Many North Carolinians wrestle with medical, credit card, student, payday and other debt types. North Carolina ranks below average in unemployment (2.8%) and has a concerning poverty rate of 17.60%.
The average North Carolinian has $1,537 in personal debt, plus $162,366 of mortgage debt for homeowners. On average, North Carolina residents carry a credit cardd balance of $6,671 and 57% of North Carolinians have student loan debt – $26,526 worth to be precise. Every year approximately 13,277 North Carolinians declare bankruptcy. Fortunately, there are plenty of North Carolina debt consolidation options to help reduce your debt burden.
So whether you live in Charlotte, Raleigh, Greensboro, 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 North Carolina (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 North Carolina. 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.
Royal Debt Relief, LLC
112 Salem Towne Ct
Apex, NC, 27502-2311
(800) 900-4070
http://www.royaldebtrelief.com
Rating: 8.61/10
Royal Debt Relief is a debt relief company that specializes in helping people reduce their credit card and unsecured loan debt. The company offers a variety of programs to suit different budgets and needs, and has a team of experienced professionals who can help people understand their options and choose the best plan for their situation. Royal Debt Relief is accredited by the Better Business Bureau and has a rating of A+.
Pros:
- The company offers free consultations and evaluations, so you can understand your options and make the best decision for your situation without any obligation.
- There are no upfront fees, and you only pay when the company successfully lowers your debt.
- The company has a flexible program that can be tailored to your budget and needs.
- You will be assigned a dedicated account manager who will guide you through the process and keep you updated on your progress.
Cons:
- The company is only able to help with credit card and unsecured loan debt, so if you have other types of debt, you will need to look elsewhere for assistance.
- The company’s program may take longer to complete if you miss a monthly payment.
Overflow Fi-cial Services
600 S Magnolia Ave Ste 107
Dunn, NC, 28334-5825
(910) 891-8214
–
Rating: 8.72/10
Ooraa
112 Salem Towne Ct
Apex, NC, 27502-2311
(888) 888-9914
http://www.ooraa.org
Rating: 8.82/10
Ooraa is a debt consolidation service that offers its clients a way to consolidate their debts into one monthly payment. The company has been in business for 10 years and is headquartered in Apex, North Carolina. Ooraa is accredited by the Better Business Bureau and has an A+ rating. The company offers a free consultation to its clients and provides a money-back guarantee if the client is not satisfied with the service.
Pros of Oora:
-The company has been in business for 10 years and has an A+ BBB rating
-The company offers a free consultation to its clients.
Cons of Ooraa:
-The company is not accredited by the Better Business Bureau.
-The company does not offer a money-back guarantee.
Money Management International, Inc.
10130 Perimeter Pkwy Ste 200
Charlotte, NC, 28216-0197
(800) 308-2227
http://www.moneymanagement.org
Rating: 8.93/10
Kredit Koncepts Fi-cial Services LLC
620 S. Madison St
Whiteville, NC, 28472
(800) 985-9367
http://www.kreditkoncepts.com
Rating: 9.04/10
Homeowner Answers, LLC
235 Westlake Rd #101
Fayetteville, NC, 28314
(843) 390-4357
http://www.homeowneranswers.com/
Rating: 9.15/10
Fi-cial Pathways of the Piedmont, Inc.
7820 N Point Blvd Ste 100
Winston Salem, NC, 27106-3299
(336) 896-1191
http://www.fi-cialpaths.org
Rating: 9.26/10
Doan Solutions LLC
5842 Fayetteville Rd Suite 105
Durham, NC, 27713-6294
(855) 837-2348
http://www.doansolutions.org
Rating: 9.37/10
Consumer Education Services, Inc.
3700 Barrett Dr
Raleigh, NC, 27609-7213
(800) 699-5688
http://www.cesidebtsolutions.org
Rating: 9.48/10
Challenge Fi-cial Investors Corporation
13850 Ballantyne Corporate Pl Ste 500
Charlotte, NC, 28277-2830
(704) 887-5277
http://www.cfic.com/fastclose
Rating: 9.6/10
North Carolina Debt Statistics
| Total Debt | $16,310,177 |
| Debt Per Capita | $1,537 |
| Debt Per Capita Rank | 44 |
Source: World Population Review
North Carolina Credit Card Debt Statistics
| Average Credit Card Balance | 688 |
| Average Credit Score | $6,671 |
| Avg Credit Card Balance Rank (1 = Highest Balance) | 10 |
| Avg Credit Score Rank (1=Highest Score) | 15 |
Source: Experian
Mortgage Debt in North Carolina
| Mortgage Debt Per Capita | $162,366 |
| Avg 30 yr Mortgage Rate | 3.94% |
| Avg 15 yr Mortgage Rate | 3.49% |
| Median Home Value | $189,900 |
| Avg Outstanding Mortgage Debt | $162,520 |
| Difference Between Value and Mortgage Debt | $27,380 |
| Avg Homeowner FICO Score | 694 |
Source: Federal Reserve, Value Penguin, Experian
Payday Loan Debt in North Carolina
| Payday Loan Legal Status | Legal |
| Max Payday Loan Amount | nan |
| Max Payday Loan Term | nan |
| Max Payday Loan APR | nan |
Source: North Carolina Government Website
Unemployment and the Economy of North Carolina
| Poverty Rate – Population | 17.60% |
| Poverty Rate – Population – Rank | 14 |
| Poverty Rate – Family | 13.00% |
| Poverty Rate – Family – Rank | 14 |
| Unemployment Rate (March 2020) | 4.4 |
| Unemployment Rank | 30 |
| GDP Growth | 2.8 |
| GDP Growth Rank | 13 |
Source: US Census, Bureau of Labor Statistics
Student Loan Debt in North Carolina
| Percent of Population with Student Loans | 57% |
| Average Student Loan debt | $26,526 |
| Average Debt of New Graduates (2017-18) | $26,683 |
| Average Debt Rank | nan |
| Percent of Graduates with Debt (2017-18) | 56% |
| Percent with Debt Rank | nan |
| Usable Institutions (BA-Granting) | 26 |
| Percent of Graduates at Schools with Usable Data | 81% |
| Nonfederal debt of graduates, as percent of total debt | 17% |
| Fall enrollment – Undergraduate total (IPEDS) | 495,861 |
| Tuition and Fees (in-district/in-state) | $12,453 |
| Total Cost of Attendance (on-campus) | $30,954 |
| Percent of Institutional Grants that are Need-Based | 82% |
Source: Value Penguin, TICAS
Cost of Living in North Carolina
| Annual Mean Wage (All Occupations) | $47,200 |
| Median Monthly Rent | $1,208 |
| Value of a Dollar | $1.10 |
| Cost of Living | 94.9 |
| Cost of Living Rank | 22 |
| Grocery Cost Index | 96.6 |
| Housing Cost Index | 83.1 |
| Utilities Cost Index | 97.9 |
| Transportation Cost Index | 93.4 |
| Miscellaneous Cost Index | 110.6 |
Source: World Population Review