If you’re one of the many Oklahomans struggling with payday, medical, auto, student or other types of debt, you’re not alone. Though The Sooner State has a rapidly growing economy with 3.9% GDP growth, and a low unemployment rate of 3.1% (#7 lowest in the US), many Oklahoma residents have been left behind. In fact, 16.90% of residents live in poverty, and many have trouble with debt
The average Oklahoman has $2,138 in personal debt, plus $134,244 of mortgage debt per capita. On average, residents have an open credit card balance of $5,843 and 49% of residents have a student loan, the average amount of which is $25,952 . Each year approximately 9,259 Oklahomans declare bankruptcy. Fortunately, there are plenty of Oklahoma debt consolidation options to get you to where you need to be financially.
So whether you live in Oklahoma City, Tulsa, Edmond, or somewhere in-between, take charge of your financial situation and consider consolidating your debt load.
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The Best Debt Consolidation Companies in Oklahoma (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 Oklahoma. 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.
Turning Point Credit & Debt Solutions
8100 N. Hwy 81 Suite 10
Duncan, OK, 73533
(580) 470-9686
http://www.tpscredit.com
Rating: 8.38/10
TRW Credit information Services
5100 East Skelly #565
Tulsa OK, OK, 74135
(918) 622-4544
–
Rating: 8.48/10
Money Management International, Inc.
7633 E 63rd Place Ste. 300
Tulsa, OK, 74133
(800) 308-2227
http://www.moneymanagement.org
Rating: 8.58/10
Midwest Credit Solutions
6218 S Lewis Ave STE 112C
Tulsa, OK, 74136-1030
(918) 747-2300
–
Rating: 8.69/10
Merchants & Professionals Collection Service
PO Box 470746
Tulsa, OK, 74147-0746
(918) 663-8150
–
Rating: 8.79/10
Integrated Credit Services – Yukon
10616 N. W. 40th Terr
Yukon, OK, 73099
(405) 793-2499
–
Rating: 8.9/10
Integrated Credit Services – Oklahoma City
2116 S.W. 71st St.
Oklahoma City, OK, 73159
(405) 350-7711
–
Rating: 9.01/10
Integrated Credit Services
229 N Serivice Road, Ste. 1
Moore, OK, 73160-4949
(405) 350-7711
–
Rating: 9.12/10
InstaChek
2202 Westpark Drive Suite A
Norman, OK, 73069
(405) 321-5427
–
Rating: 9.23/10
FicoStar Credit Repair Services LLC
3824 N. Meridian Suite 108
Oklahoma City, OK, 73112
(844) 699-0911
http://www.ficostarcreditrepair.com
Rating: 9.34/10
Debt Relief A La Carte, Inc.
601 S Boulder Ave STE 600
Tulsa, OK, 74119-1306
(918) 519-5090
http://www.avoidbk.com
Rating: 9.45/10
Debt Reduction Services
4111 S Darlington Ave Ste 610
Tulsa, OK, 74135-6348
(208) 378-0200
http://www.debtreductionservices.org
Rating: 9.57/10
Credit Union One of Oklahoma
3330 N Lincoln Blvd.
Oklahoma City, OK, 73105
(405) 557-0167
http://www.creditunionone.org
Rating: 9.68/10
747 Credit Repair Company, LLC
8516 E 101st St
Tulsa, OK, 74133-7032
(918) 394-4747
http://www.747credit.com
Rating: 9.8/10
Oklahoma Debt Statistics
| Total Debt | $8,457,322 |
| Debt Per Capita | $2,138 |
| Debt Per Capita Rank | 37 |
Source: World Population Review
Oklahoma Credit Card Debt Statistics
| Average Credit Card Balance | 678 |
| Average Credit Score | $5,843 |
| Avg Credit Card Balance Rank (1 = Highest Balance) | 37 |
| Avg Credit Score Rank (1=Highest Score) | 28 |
Source: Experian
Mortgage Debt in Oklahoma
| Mortgage Debt Per Capita | $134,244 |
| Avg 30 yr Mortgage Rate | 4.00% |
| Avg 15 yr Mortgage Rate | 3.55% |
| Median Home Value | $125,400 |
| Avg Outstanding Mortgage Debt | $134,811 |
| Difference Between Value and Mortgage Debt | ($9,411) |
| Avg Homeowner FICO Score | 682 |
Source: Federal Reserve, Value Penguin, Experian
Payday Loan Debt in Oklahoma
| Payday Loan Legal Status | Legal |
| Max Payday Loan Amount | 500 |
| Max Payday Loan Term | 45 days |
| Max Payday Loan APR | 395% |
Source: Oklahoma Government Website
Unemployment and the Economy of Oklahoma
| Poverty Rate – Population | 16.90% |
| Poverty Rate – Population – Rank | 16 |
| Poverty Rate – Family | 12.60% |
| Poverty Rate – Family – Rank | 15 |
| Unemployment Rate (March 2020) | 3.1 |
| Unemployment Rank | 7 |
| GDP Growth | 3.9 |
| GDP Growth Rank | 4 |
Source: US Census, Bureau of Labor Statistics
Student Loan Debt in Oklahoma
| Percent of Population with Student Loans | 49% |
| Average Student Loan debt | $25,952 |
| Average Debt of New Graduates (2017-18) | $25,221 |
| Average Debt Rank | nan |
| Percent of Graduates with Debt (2017-18) | 47% |
| Percent with Debt Rank | nan |
| Usable Institutions (BA-Granting) | 13 |
| Percent of Graduates at Schools with Usable Data | 71% |
| Nonfederal debt of graduates, as percent of total debt | 16% |
| Fall enrollment – Undergraduate total (IPEDS) | 201,291 |
| Tuition and Fees (in-district/in-state) | $9,793 |
| Total Cost of Attendance (on-campus) | $24,542 |
| Percent of Institutional Grants that are Need-Based | 45% |
Source: Value Penguin, TICAS
Cost of Living in Oklahoma
| Annual Mean Wage (All Occupations) | $44,220 |
| Median Monthly Rent | $950 |
| Value of a Dollar | $1.12 |
| Cost of Living | 87.0 |
| Cost of Living Rank | 3 |
| Grocery Cost Index | 95.4 |
| Housing Cost Index | 71.9 |
| Utilities Cost Index | 94.1 |
| Transportation Cost Index | 89.5 |
| Miscellaneous Cost Index | 93.2 |
Source: World Population Review