Debt Consolidation in Action: Wisconsin

Wisconsinites overcome debt challenges with resilience.

When it comes to overcoming problems with debt, statistics show that Wisconsinites seem particularly resilient when faced with challenges. Though they have higher than average student debt, fewer of their loans are in default. While more homes are underwater because their values are less than their mortgage balances, fewer homeowners are facing the threat of foreclosure. And when it comes to credit card debt, only four states have lower average balances in the nation.

The information below helps you understand the big picture of debt in Wisconsin and how some residents are using credit counseling to overcome challenges. If you’re struggling with debt, take action today to get the help you need. Call Consolidated Credit at or fill out an online application to request a free, confidential debt evaluation from a certified credit counselor.

Debt Statistics in Wisconsin

Here’s a quick look at the state of debt in Wisconsin today:

  • Average credit card debt: $4,327 [1]
  • 90-day credit card delinquency rate: 0.81%
  • Average student debt: $28,128
  • Student loan default rate: 9.90%
  • % of homes underwater (mortgage more than value): 16.05%
  • Mortgage delinquency rate for underwater homes: 3.93%
  • % with past due debt (late, but not in default): 4.20%
  • % with some type of debt in collections: 26.50%
  • Average debt in collections: $5,260

[1] http://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)

Sherry from Oshkosk, WI

I’ve had excellent communication with the staff. Every time I’ve spoken with a credit counselor they have been very helpful and courteous.

Where she started:

  • Total unsecured debt: $31,549.00
  • Estimated interest charges: $17,923.80
  • Time to payoff: 13 years, 8 months
  • Total monthly payments: $1,265.00

After DMP enrollment:

  • Average negotiated interest rate: 4.14%
  • Total interest charges: $3,267.38
  • Time to payoff: 4 years, 7 months
  • Total monthly payment: $635.00
Time Saved:
9 years, 1 month
Monthly Savings:
$630.00
Interest Saved:
$14,656.42
Terry from Milwaukee, WI

It would have taken us at least 15 years to pay off our debt or we most likely would have had to declare bankruptcy. I’m so glad I paid attention to that commercial. I recommended them to a coworker and she is very pleased also. Thank you so much!

Where he started:

  • Total unsecured debt: $22,802.00
  • Estimated interest charges: $12,931.02
  • Time to payoff: 13 years, 8 months
  • Total monthly payments: $915.72

After DMP enrollment:

  • Average negotiated interest rate: 4.33%
  • Total interest charges: $2,563.31
  • Time to payoff: 3 years, 9 months
  • Total monthly payment: $516.00
Time Saved:
9 years, 11 months
Monthly Savings:
$354.72
Interest Saved:
$10,367.71
Wendy from Port Washington, WI

I have nothing but wonderful things to say about Consolidated Credit – from the beginning when I felt so embarrassed to be calling, you made me feel at ease. It’s taken less than five years to become debt free and that is a HUGE accomplishment.

Where she started:

  • Total unsecured debt: $54,063.00
  • Estimated interest charges: $31,173.09
  • Time to payoff: 15 years, 11 months
  • Total monthly payments: $2,162.52

After DMP enrollment:

  • Average negotiated interest rate: 7.39%
  • Total interest charges: $5,653.13
  • Time to payoff: 4 years, 6 months
  • Total monthly payment: $1,118.00
Time Saved:
11 years, 5 months
Monthly Savings:
$1,044.52
Interest Saved:
$25,519.96