Debt Consolidation in Action: Kentucky

Finding solutions to avoid or overcome default and avoid bankruptcy.

Kentuckians have no shortage of challenges when it comes to personal debt. Statistics show almost one in every five borrowers is facing student loan default. Over 40 percent of borrowers have at least one debt in collections. And while the real estate market has recovered better in Kentucky than other parts of the country, roughly 14 out of every 100 homes has a mortgage balance that’s higher than the value of the actual property.

In spite of these challenges, many Kentuckians have found ways to overcome in order achieve financial stability and success. The information below paints a picture of debt in Kentucky and shows how some have found a way to financial freedom with the help of a credit counselor. If you’re struggling in a similar situation, call Consolidated Credit at or complete an online application to learn if a debt management program may be the solution you need, too.

Debt Statistics in Kentucky

The following statistics can help you understand the current situation Kentucky residents face when it comes to personal debt:

  • Average credit card debt: $4,436 per borrower[1]
  • 90-day credit card delinquency rate: 1.48%
  • Average student debt: $24,693
  • Student loan default rate: 17.50%
  • % of homes underwater (mortgage more than value): 14.22%
  • Mortgage delinquency rate for underwater homes: 3.90%
  • % with past due debt (late, but not in default): 6.60%
  • % with some type of debt in collections: 43.80%
  • Average debt in collections: $4,420

[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)

Elizabeth from Lexington, KY

I contacted Consolidated Credit to help with paying off my credit cards. The rep that helped me was absolutely amazing – so helpful and very understanding.

Where she started:

  • Total unsecured debt: $4,740.00
  • Estimated interest charges: $2,464.58
  • Time to payoff: 8 years, 4 months
  • Total monthly payments: $189.60

After DMP enrollment:

  • Average negotiated interest rate: 1.93%
  • Total interest charges: $222.56
  • Time to payoff: 4 years, 11 months
  • Total monthly payment: $88.00
Time Saved:
3 years, 5 months
Monthly Savings:
$101.60
Interest Saved:
$2,242.02
Jared from Lexington, KY

Thank you for helping me see it was possible to climb out of such a bad situation.

Where he started:

  • Total unsecured debt: $10,016.00
  • Estimated interest charges: $5,503.89
  • Time to payoff: 11 years, 5 months
  • Total monthly payments: $400.64

After DMP enrollment:

  • Average negotiated interest rate: 8.37%
  • Total interest charges: $1,221.17
  • Time to payoff: 4 years, 2 months
  • Total monthly payment: $220.00
Time Saved:
7 years, 3 months
Monthly Savings:
$180.64
Interest Saved:
$4,282.72
Regina from Magnolia, KY

This is such a great service! I’d recommend it to anyone.

Where she started:

  • Total unsecured debt: $17,850.00
  • Estimated interest charges: $10,330.64
  • Time to payoff: 12 years, 6 months
  • Total monthly payments: $714.00

After DMP enrollment:

  • Average negotiated interest rate: 8.67%
  • Total interest charges: $5,805.11
  • Time to payoff: 5 years, 6 months
  • Total monthly payment: $357.00
Time Saved:
7 years
Monthly Savings:
$357.00
Interest Saved:
$4,525.53