Consolidating debt in Colorado can be a great way to lower your bills and make paying all your credit cards and other debts cheaper and easier.
How Much Debt is the Average Coloradian in?
Colorado’s consumer debt per capita is $71,340, only below California’s $71,860.The District of Columbia ranked first with $86,730, followed by Hawaii with $72,590.Personal debt is dominated by mortgages, followed by education loans, vehicle loans, and personal loans.
According to credit rating agency Experian, Colorado ranked fifth among all states in 2018, with an average mortgage balance of $253,202, and tied with Texas for the greatest growth rate in mortgage balances at 3.6 percent. This decade, rising mortgage debt has accompanied a rise in property prices, particularly along the Front Range. Colorado citizens’ urgency to get into a home may also explain why they borrowed money at a rate unheard of anywhere else.
According to Experian, the average debt added by individual borrowers in Colorado between the fourth quarter of 2018 and the fourth quarter of 2017 was $3,536. That’s four times the national average gain of $871 over the same time period.
Best Debt Consolidation Loans in Colorado
Upgrade is a debt consolidation lender for those in Colorado, APR is 5.94-35.97%. The term is 3-5 years and a max of $50,000.
Lightstream is a debt consolidation lender which has an APR of 4.98% with a loan term of 2-7 years. Their max loan size is $100,000.
Best Egg is a debt consolidator for Colorado, APR is 5.99% for 3-5 years. The max loan is $50,000.
SoFi is a debt consolidator for Colorado, APR 4.99-19.63%. The term is 1-5 years with a maximum of $100,000.
PenFed offers debt consolidation loans in Colorado. The APR is from 5.99 – 17.99% for 1-5 years with a maximum of $50,000.
PayOff‘s loans offer an APR of 5.99% for a 2-5 year term. The maximum loan is $35,000.
Marcus offers AZ debt consolidation loans for APR 6.99-19.99% for 3-6 years. Loans max out at $40,000.
Avant is a debt consolidator than has an APR of 9.95 – 35.99% for 2-5 years. The maximum loan amount is $35,000.
LendingClub‘s debt consolidation loans have an APR 7-35%. The loan term is 3-5 years and the max you can borrow is $40,000.
Freedom Debt Relief also offers debt consolidation across the country but they don’t publicize their rates.
Check out a full list of debt consolidation lenders for Colorado here.