Debt Consolidation in Action: Colorado

Learn how Coloradans are facing challenges with debt head-on.

When it comes to dealing with debt as a group, Coloradans tend to be on a better track than residents in most other states. That’s not to say that residents in Colorado face fewer problems, but they seem to tackle those issues faster and with greater resilience. As a result, America’s Voice on Debt rates them in the top 10 states at being the best at handling issues with debt.

With that in mind, if you’re a Coloradan facing your own financial challenges, the information below can help you better understand your situation. We also show you how some of your neighbors have used debt consolidation to regain control when they were struggling. If you need help making a plan to become debt-free, call or complete an online application to request a free consultation with a certified credit counselor.

Debt Statistics in Colorado

It should be noted that Coloradans didn’t earn that top 10 ranking for debt finesse for lack of debt to eliminate. In fact, they have the second highest average credit card debt balance in the country – second only to Alaskans!

  • Average credit card debt: $5,625 per borrower [1]
  • 90-day credit card delinquency rate: 1.08%
  • Average student debt: $24,520
  • Student loan default rate: 15.30%
  • % of homes underwater (mortgage more than value): 9.56%
  • Mortgage delinquency rate for underwater homes: 2.36%
  • Average debt in collections: $5,837

[1] https://www.washingtonpost.com/blogs/govbeat/wp/2013/08/20/ranking-the-states-credit-card-debt/

All other statistics brought to you by America’s Voice on Debt (AVOD)

Jennifer from Highlands Ranch, CO

Consolidated Credit has helped me so much and in 4 years with less than one to go, most of the credit card debt I accumulated in a decade of overspending is gone and I’m almost debt free.

Where she started:

  • Total unsecured debt: $23,977.00
  • Estimated interest charges: $13,121.43
  • Time to payoff: 11 years, 11 months
  • Total monthly payments: $959.08

After DMP enrollment:

  • Average negotiated interest rate: 5.20%
  • Total interest charges: $2,684.55
  • Time to payoff: 4 years, 3 months
  • Total monthly payment: $529.00
Time Saved:
7 years, 8 months
Monthly Savings:
$430.08
Interest Saved:
$10,436.88
Kimberly from Boulder, CO

I’ve been very happy with the services. You’re always helpful with excellent service and customer support. I’m really glad I found you and it’s comforting to know my credit card debt will be gone soon.

Where she started:

  • Total unsecured debt: $17,960.21
  • Estimated interest charges: $9,890.11
  • Time to payoff: 10 years, 10 months
  • Total monthly payments: $718.41

After DMP enrollment:

  • Average negotiated interest rate: 3.29%
  • Total interest charges: $1,181.93
  • Time to payoff: 4 years, 4 months
  • Total monthly payment: $370.00
Time Saved:
6 years, 6 months
Monthly Savings:
$348.41
Interest Saved:
$8,708.18
Michael from Arvada, CO

I’m finally on the road to recovery! Thanks.

Where he started:

  • Total unsecured debt: $53,115.00
  • Estimated interest charges: $30,604.24
  • Time to payoff: 15 years, 5 months
  • Total monthly payments: $2,124.60

After DMP enrollment:

  • Average negotiated interest rate: 6.92%
  • Total interest charges: $9,937.81
  • Time to payoff: 4 years, 4 months
  • Total monthly payment: $1,218.00
Time Saved:
11 years, 1 month
Monthly Savings:
$906.60
Interest Saved:
$20,666.43