| Debt Per Capita Rank | 34 |
Source: World Population Review
Montana Credit Card Debt Statistics
| Average Credit Card Balance | 675 |
| Average Credit Score | $5,897 |
| Avg Credit Card Balance Rank (1 = Highest Balance) | 35 |
| Avg Credit Score Rank (1=Highest Score) | 31 |
Source: Experian
Mortgage Debt in Montana
| Mortgage Debt Per Capita | $180,926 |
| Avg 30 yr Mortgage Rate | 4.01% |
| Avg 15 yr Mortgage Rate | 3.55% |
| Median Home Value | $242,100 |
| Avg Outstanding Mortgage Debt | $180,711 |
| Difference Between Value and Mortgage Debt | $61,389 |
| Avg Homeowner FICO Score | 720 |
Source: Federal Reserve, Value Penguin, Experian
Payday Loan Debt in Montana
| Payday Loan Legal Status | Legal |
| Max Payday Loan Amount | 300 |
| Max Payday Loan Term | 31 days |
| Max Payday Loan APR | 36% |
Source: Montana Government Website
Unemployment and the Economy of Montana
| Poverty Rate – Population | 15.30% |
| Poverty Rate – Population – Rank | 26 |
| Poverty Rate – Family | 10.00% |
| Poverty Rate – Family – Rank | 27 |
| Unemployment Rate (March 2020) | 3.5 |
| Unemployment Rank | 18 |
| GDP Growth | 3.2 |
| GDP Growth Rank | 13 |
Source: US Census, Bureau of Labor Statistics
Student Loan Debt in Montana
| Percent of Population with Student Loans | 59% |
| Average Student Loan debt | $28,466 |
| Average Debt of New Graduates (2017-18) | $28,032 |
| Average Debt Rank | nan |
| Percent of Graduates with Debt (2017-18) | 57% |
| Percent with Debt Rank | nan |
| Usable Institutions (BA-Granting) | 6 |
| Percent of Graduates at Schools with Usable Data | 85% |
| Nonfederal debt of graduates, as percent of total debt | 11% |
| Fall enrollment – Undergraduate total (IPEDS) | 45,604 |
| Tuition and Fees (in-district/in-state) | $8,243 |
| Total Cost of Attendance (on-campus) | $22,043 |
| Percent of Institutional Grants that are Need-Based | 66% |
Source: Value Penguin, TICAS
Cost of Living in Montana
| Annual Mean Wage (All Occupations) | $43,860 |
| Median Monthly Rent | $1,234 |
| Value of a Dollar | $1.06 |
| Cost of Living | 106.9 |
| Cost of Living Rank | 34 |
| Grocery Cost Index | 105.1 |
| Housing Cost Index | 111.6 |
| Utilities Cost Index | 83.9 |
| Transportation Cost Index | 125.0 |
| Miscellaneous Cost Index | 98.4 |
Source: World Population Review