If you’re one of the many Pennsylvanians struggling with student, medical, credit card, auto or other types of debt, you’re not alone. Pennsylvania ranks below average in unemployment (2.9%) and has a concerning poverty rate of 13.50%.
The average Pennsylvanian has $3,706 in personal debt, plus $145,206 of mortgage debt per capita. On average, residents have an open credit card balance of $6,012 and 67% of residents have a student loan, the average amount of which is $36,854 . Each year approximately 20,621 Pennsylvanians declare bankruptcy. Fortunately, there are plenty of Pennsylvania debt consolidation options to help you get back on track financially.
So whether you live in Philadelphia, Pittsburgh, Reading, 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 Pennsylvania (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 Pennsylvania. 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.
Silco USA Debts Solution Corp
501 Spruce Street Apartment 1 R
Reading, PA, 19602
(757) 542-1785
http://www.silcousasolution.com
Rating: 8.79/10
New Vision PA Land Transfer
224 South 20th Street
Philadelphia, PA, 19103
(215) 751-0222
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Rating: 8.9/10
Nationwide Credit, Inc. – Plymouth Meeting
620 West Germantown Pike, Suite 220
Plymouth Meeting, PA, 19462
(800) 456-4729
http://www.ncirm.com/
Rating: 9.01/10
Nationwide Credit, Inc.
P.O.Box 26314
Lehigh Valley, PA, 18002
(800) 564-2395
http://www.ncirm.com/
Rating: 9.12/10
Money Management International, Inc.
1 International Plz Ste 550
Philadelphia, PA, 19113-1528
(800) 308-2227
http://www.moneymanagement.org
Rating: 9.23/10
Home Investors, LLC
1233 Byberry Road
Bensalem, PA, 19020
(215) 253-4084
http://www.paymenteliminator.com
Rating: 9.34/10
First Step Consumer Credit Counseling
1444 Hamilton Street 502F
Allentown, PA, 18102
(610) 740-1550
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Rating: 9.45/10
DebtQuest USA, LLC
3231 N 2nd St
Philadelphia, PA, 19140-5853
(800) 736-0660
http://debtquest.com
Rating: 9.57/10
Clearfield Mortgage Corporation, LLC
3070 Bristol Pike Building # 1 Suite 101
Bensalem, PA, 19020
(215) 244-0840
–
Rating: 9.68/10
Clarifi
1635 Market Street Floor 5
Philadelphia, PA, 19103-2224
(800) 989-2227
http://www.clarifi.org
Rating: 9.8/10
Pennsylvania Debt Statistics
| Total Debt | $47,519,575 |
| Debt Per Capita | $3,706 |
| Debt Per Capita Rank | 20 |
Source: World Population Review
Pennsylvania Credit Card Debt Statistics
| Average Credit Card Balance | 688 |
| Average Credit Score | $6,012 |
| Avg Credit Card Balance Rank (1 = Highest Balance) | 29 |
| Avg Credit Score Rank (1=Highest Score) | 15 |
Source: Experian
Mortgage Debt in Pennsylvania
| Mortgage Debt Per Capita | $145,206 |
| Avg 30 yr Mortgage Rate | 3.90% |
| Avg 15 yr Mortgage Rate | 3.42% |
| Median Home Value | $176,500 |
| Avg Outstanding Mortgage Debt | $145,358 |
| Difference Between Value and Mortgage Debt | $31,142 |
| Avg Homeowner FICO Score | 713 |
Source: Federal Reserve, Value Penguin, Experian
Payday Loan Debt in Pennsylvania
| Payday Loan Legal Status | Legal |
| Max Payday Loan Amount | nan |
| Max Payday Loan Term | nan |
| Max Payday Loan APR | nan |
Source: Pennsylvania Government Website
Unemployment and the Economy of Pennsylvania
| Poverty Rate – Population | 13.50% |
| Poverty Rate – Population – Rank | 33 |
| Poverty Rate – Family | 9.30% |
| Poverty Rate – Family – Rank | 32 |
| Unemployment Rate (March 2020) | 6.0 |
| Unemployment Rank | 47 |
| GDP Growth | 2.9 |
| GDP Growth Rank | 7 |
Source: US Census, Bureau of Labor Statistics
Student Loan Debt in Pennsylvania
| Percent of Population with Student Loans | 67% |
| Average Student Loan debt | $36,854 |
| Average Debt of New Graduates (2017-18) | $37,061 |
| Average Debt Rank | nan |
| Percent of Graduates with Debt (2017-18) | 65% |
| Percent with Debt Rank | nan |
| Usable Institutions (BA-Granting) | 83 |
| Percent of Graduates at Schools with Usable Data | 79% |
| Nonfederal debt of graduates, as percent of total debt | 33% |
| Fall enrollment – Undergraduate total (IPEDS) | 597,608 |
| Tuition and Fees (in-district/in-state) | $23,995 |
| Total Cost of Attendance (on-campus) | $42,887 |
| Percent of Institutional Grants that are Need-Based | 82% |
Source: Value Penguin, TICAS
Cost of Living in Pennsylvania
| Annual Mean Wage (All Occupations) | $50,030 |
| Median Monthly Rent | $1,242 |
| Value of a Dollar | $1.02 |
| Cost of Living | 101.7 |
| Cost of Living Rank | 32 |
| Grocery Cost Index | 106.9 |
| Housing Cost Index | 100.8 |
| Utilities Cost Index | 106.0 |
| Transportation Cost Index | 109.5 |
| Miscellaneous Cost Index | 91.9 |
Source: World Population Review