Many Virginia residents wrestle with payday, auto, student, medical and other debt types. Even though Old Dominion has a pretty strong economy with 2.7% GDP growth, and a historically low unemployment rate of 3.3%, 11.50% of residents live below the poverty line. Many have debt problems.
The average Virginian has $3,226 in personal debt, plus $242,794 of mortgage debt for homeowners. On average, Virginia residents carry a credit cardd balance of $5,924 and 56% of Virginians have student loan debt – $29,887 worth to be precise. Every year approximately 23,157 Virginians declare bankruptcy. Fortunately, there are plenty of Virginia debt consolidation options to help reduce your debt burden.
So whether you live in Virginia Beach, Norfolk, Chesapeake, 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 Virginia (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 Virginia. 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 Debt Solutions, Inc. – Reston
11654 Plaza America Dr Ste 317
Reston, VA, 20190-4700
(703) 392-6171
–
Rating: 8.84/10
True Debt Solutions, Inc.
8811 Sudley Rd Ste 213
Manassas, VA, 20110-4750
(703) 392-6171
–
Rating: 8.94/10
Northern Star Credit Union
5100 George Washington Highway
Portsmouth, VA, 23702-2604
(757) 487-3474
http://www.nstarcu.org
Rating: 9.05/10
Newby Tax Fi-cial 22nd Century Affordable Homes Corp.
1438 Atlantic Ave
Chesapeake, VA, 23324-3254
(757) 543-3333
http://www.activemember.com/newbytax
Rating: 9.16/10
New Fidelity Funding
919 E Main St Ste 100
Richmond, VA, 23219-4600
(877) 353-1046
http://www.newfidelityfunding.com
Rating: 9.27/10
Money Management International, Inc.
5680 King Centre Dr Ste 600
Alexandria, VA, 22315-5755
(800) 308-2227
http://www.moneymanagement.org
Rating: 9.39/10
MKL/Starr Productions, Inc.
3174 Golansky Blvd #202
Woodbridge, VA, 22191
(301) 627-2476
–
Rating: 9.5/10
Virginia Debt Statistics
| Total Debt | $27,825,929 |
| Debt Per Capita | $3,226 |
| Debt Per Capita Rank | 25 |
Source: World Population Review
Virginia Credit Card Debt Statistics
| Average Credit Card Balance | 702 |
| Average Credit Score | $5,924 |
| Avg Credit Card Balance Rank (1 = Highest Balance) | 33 |
| Avg Credit Score Rank (1=Highest Score) | 2 |
Source: Experian
Mortgage Debt in Virginia
| Mortgage Debt Per Capita | $242,794 |
| Avg 30 yr Mortgage Rate | 3.98% |
| Avg 15 yr Mortgage Rate | 3.52% |
| Median Home Value | $264,200 |
| Avg Outstanding Mortgage Debt | $242,397 |
| Difference Between Value and Mortgage Debt | $21,803 |
| Avg Homeowner FICO Score | 709 |
Source: Federal Reserve, Value Penguin, Experian
Payday Loan Debt in Virginia
| Payday Loan Legal Status | Legal |
| Max Payday Loan Amount | 500 |
| Max Payday Loan Term | 30 days |
| Max Payday Loan APR | 601% |
Source: Virginia Government Website
Unemployment and the Economy of Virginia
| Poverty Rate – Population | 11.50% |
| Poverty Rate – Population – Rank | 44 |
| Poverty Rate – Family | 8.20% |
| Poverty Rate – Family – Rank | 39 |
| Unemployment Rate (March 2020) | 3.3 |
| Unemployment Rank | 13 |
| GDP Growth | 2.7 |
| GDP Growth Rank | 5 |
Source: US Census, Bureau of Labor Statistics
Student Loan Debt in Virginia
| Percent of Population with Student Loans | 56% |
| Average Student Loan debt | $29,887 |
| Average Debt of New Graduates (2017-18) | $30,363 |
| Average Debt Rank | nan |
| Percent of Graduates with Debt (2017-18) | 57% |
| Percent with Debt Rank | nan |
| Usable Institutions (BA-Granting) | 32 |
| Percent of Graduates at Schools with Usable Data | 92% |
| Nonfederal debt of graduates, as percent of total debt | 26% |
| Fall enrollment – Undergraduate total (IPEDS) | 461,128 |
| Tuition and Fees (in-district/in-state) | $14,318 |
| Total Cost of Attendance (on-campus) | $32,662 |
| Percent of Institutional Grants that are Need-Based | 72% |
Source: Value Penguin, TICAS
Cost of Living in Virginia
| Annual Mean Wage (All Occupations) | $55,310 |
| Median Monthly Rent | $1,452 |
| Value of a Dollar | $0.98 |
| Cost of Living | 100.7 |
| Cost of Living Rank | 30 |
| Grocery Cost Index | 96.1 |
| Housing Cost Index | 108.0 |
| Utilities Cost Index | 99.2 |
| Transportation Cost Index | 88.1 |
| Miscellaneous Cost Index | 97.2 |
Source: World Population Review