For North Dakotans struggling with credit card, student, medical, payday or other types of debt, you can rest assured you’re not alone. Though The Peace Garden State has a booming economy with 3.9% GDP growth, and a extremely low unemployment rate of 2.2% (#1 lowest in the US), many North Dakota residents have been left behind. In fact, 11.90% of residents live in poverty, and many struggle with debt
The average North Dakotan has $3,788 in personal debt, plus $162,702 of mortgage debt per capita. On average, residents have an open credit card balance of $6,117 and – of residents have a student loan, the average amount of which is -. Each year approximately 703 North Dakotans declare bankruptcy. If this is you, there are North Dakota debt consolidation options to help you get back on track financially.
So whether you live in Fargo, Bismarck, Grand Forks, 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 Dakota (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 Dakota. 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.
No companies found that meet criteria
North Dakota Debt Statistics
| Total Debt | $2,885,664 |
| Debt Per Capita | $3,788 |
| Debt Per Capita Rank | 19 |
Source: World Population Review
North Dakota Credit Card Debt Statistics
| Average Credit Card Balance | 686 |
| Average Credit Score | $6,117 |
| Avg Credit Card Balance Rank (1 = Highest Balance) | 26 |
| Avg Credit Score Rank (1=Highest Score) | 20 |
Source: Experian
Mortgage Debt in North Dakota
| Mortgage Debt Per Capita | $162,702 |
| Avg 30 yr Mortgage Rate | 4.00% |
| Avg 15 yr Mortgage Rate | 3.45% |
| Median Home Value | $210,000 |
| Avg Outstanding Mortgage Debt | $162,774 |
| Difference Between Value and Mortgage Debt | $47,226 |
| Avg Homeowner FICO Score | 727 |
Source: Federal Reserve, Value Penguin, Experian
Payday Loan Debt in North Dakota
| Payday Loan Legal Status | Legal |
| Max Payday Loan Amount | 500 |
| Max Payday Loan Term | 60 days |
| Max Payday Loan APR | 48700% |
Source: North Dakota Government Website
Unemployment and the Economy of North Dakota
| Poverty Rate – Population | 11.90% |
| Poverty Rate – Population – Rank | 41 |
| Poverty Rate – Family | 7.30% |
| Poverty Rate – Family – Rank | 48 |
| Unemployment Rate (March 2020) | 2.2 |
| Unemployment Rank | 1 |
| GDP Growth | 3.9 |
| GDP Growth Rank | 4 |
Source: US Census, Bureau of Labor Statistics
Student Loan Debt in North Dakota
| Percent of Population with Student Loans | – |
| Average Student Loan debt | – |
| Average Debt of New Graduates (2017-18) | nan |
| Average Debt Rank | nan |
| Percent of Graduates with Debt (2017-18) | nan |
| Percent with Debt Rank | nan |
| Usable Institutions (BA-Granting) | 5 |
| Percent of Graduates at Schools with Usable Data | 21% |
| Nonfederal debt of graduates, as percent of total debt | nan |
| Fall enrollment – Undergraduate total (IPEDS) | 46,476 |
| Tuition and Fees (in-district/in-state) | $8,078 |
| Total Cost of Attendance (on-campus) | $20,353 |
| Percent of Institutional Grants that are Need-Based | 57% |
Source: Value Penguin, TICAS
Cost of Living in North Dakota
| Annual Mean Wage (All Occupations) | $49,620 |
| Median Monthly Rent | $1,290 |
| Value of a Dollar | $1.09 |
| Cost of Living | 98.8 |
| Cost of Living Rank | 28 |
| Grocery Cost Index | 108.1 |
| Housing Cost Index | 90.3 |
| Utilities Cost Index | 93.6 |
| Transportation Cost Index | 104.3 |
| Miscellaneous Cost Index | 111.7 |
Source: World Population Review