Many West Virginia residents wrestle with credit card, student, payday, medical and other debt types. West Virginia ranks below average in unemployment (5.2%) and has a concerning poverty rate of 16.3%.
The average West Virginian has $5,719 in credit card debt, but the state is among the lowest in the U.S. for per capita mortgage debt, at $$40,731. On average, 15% of residents have a student loan, the average amount of which is $31,690. In 2021, approximately 2,729 West Virginians declared bankruptcy. If you’re struggling with debt, there are West Virginia debt consolidation options to help you reach your financial goals.
No matter whether you live in Charleston, Morgantown, Martinsburg, or somewhere else in the great state of West Virginia, take charge of your financial situation and consider consolidating your debt load.
Table of Contents
The Best Debt Consolidation Companies in West Virginia
Finding a legitimate debt consolidation firm can be tough. We’ve done the research and picked the best debt consolidation firms in the state of West Virginia. Our criteria includes online reputation, breadth of services offered, and demonstration of expertise.
A American Debt Consolidation
- Wheeling, WV 26003
- (304) 232-1198
- Rating: 5/5
Hinkle Law PLLC
- 232 Capitol St Suite 208, Charleston, WV 25301
- (304) 836-3471
- hinklelawpllc.com
- Rating 5/5
West Virginia Debt Statistics
| Total Debt | $7,123,763,000 |
| Debt Per Capita | $3,869 |
| Debt Per Capita Rank | 2 |
Source: World Population Review
West Virginia Credit Card Debt Statistics
| Average Credit Card Balance | $5,719 |
| Average Credit Score | 679 |
| Avg Credit Card Balance Rank (1 = Highest Balance) | 39 |
| Avg Credit Score Rank (1=Highest Score) | 48 |
Source: Experian
Mortgage Debt in West Virginia
| Mortgage Debt Per Capita | $40,731 |
| Avg 30 yr Mortgage Rate | 7% |
| Avg 15 yr Mortgage Rate | 6.2% |
| Median Home Value | $146,997 |
| Avg Outstanding Mortgage Debt | $110,464, |
| Difference Between Value and Mortgage Debt | 36,533 |
| Avg Homeowner FICO Score | 679 |
Source: Federal Reserve, Value Penguin, Experian
Payday Loan Debt in West Virginia
| Payday Loan Legal Status | Not legal |
| Max Payday Loan Amount | N/A |
| Max Payday Loan Term | N/A |
| Max Payday Loan APR | N/A |
Source: West Virginia Government Website
Unemployment and the Economy of West Virginia
| Poverty Rate – Population | 16.3% |
| Poverty Rate – Population – Rank | 7 |
| Poverty Rate – Family | 11.8% |
| Poverty Rate – Family – Rank | 19 |
| Unemployment Rate (as of December 2022) | 4.1 |
| Unemployment Rank | 36 |
| GDP Growth | 5.1 |
| GDP Growth Rank | 7 |
Source: US Census, Bureau of Labor Statistics
Student Loan Debt in West Virginia
| Percent of Population with Student Loans | 12.7% |
| Average Student Loan debt | $33,012 |
| Average Debt of New Graduates (2020-2021) | $30,014 |
| Average Debt Rank | N/A |
| Percent of Graduates with Debt (2020-2021) | 60% |
| Percent with Debt Rank | N/A |
| Usable Institutions (BA-Granting) | 10 |
| Percent of Graduates at Schools with Usable Data | 74% |
| Nonfederal debt of graduates, as percent of total debt | 19% |
| Fall enrollment – Undergraduate total (IPEDS) | 122,980 |
| Tuition and Fees (in-district/in-state) | $9,629 |
| Total Cost of Attendance (on-campus) | $24,268 |
| Percent of Institutional Grants that are Need-Based | 33% |
Source: Value Penguin, TICAS
Cost of Living in West Virginia
| Annual Mean Wage (All Occupations) | $44,330 |
| Median Monthly Rent | $747 |
| Value of a Dollar | $1.14 |
| Cost of Living | 90.5 |
| Cost of Living Rank | 45 |
| Grocery Cost Index | 96.5 |
| Housing Cost Index | 78.6 |
| Utilities Cost Index | 89.4 |
| Transportation Cost Index | 92.2 |
| Miscellaneous Cost Index | 102.9 |
Source: World Population Review