Debt Consolidation in Action: Iowa

The state of debt in Iowa and how Iowans are meeting challenges head-on.

As a whole Iowans are in a good position when it comes to taking on debt, and that’s not for a lack of financial challenges facing them. Still, with the lowest average credit card debt in the nation and the average debt in collections almost $500 below the national average, residents in Iowa are clearly not taking debt problems lying down.

The information below can help you understand the current state of debt in Iowa, as well as showing you how some of your neighbors are using credit counseling to overcome the financial challenges they face with credit card debt. If you’re working to get ahead of your own issues with debt, call us at or complete an online application to request a free consultation from a certified credit counselor.

Debt Statistics in Iowa

Here’s the situation that Iowans are currently facing when it comes to debt:

  • Average credit card debt: $3,885 per borrower [1]
  • 90-day credit card delinquency rate: 0.95%
  • Average student debt: $29,370
  • Student loan default rate: 17.30%
  • % of homes underwater (mortgage more than value): 13.62%
  • Mortgage delinquency rate for underwater homes: 2.96%
  • Average debt in collections: $4,810

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

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

Ava from Mount Pleasant, IA

The service has been optimal at meeting our needs. My experience has been good and I’m thankful you were here to help when I really needed it.

Where she started:

  • Total unsecured debt: $40,700.49
  • Estimated interest charges: $23,913.17
  • Time to payoff: 16 years, 3 months
  • Total monthly payments: $1,628.02

After DMP enrollment:

  • Average negotiated interest rate: 7.54%
  • Total interest charges: $8,895.21
  • Time to payoff: 3 years, 10 months
  • Total monthly payment: $1,059.00
Time Saved:
12 years, 5 months
Monthly Savings:
$569.02
Interest Saved:
$15,017.96
Linda from Yarmouth, IA

Working with Consolidated Credit has been awesome. Great service!

Where she started:

  • Total unsecured debt: $14,725.00
  • Estimated interest charges: $7,570.18
  • Time to payoff: 11 years, 4 months
  • Total monthly payments: $589.00

After DMP enrollment:

  • Average negotiated interest rate: 10.38%
  • Total interest charges: $4,263.14
  • Time to payoff: 4 years, 11 months
  • Total monthly payment: $310.00
Time Saved:
6 years, 5 months
Monthly Savings:
$279.00
Interest Saved:
$3,307.04
Patricia from Red Oak, IA

Thank God for this service. Being a single Mom plus putting 3 children through college left me in a financial quagmire that I thought I would never be free of. Now I have one payment left.

Where she started:

  • Total unsecured debt: $52,321.00
  • Estimated interest charges: $30,507.29
  • Time to payoff: 14 years, 10 months
  • Total monthly payments: $2,092.84

After DMP enrollment:

  • Average negotiated interest rate: 9.74%
  • Total interest charges: $10,463.96
  • Time to payoff: 3 years, 11 months
  • Total monthly payment: $1,339.00
Time Saved:
10 years, 11 months
Monthly Savings:
$753.84
Interest Saved:
$20,043.33