If you’re one of the many California residents struggling with student, auto, credit card, payday or other types of loans, you’re one of many. California ranks #27 in terms of GDP growth (2.7%), has an unemployment_rate of 5.3%, and a poverty rate of 16.40%.
The average Californian has $3,825 in personal debt, plus $363,537 of mortgage debt per capita. On average, residents have an open credit card balance of $6,481 and 50% of residents have a student loan, the average amount of which is $22,785 . Each year approximately 67,175 Californians declare bankruptcy Fortunately, there are plenty of California debt consolidation options to help you get back on track financially.
No matter whether you live in Los Angeles, San Diego, San Jose, or somewhere else in the great state of California, take charge of your financial situation and consider consolidating your debt load.
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The Best Debt Consolidation Companies in California (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 California. 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.
True Solution, Inc.
261 E Rowland St
Covina, CA, 91723-3149
(844) 744-3393
http://www.truesolution.live
Rating: 8.38/10
Student Service Providers
8889 W Olympic Blvd
Beverly Hills, CA, 90211-3628
(877) 266-6691
http://studentserviceproviders.com/
Rating: 8.48/10
Student Refi-ce, Inc.
3500 W Olive Ave STE 550
Burbank, CA, 91505-5524
(800) 394-0900
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Rating: 8.58/10
Persolve, LLC
9301 Corbin Ave #1600
Northridge, CA, 91324-2508
(818) 534-3100
http://www.persolve.com
Rating: 8.69/10
Nationwide Student Loan
20700 Ventura Blvd #302
Woodland Hills, CA, 91364-6272
(800) 672-7579
http://www.nationwidestudentloan.com
Rating: 8.79/10
Money Management International, Inc.
6080 Center Drive Suite 605
Westchester, CA, 90045
(800) 308-2227
http://www.moneymanagement.org
Rating: 8.9/10
Mediator Debt Solutions
6320 Canoga Ave Fl 15
Woodland Hills, CA, 91367-2563
(877) 915-5446
http://www.mediatordebtsolutions.com
Rating: 9.01/10
Glenmore Acquisitions
6 Centerpointe Dr Ste 700
La Palma, CA, 90623-2545
(855) 763-7680
http://gm-acquisitions.com/
Rating: 9.12/10
GA Group & Associates
6 Centerpointe Dr #700
La Palma, CA, 90623
(855) 902-9635
http://gagassociates.com
Rating: 9.23/10
Fidelity 1st Funding
67 E Live Oak Ave #103
Arcadia, CA, 91006-5256
(626) 254-8786
http://www.fidelity1stfunding.com
Rating: 9.34/10
Consolidebt LLC
505 N Euclid St #615
Anaheim, CA, 92801
(888) 777-6525
–
Rating: 9.45/10
Century First Credit Solutions
5670 Wilshire Blvd Suite 1800
Los Angeles, CA, 90036
(877) 218-9670
http://www.centuryfirst.net
Rating: 9.57/10
Association for Student Loan Relief
8889 W Olympic Blvd
Beverly Hills, CA, 90211-3628
(855) 788-5843
http://www.afslr.org/dar/
Rating: 9.68/10
ASLR Marketing, Inc.
140 E Commonwealth Ave Ste 103
Fullerton, CA, 92832-1905
(844) 499-5626
http://www.SquareoneFG.com
Rating: 9.8/10
California Debt Statistics
| Total Debt | $152,772,292 |
| Debt Per Capita | $3,825 |
| Debt Per Capita Rank | 18 |
Source: World Population Review
California Credit Card Debt Statistics
| Average Credit Card Balance | 680 |
| Average Credit Score | $6,481 |
| Avg Credit Card Balance Rank (1 = Highest Balance) | 13 |
| Avg Credit Score Rank (1=Highest Score) | 25 |
Source: Experian
Mortgage Debt in California
| Mortgage Debt Per Capita | $363,537 |
| Avg 30 yr Mortgage Rate | 3.91% |
| Avg 15 yr Mortgage Rate | 3.41% |
| Median Home Value | $550,800 |
| Avg Outstanding Mortgage Debt | $363,891 |
| Difference Between Value and Mortgage Debt | $186,909 |
| Avg Homeowner FICO Score | 708 |
Source: Federal Reserve, Value Penguin, Experian
Payday Loan Debt in California
| Payday Loan Legal Status | Legal |
| Max Payday Loan Amount | 300 |
| Max Payday Loan Term | 31 days |
| Max Payday Loan APR | 460% |
Source: California Government Website
Unemployment and the Economy of California
| Poverty Rate – Population | 16.40% |
| Poverty Rate – Population – Rank | 19 |
| Poverty Rate – Family | 12.30% |
| Poverty Rate – Family – Rank | 16 |
| Unemployment Rate (March 2020) | 5.3 |
| Unemployment Rank | 40 |
| GDP Growth | 2.7 |
| GDP Growth Rank | 27 |
Source: US Census, Bureau of Labor Statistics
Student Loan Debt in California
| Percent of Population with Student Loans | 50% |
| Average Student Loan debt | $22,785 |
| Average Debt of New Graduates (2017-18) | $22,585 |
| Average Debt Rank | nan |
| Percent of Graduates with Debt (2017-18) | 49% |
| Percent with Debt Rank | nan |
| Usable Institutions (BA-Granting) | 61 |
| Percent of Graduates at Schools with Usable Data | 77% |
| Nonfederal debt of graduates, as percent of total debt | 13% |
| Fall enrollment – Undergraduate total (IPEDS) | 2,462,911 |
| Tuition and Fees (in-district/in-state) | $10,411 |
| Total Cost of Attendance (on-campus) | $35,543 |
| Percent of Institutional Grants that are Need-Based | 87% |
Source: Value Penguin, TICAS
Cost of Living in California
| Annual Mean Wage (All Occupations) | $59,150 |
| Median Monthly Rent | $2,518 |
| Value of a Dollar | $0.87 |
| Cost of Living | 151.7 |
| Cost of Living Rank | 49 |
| Grocery Cost Index | 121.4 |
| Housing Cost Index | 227.3 |
| Utilities Cost Index | 117.7 |
| Transportation Cost Index | 138.9 |
| Miscellaneous Cost Index | 114.5 |
Source: World Population Review