Many Texans struggle with credit card, student, auto, payday and other types of debt, so if that’s you, you’re not alone. Among the states, Texas ranks below average in terms of unemployment, with 4.7% of the labor force unemployed. About 17.70% of the population and 13.70% of families live in poverty.
The average Texan has $1,729 in personal debt, plus $176,736 of mortgage debt per capita. On average, residents have an open credit card balance of $5,975 and 55% of residents have a student loan, the average amount of which is $26,824 . Each year approximately 34,185 Texans declare bankruptcy Fortunately, there are plenty of Texas debt consolidation options to get you to where you need to be financially.
No matter whether you live in Houston, San Antonio, Dallas, or somewhere else in the great state of Texas, take charge of your financial situation and consider consolidating your debt load.
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The Best Debt Consolidation Companies in Texas (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 Texas. 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.
Shaw & Associates, PLLC / Shaw Defense
1415 S Voss Rd Ste 110-99
Houston, TX, 77057-1086
(713) 750-9038
https://shawdefense.com
Rating: 9.07/10
Fi-cial Corporation of America
12515 Research Blvd Ste 100 Bldg 2
Austin, TX, 78759-2247
(800) 880-8200
http://www.fcoa.com
Rating: 9.18/10
Debtvantage, Inc
823 Congress Ave Ste P4
Austin, TX, 78701-2461
(866) 211-2853
http://debtvantage.com/
Rating: 9.29/10
Consolidated Wealth Management LLC
5300 Memorial Dr Ste 970
Houston, TX, 77007-8273
(713) 880-4141
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Rating: 9.4/10
Texas Debt Statistics
| Total Debt | $50,963,262 |
| Debt Per Capita | $1,729 |
| Debt Per Capita Rank | 42 |
Source: World Population Review
Texas Credit Card Debt Statistics
| Average Credit Card Balance | 662 |
| Average Credit Score | $5,975 |
| Avg Credit Card Balance Rank (1 = Highest Balance) | 30 |
| Avg Credit Score Rank (1=Highest Score) | 40 |
Source: Experian
Mortgage Debt in Texas
| Mortgage Debt Per Capita | $176,736 |
| Avg 30 yr Mortgage Rate | 4.09% |
| Avg 15 yr Mortgage Rate | 3.61% |
| Median Home Value | $199,900 |
| Avg Outstanding Mortgage Debt | $177,924 |
| Difference Between Value and Mortgage Debt | $21,976 |
| Avg Homeowner FICO Score | 680 |
Source: Federal Reserve, Value Penguin, Experian
Payday Loan Debt in Texas
| Payday Loan Legal Status | Legal |
| Max Payday Loan Amount | Not specified |
| Max Payday Loan Term | Not fixed |
| Max Payday Loan APR | 662% |
Source: Texas Government Website
Unemployment and the Economy of Texas
| Poverty Rate – Population | 17.70% |
| Poverty Rate – Population – Rank | 13 |
| Poverty Rate – Family | 13.70% |
| Poverty Rate – Family – Rank | 10 |
| Unemployment Rate (March 2020) | 4.7 |
| Unemployment Rank | 36 |
| GDP Growth | 5.1 |
| GDP Growth Rank | 2 |
Source: US Census, Bureau of Labor Statistics
Student Loan Debt in Texas
| Percent of Population with Student Loans | 55% |
| Average Student Loan debt | $26,824 |
| Average Debt of New Graduates (2017-18) | $27,293 |
| Average Debt Rank | nan |
| Percent of Graduates with Debt (2017-18) | 56% |
| Percent with Debt Rank | nan |
| Usable Institutions (BA-Granting) | 47 |
| Percent of Graduates at Schools with Usable Data | 67% |
| Nonfederal debt of graduates, as percent of total debt | 22% |
| Fall enrollment – Undergraduate total (IPEDS) | 1,463,293 |
| Tuition and Fees (in-district/in-state) | $9,886 |
| Total Cost of Attendance (on-campus) | $26,364 |
| Percent of Institutional Grants that are Need-Based | 67% |
Source: Value Penguin, TICAS
Cost of Living in Texas
| Annual Mean Wage (All Occupations) | $49,720 |
| Median Monthly Rent | $1,455 |
| Value of a Dollar | $1.03 |
| Cost of Living | 91.5 |
| Cost of Living Rank | 18 |
| Grocery Cost Index | 88.9 |
| Housing Cost Index | 85.3 |
| Utilities Cost Index | 102.3 |
| Transportation Cost Index | 91.4 |
| Miscellaneous Cost Index | 96.2 |
Source: World Population Review