Many Iowans struggle with auto, credit card, student, payday and other types of debt, so if that’s you, you’re not alone. Even though The Hawkeye State has a reasonably strong economy with 2.3% GDP growth, and a reasonably low unemployment rate of 3.7%, 12.60% of residents live below the poverty line. Many have trouble with debt.
The average Iowan has $1,934 in personal debt, plus $131,709 of mortgage debt for homeowners. On average, Iowa residents carry a credit cardd balance of $5,581 and 63% of Iowans have student loan debt – $29,859 worth to be precise. Every year approximately 4,651 Iowans declare bankruptcy. Fortunately, there are plenty of Iowa debt consolidation options to get you to where you need to be financially.
So whether you live in Des Moines, Cedar Rapids, Davenport, 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 Iowa (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 Iowa. 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.
Nationwide Credit Inc
PO BOX 14581
Des Moines, IA, 50306-3581
(800) 456-4729
http://www.ncirm.com/
Rating: 9.5/10
Iowa Debt Statistics
| Total Debt | $6,149,694 |
| Debt Per Capita | $1,934 |
| Debt Per Capita Rank | 39 |
Source: World Population Review
Iowa Credit Card Debt Statistics
| Average Credit Card Balance | 667 |
| Average Credit Score | $5,581 |
| Avg Credit Card Balance Rank (1 = Highest Balance) | 44 |
| Avg Credit Score Rank (1=Highest Score) | 38 |
Source: Experian
Mortgage Debt in Iowa
| Mortgage Debt Per Capita | $131,709 |
| Avg 30 yr Mortgage Rate | 3.91% |
| Avg 15 yr Mortgage Rate | 3.43% |
| Median Home Value | $146,500 |
| Avg Outstanding Mortgage Debt | $131,494 |
| Difference Between Value and Mortgage Debt | $15,006 |
| Avg Homeowner FICO Score | 720 |
Source: Federal Reserve, Value Penguin, Experian
Payday Loan Debt in Iowa
| Payday Loan Legal Status | Legal |
| Max Payday Loan Amount | 500 |
| Max Payday Loan Term | 31 days |
| Max Payday Loan APR | 337% |
Source: Iowa Government Website
Unemployment and the Economy of Iowa
| Poverty Rate – Population | 12.60% |
| Poverty Rate – Population – Rank | 38 |
| Poverty Rate – Family | 8.20% |
| Poverty Rate – Family – Rank | 41 |
| Unemployment Rate (March 2020) | 3.7 |
| Unemployment Rank | 22 |
| GDP Growth | 2.3 |
| GDP Growth Rank | 31 |
Source: US Census, Bureau of Labor Statistics
Student Loan Debt in Iowa
| Percent of Population with Student Loans | 63% |
| Average Student Loan debt | $29,859 |
| Average Debt of New Graduates (2017-18) | $30,045 |
| Average Debt Rank | nan |
| Percent of Graduates with Debt (2017-18) | 63% |
| Percent with Debt Rank | nan |
| Usable Institutions (BA-Granting) | 23 |
| Percent of Graduates at Schools with Usable Data | 93% |
| Nonfederal debt of graduates, as percent of total debt | 22% |
| Fall enrollment – Undergraduate total (IPEDS) | 225,761 |
| Tuition and Fees (in-district/in-state) | $14,010 |
| Total Cost of Attendance (on-campus) | $27,512 |
| Percent of Institutional Grants that are Need-Based | 69% |
Source: Value Penguin, TICAS
Cost of Living in Iowa
| Annual Mean Wage (All Occupations) | $46,150 |
| Median Monthly Rent | $1,057 |
| Value of a Dollar | $1.11 |
| Cost of Living | 90.1 |
| Cost of Living Rank | 13 |
| Grocery Cost Index | 95.9 |
| Housing Cost Index | 79.6 |
| Utilities Cost Index | 95.3 |
| Transportation Cost Index | 95.5 |
| Miscellaneous Cost Index | 97.8 |
Source: World Population Review