Many Missourians struggle with auto, credit card, medical, payday and other types of debt, so if that’s you, you’re not alone. Among the states, Missouri ranks below average in terms of unemployment, with 4.5% of the labor force unemployed. About 15.60% of the population and 11.10% of families live in poverty.
The average Missourian has $2,986 in personal debt, plus $139,320 of mortgage debt per capita. On average, residents have an open credit card balance of $5,421 and 58% of residents have a student loan, the average amount of which is $27,108 . Each year approximately 16,916 Missourians declare bankruptcy Fortunately for you, there are a number of Missouri debt consolidation options to help you get free from debt.
No matter whether you live in Saint Louis, Kansas City, Saint Louis, or somewhere else in the great state of Missouri, take charge of your financial situation and consider consolidating your debt load.
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The Best Debt Consolidation Companies in Missouri (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 Missouri. 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.
Money Management International, Inc.
3636 S Geyer Rd Ste 100
Saint Louis, MO, 63127-1237
(800) 308-2227
http://www.moneymanagement.org
Rating: 9.48/10
Alorica Inc
4315 Pickett Rd
Saint Joseph, MO, 64503-1600
(866) 256-7422
https://www.alorica.com
Rating: 9.6/10
Missouri Debt Statistics
| Total Debt | $18,419,751 |
| Debt Per Capita | $2,986 |
| Debt Per Capita Rank | 28 |
Source: World Population Review
Missouri Credit Card Debt Statistics
| Average Credit Card Balance | 647 |
| Average Credit Score | $5,421 |
| Avg Credit Card Balance Rank (1 = Highest Balance) | 48 |
| Avg Credit Score Rank (1=Highest Score) | 50 |
Source: Experian
Mortgage Debt in Missouri
| Mortgage Debt Per Capita | $139,320 |
| Avg 30 yr Mortgage Rate | 4.03% |
| Avg 15 yr Mortgage Rate | 3.54% |
| Median Home Value | $163,700 |
| Avg Outstanding Mortgage Debt | $139,545 |
| Difference Between Value and Mortgage Debt | $24,155 |
| Avg Homeowner FICO Score | 701 |
Source: Federal Reserve, Value Penguin, Experian
Payday Loan Debt in Missouri
| Payday Loan Legal Status | Legal |
| Max Payday Loan Amount | 500 |
| Max Payday Loan Term | 31 days |
| Max Payday Loan APR | 443% |
Source: Missouri Government Website
Unemployment and the Economy of Missouri
| Poverty Rate – Population | 15.60% |
| Poverty Rate – Population – Rank | 22 |
| Poverty Rate – Family | 11.10% |
| Poverty Rate – Family – Rank | 24 |
| Unemployment Rate (March 2020) | 4.5 |
| Unemployment Rank | 31 |
| GDP Growth | 2.3 |
| GDP Growth Rank | 24 |
Source: US Census, Bureau of Labor Statistics
Student Loan Debt in Missouri
| Percent of Population with Student Loans | 58% |
| Average Student Loan debt | $27,108 |
| Average Debt of New Graduates (2017-18) | $29,224 |
| Average Debt Rank | nan |
| Percent of Graduates with Debt (2017-18) | 58% |
| Percent with Debt Rank | nan |
| Usable Institutions (BA-Granting) | 24 |
| Percent of Graduates at Schools with Usable Data | 53% |
| Nonfederal debt of graduates, as percent of total debt | 14% |
| Fall enrollment – Undergraduate total (IPEDS) | 312,471 |
| Tuition and Fees (in-district/in-state) | $12,328 |
| Total Cost of Attendance (on-campus) | $27,858 |
| Percent of Institutional Grants that are Need-Based | 73% |
Source: Value Penguin, TICAS
Cost of Living in Missouri
| Annual Mean Wage (All Occupations) | $46,460 |
| Median Monthly Rent | $1,047 |
| Value of a Dollar | $1.12 |
| Cost of Living | 87.1 |
| Cost of Living Rank | 4 |
| Grocery Cost Index | 96.6 |
| Housing Cost Index | 70.6 |
| Utilities Cost Index | 99.6 |
| Transportation Cost Index | 87.3 |
| Miscellaneous Cost Index | 95.7 |
Source: World Population Review