Many Tennessee residents wrestle with credit card, auto, medical, student and other debt types. Despite Tennessee having a growing economy with 2.4% GDP growth, and a historically low unemployment rate of 3.5%, 17.80% of residents live in poverty. Many have debt struggles.
The average Tennessean has $888 in personal debt, plus $155,844 of mortgage debt per capita. On average, residents have an open credit card balance of $5,692 and 56% of residents have a student loan, the average amount of which is $25,252 . Each year approximately 34,255 Tennesseans declare bankruptcy Fortunately, there are plenty of Tennessee debt consolidation options to get you to where you need to be financially.
No matter whether you live in Memphis, Nashville, Knoxville, or somewhere else in the great state of Tennessee, take charge of your financial situation and consider consolidating your debt load.
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The Best Debt Consolidation Companies in Tennessee (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 Tennessee. 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.
First National Bank – Pulaski
206 South First Street
Pulaski, TN, 38478
(931) 363-2585
http://fnbforyou.com
Rating: 9.26/10
First National Bank – Lewisburg
1190 N Ellington Pkwy
Lewisburg, TN, 37091-2229
(931) 359-5900
http://fnbforyou.com
Rating: 9.37/10
First National Bank – Fayetteville
2850 Huntsville Hwy
Fayetteville, TN, 37334-6684
(931) 433-9124
http://fnbforyou.com
Rating: 9.48/10
First National Bank
26591 E. Main Street
Ardmore, TN, 38449
(931) 427-2171
http://fnbforyou.com
Rating: 9.6/10
Tennessee Debt Statistics
| Total Debt | $6,127,422 |
| Debt Per Capita | $888 |
| Debt Per Capita Rank | 50 |
Source: World Population Review
Tennessee Credit Card Debt Statistics
| Average Credit Card Balance | 700 |
| Average Credit Score | $5,692 |
| Avg Credit Card Balance Rank (1 = Highest Balance) | 40 |
| Avg Credit Score Rank (1=Highest Score) | 4 |
Source: Experian
Mortgage Debt in Tennessee
| Mortgage Debt Per Capita | $155,844 |
| Avg 30 yr Mortgage Rate | 4.06% |
| Avg 15 yr Mortgage Rate | 3.61% |
| Median Home Value | $170,800 |
| Avg Outstanding Mortgage Debt | $157,080 |
| Difference Between Value and Mortgage Debt | $13,720 |
| Avg Homeowner FICO Score | 690 |
Source: Federal Reserve, Value Penguin, Experian
Payday Loan Debt in Tennessee
| Payday Loan Legal Status | Legal |
| Max Payday Loan Amount | 500 |
| Max Payday Loan Term | 31 days |
| Max Payday Loan APR | 460% |
Source: Tennessee Government Website
Unemployment and the Economy of Tennessee
| Poverty Rate – Population | 17.80% |
| Poverty Rate – Population – Rank | 12 |
| Poverty Rate – Family | 13.40% |
| Poverty Rate – Family – Rank | 11 |
| Unemployment Rate (March 2020) | 3.5 |
| Unemployment Rank | 18 |
| GDP Growth | 2.4 |
| GDP Growth Rank | 9 |
Source: US Census, Bureau of Labor Statistics
Student Loan Debt in Tennessee
| Percent of Population with Student Loans | 56% |
| Average Student Loan debt | $25,252 |
| Average Debt of New Graduates (2017-18) | $26,838 |
| Average Debt Rank | nan |
| Percent of Graduates with Debt (2017-18) | 55% |
| Percent with Debt Rank | nan |
| Usable Institutions (BA-Granting) | 22 |
| Percent of Graduates at Schools with Usable Data | 73% |
| Nonfederal debt of graduates, as percent of total debt | 13% |
| Fall enrollment – Undergraduate total (IPEDS) | 291,734 |
| Tuition and Fees (in-district/in-state) | $12,389 |
| Total Cost of Attendance (on-campus) | $32,215 |
| Percent of Institutional Grants that are Need-Based | 72% |
Source: Value Penguin, TICAS
Cost of Living in Tennessee
| Annual Mean Wage (All Occupations) | $44,660 |
| Median Monthly Rent | $1,153 |
| Value of a Dollar | $1.11 |
| Cost of Living | 88.7 |
| Cost of Living Rank | 6 |
| Grocery Cost Index | 93.3 |
| Housing Cost Index | 80.2 |
| Utilities Cost Index | 93.4 |
| Transportation Cost Index | 89.7 |
| Miscellaneous Cost Index | 88.5 |
Source: World Population Review