Disclaimer: Credit Summit may be affiliated with some of the companies mentioned in this article. Credit Summit may make money from advertisements, or when you contact a company through our platform.
Many New Jerseyans wrestle with credit card, payday, medical, student and other debt types.
The average New Jerseyan has $7,371 in personal debt, plus $239,362 of mortgage debt per capita. On average, residents have an open credit card balance of $6,490 and 61% of residents have a student loan, the average amount of which is $32,247 . Each year approximately 24,783 New Jerseyans declare bankruptcy Fortunately, there are plenty of New Jersey debt consolidation options to get you to where you need to be financially.
No matter whether you live in Newark, Jersey City, Trenton, or somewhere else in the great state of New Jersey, take charge of your financial situation and consider consolidating your debt load.
Do you qualify for debt consolidation?
Credit Summit may be able to help.
Table of Contents
Here are Our Top Picks
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 New Jersey. 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.
TheCreditBar.com, LLC
200 Centennial Avenue, Suite 200
Piscataway, NJ, 08854
(888) 322-3302
http://www.thecreditbar.com
Rating: 8.94/10
Kredit Koncepts Fi-cial Services LLC
622 Bloomfield Ave Suite 205-B
Bloomfield, NJ, 07003
(800) 985-9367
http://www.kreditkoncepts.com
Rating: 9.05/10
Increase Your Credit Score, LLC
11 Andover Dr
Caldwell, NJ, 07006-4222
(973) 228-7599
http://www.increaseyourcreditscore.org
Rating: 9.16/10
Grimley Fi-cial Corporation
1415 Marlton Pike E Ste LL5 Ste LL-5
Cherry Hill, NJ, 08034-2229
(800) 673-1414
http://www.grimleyfc.com
Rating: 9.27/10
Clarifi
1 Cherry Hl Ste 215
Cherry Hill, NJ, 08002-2101
(800) 989-2227
http://www.clarifi.org
Rating: 9.39/10
3 J’s Consolidated, LLC
106 Trimnell Ave
Franklinville, NJ, 08322
(865) 383-0541
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Rating: 9.5/10
New Jersey Debt Statistics
| Total Debt | $65,874,095 |
| Debt Per Capita | $7,371 |
| Debt Per Capita Rank | 5 |
Source: World Population Review
New Jersey Credit Card Debt Statistics
| Average Credit Card Balance | 701 |
| Average Credit Score | $6,490 |
| Avg Credit Card Balance Rank (1 = Highest Balance) | 12 |
| Avg Credit Score Rank (1=Highest Score) | 3 |
Source: Experian
Mortgage Debt in New Jersey
| Mortgage Debt Per Capita | $239,362 |
| Avg 30 yr Mortgage Rate | 3.86% |
| Avg 15 yr Mortgage Rate | 3.35% |
| Median Home Value | $329,000 |
| Avg Outstanding Mortgage Debt | $239,289 |
| Difference Between Value and Mortgage Debt | $89,711 |
| Avg Homeowner FICO Score | 714 |
Source: Federal Reserve, Value Penguin, Experian
Payday Loan Debt in New Jersey
| Payday Loan Legal Status | Legal |
| Max Payday Loan Amount | nan |
| Max Payday Loan Term | nan |
| Max Payday Loan APR | nan |
Source: New Jersey Government Website
Unemployment and the Economy of New Jersey
| Poverty Rate – Population | 10.70% |
| Poverty Rate – Population – Rank | 47 |
| Poverty Rate – Family | 8.10% |
| Poverty Rate – Family – Rank | 42 |
| Unemployment Rate (March 2020) | 3.8 |
| Unemployment Rank | 25 |
| GDP Growth | 1.8 |
| GDP Growth Rank | 21 |
Source: US Census, Bureau of Labor Statistics
Student Loan Debt in New Jersey
| Percent of Population with Student Loans | 61% |
| Average Student Loan debt | $32,247 |
| Average Debt of New Graduates (2017-18) | $34,387 |
| Average Debt Rank | nan |
| Percent of Graduates with Debt (2017-18) | 64% |
| Percent with Debt Rank | nan |
| Usable Institutions (BA-Granting) | 19 |
| Percent of Graduates at Schools with Usable Data | 83% |
| Nonfederal debt of graduates, as percent of total debt | 29% |
| Fall enrollment – Undergraduate total (IPEDS) | 371,214 |
| Tuition and Fees (in-district/in-state) | $14,731 |
| Total Cost of Attendance (on-campus) | $38,382 |
| Percent of Institutional Grants that are Need-Based | 61% |
Source: Value Penguin, TICAS
Cost of Living in New Jersey
| Annual Mean Wage (All Occupations) | $58,210 |
| Median Monthly Rent | $2,062 |
| Value of a Dollar | $0.88 |
| Cost of Living | 125.1 |
| Cost of Living Rank | 42 |
| Grocery Cost Index | 109.5 |
| Housing Cost Index | 163.1 |
| Utilities Cost Index | 101.6 |
| Transportation Cost Index | 111.1 |
| Miscellaneous Cost Index | 101.7 |
Source: World Population Review