The Best Tennessee Debt Consolidation Companies of 2020

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.

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

Rating: 9.26/10

First National Bank – Lewisburg

1190 N Ellington Pkwy
Lewisburg, TN, 37091-2229
(931) 359-5900

Rating: 9.37/10

First National Bank – Fayetteville

2850 Huntsville Hwy
Fayetteville, TN, 37334-6684
(931) 433-9124

Rating: 9.48/10

First National Bank

26591 E. Main Street
Ardmore, TN, 38449
(931) 427-2171

Rating: 9.6/10

Tennessee Debt Statistics

Total Debt$6,127,422
Debt Per Capita$888
Debt Per Capita Rank50

Source: World Population Review

Tennessee Credit Card Debt Statistics

Average Credit Card Balance700
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 Rate4.06%
Avg 15 yr Mortgage Rate3.61%
Median Home Value$170,800
Avg Outstanding Mortgage Debt$157,080
Difference Between Value and Mortgage Debt$13,720
Avg Homeowner FICO Score690

Source: Federal Reserve, Value Penguin, Experian

Payday Loan Debt in Tennessee

Payday Loan Legal StatusLegal
Max Payday Loan Amount500
Max Payday Loan Term31 days
Max Payday Loan APR460%

Source: Tennessee Government Website

Unemployment and the Economy of Tennessee

Poverty Rate – Population17.80%
Poverty Rate – Population – Rank12
Poverty Rate – Family13.40%
Poverty Rate – Family – Rank11
Unemployment Rate (March 2020)3.5
Unemployment Rank18
GDP Growth2.4
GDP Growth Rank9

Source: US Census, Bureau of Labor Statistics

Student Loan Debt in Tennessee

Percent of Population with Student Loans56%
Average Student Loan debt$25,252
Average Debt of New Graduates (2017-18)$26,838
Average Debt Ranknan
Percent of Graduates with Debt (2017-18)55%
Percent with Debt Ranknan
Usable Institutions (BA-Granting)22
Percent of Graduates at Schools with Usable Data73%
Nonfederal debt of graduates, as percent of total debt13%
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-Based72%

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 Living88.7
Cost of Living Rank6
Grocery Cost Index93.3
Housing Cost Index80.2
Utilities Cost Index93.4
Transportation Cost Index89.7
Miscellaneous Cost Index88.5

Source: World Population Review

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