Many Utah residents wrestle with medical, student, payday, credit card and other debt types. Even though The Beehive State has a growing economy with 4.2% GDP growth, and a fairly low unemployment rate of 3.6%, 12.80% of residents live below the poverty line. Many have trouble with debt.
The average Utahn has $2,271 in personal debt, plus $213,771 of mortgage debt for homeowners. On average, Utah residents carry a credit cardd balance of $5,960 and 38% of Utahns have student loan debt – $18,838 worth to be precise. Every year approximately 9,980 Utahns declare bankruptcy. If this is you, there are Utah debt consolidation options to help you reach your financial goals.
So whether you live in Salt Lake City, Ogden, West Jordan, 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 Utah (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 Utah. 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.
White Pine Funding, LLC
7836 Danish Point Pl
Cottonwood Heights, UT, 84121-5781
(801) 365-8180
http://www.whitepinefunding.com
Rating: 8.7/10
Wasatch Credit Consulting, LLC
8819 S Redwood Rd Ste B1
West Jordan, UT, 84088-9278
(801) 615-0910
https://wasatchcredco.com/
Rating: 8.81/10
Vannova Legal, PLLC – Taylor
221 25th St
Taylor, UT, 84401-2301
(801) 210-7980
http://www.vannovalegal.com
Rating: 8.91/10
Vannova Legal, PLLC – Sandy
49 W 9000 S
Sandy, UT, 84070-2008
(801) 210-7980
http://www.vannovalegal.com
Rating: 9.02/10
Vannova Legal, PLLC
221 25th St
Ogden, UT, 84401-2301
(801) 210-7980
http://www.vannovalegal.com
Rating: 9.13/10
NO MORE Mortgage
2343 Deer Creek Way
Springville, UT, 84663
(801) 376-2788
http://cfo.nomoremortgage.com
Rating: 9.24/10
Murphy & Page Family Fi-cial
890 Heritage Park Blvd Ste 104
Layton, UT, 84041-5622
(801) 823-1212
–
Rating: 9.35/10
Money Management International, Inc.
2825 E. Cottonwood Parkway Ste. 500, Off. 570A
Salt Lake City, UT, 84121
(800) 308-2227
http://www.moneymanagement.org
Rating: 9.47/10
American Credit Foundation, Inc.
7720 S 700 E
Midvale, UT, 84047-2852
(801) 208-1000
http://www.debtguru.com
Rating: 9.58/10
AAA Fair Credit Foundation
230 W 200 S Ste 3104
Salt Lake City, UT, 84101-3428
(801) 483-0999
http://www.faircredit.org
Rating: 9.7/10
Utah Debt Statistics
| Total Debt | $7,453,346 |
| Debt Per Capita | $2,271 |
| Debt Per Capita Rank | 36 |
Source: World Population Review
Utah Credit Card Debt Statistics
| Average Credit Card Balance | 683 |
| Average Credit Score | $5,960 |
| Avg Credit Card Balance Rank (1 = Highest Balance) | 32 |
| Avg Credit Score Rank (1=Highest Score) | 22 |
Source: Experian
Mortgage Debt in Utah
| Mortgage Debt Per Capita | $213,771 |
| Avg 30 yr Mortgage Rate | 3.88% |
| Avg 15 yr Mortgage Rate | 3.36% |
| Median Home Value | $351,100 |
| Avg Outstanding Mortgage Debt | $216,213 |
| Difference Between Value and Mortgage Debt | $134,887 |
| Avg Homeowner FICO Score | 716 |
Source: Federal Reserve, Value Penguin, Experian
Payday Loan Debt in Utah
| Payday Loan Legal Status | Legal |
| Max Payday Loan Amount | No limit |
| Max Payday Loan Term | 70 days |
| Max Payday Loan APR | 658% |
Source: Utah Government Website
Unemployment and the Economy of Utah
| Poverty Rate – Population | 12.80% |
| Poverty Rate – Population – Rank | 37 |
| Poverty Rate – Family | 9.40% |
| Poverty Rate – Family – Rank | 29 |
| Unemployment Rate (March 2020) | 3.6 |
| Unemployment Rank | 21 |
| GDP Growth | 4.2 |
| GDP Growth Rank | 2 |
Source: US Census, Bureau of Labor Statistics
Student Loan Debt in Utah
| Percent of Population with Student Loans | 38% |
| Average Student Loan debt | $18,838 |
| Average Debt of New Graduates (2017-18) | $19,728 |
| Average Debt Rank | nan |
| Percent of Graduates with Debt (2017-18) | 36% |
| Percent with Debt Rank | nan |
| Usable Institutions (BA-Granting) | 8 |
| Percent of Graduates at Schools with Usable Data | 63% |
| Nonfederal debt of graduates, as percent of total debt | 7% |
| Fall enrollment – Undergraduate total (IPEDS) | 302,216 |
| Tuition and Fees (in-district/in-state) | $7,524 |
| Total Cost of Attendance (on-campus) | $20,413 |
| Percent of Institutional Grants that are Need-Based | 21% |
Source: Value Penguin, TICAS
Cost of Living in Utah
| Annual Mean Wage (All Occupations) | $47,920 |
| Median Monthly Rent | $1,526 |
| Value of a Dollar | $1.03 |
| Cost of Living | 98.4 |
| Cost of Living Rank | 27 |
| Grocery Cost Index | 98.5 |
| Housing Cost Index | 93.6 |
| Utilities Cost Index | 89.4 |
| Transportation Cost Index | 108.6 |
| Miscellaneous Cost Index | 96.0 |
Source: World Population Review