Consolidating debt in Florida can be a great way to lower your bills and make paying all your credit cards and other debts cheaper and easier.
Average Consumer Debt in Florida
Consumers in Florida have made significant progress in reducing credit card debt. In 2016, the average was $5,754, which was slightly more than the national average. For years, it has been significantly above the national average, peaking at $7,726 in 2010.According to a 2015 research based on data from Experian and CreditCards.com, Miami-Fort Lauderdale had the fourth-highest credit-card debt among America’s top 25 metropolitan regions, while Tampa-St. Petersburg had the eighth-highest.
Despite the fact that the housing market has recovered, Floridians continue to struggle with mortgage debt, as well as student and auto loans. Mortgage balances have decreased, while student loan debt has increased, though at a lower rate than the national average.The average outstanding balance on auto loans in the state is $15,500.Non-profit credit counseling agencies can help with these consumer difficulties by providing education and relief.Consumers can learn about debt consolidation or participate in a debt management program.
In 2016, the average Florida mortgage was $180,608, an increase in a turbulent housing market. Four years ago, the average mortgage was $163,724; this could be due to more foreclosures at the end of a housing-market meltdown that saw Florida homes lose 48 percent of their value.
According to a 2015 research, 30% of Florida’s house mortgages were “underwater,” indicating the debt was greater than the home’s actual value. Florida was once ranked second in the US for the number of residences under water, after only Nevada. Still, compared to mid-2012, when 44 percent of Florida’s home mortgages were underwater, this is a huge improvement.
Debt from Student Loans
According to student enrolment for the 2016-17 academic year, Florida is home to five of the country’s top 18 universities. The undergraduate enrollment rates at the University of Central Florida, Florida International University, the University of Florida, the University of South Florida, and Florida State University are all over 28,000, partly because they are among the most affordable public universities in one of the country’s most populous states.
Even still, students and parents are having a hard time covering the costs. In total, 54 percent of Florida’s 2014 college graduates owed $24,947 in student loan debt. However, it falls short of the national average of $28,950.
Best Debt Consolidation Loans in Florida
Upgrade is a debt consolidation lender for those in Florida, 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 Florida, APR is 5.99% for 3-5 years. The max loan is $50,000.
SoFi is a debt consolidator for Florida, APR 4.99-19.63%. The term is 1-5 years with a maximum of $100,000.
PenFed offers debt consolidation loans in Florida. The APR is from 5.99 – 17.99% for 1-5 years with a maximum of $50,000.
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 Florida here.