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Debt Relief in Action: Rhode Island

Finding debt relief in spite of high debt levels across the board.

Rhode Island may be the smallest state in the union, but it’s a big player when it comes to personal debt. Residents rank in the top 20 states for the most credit card debt. Borrowers also have notably higher student debt levels than what we see in other parts of the country. Even credit card and mortgage delinquency rates are higher than national averages. Additionally, credit utilization in Rhode Island is over 30.62%. Anything over 30% can harm your credit score.

In spite of these challenges, residents are finding ways to achieve the stability that fosters financial success. Many have used credit counseling services to explore and identify the right combination of solutions they need to regain their financial control. If you’re facing challenges with debt that you can’t overcome on your own, we can help. Call Consolidated Credit at (844) 276-1544 or send in an online application to request a free debt analysis from a certified credit counselor.

Rhode Islanders trust Consolidated Credit to help them get rid of credit card debt. We can help you find the debt relief solution that’s right for you.

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Debt Statistics in Rhode Island

The statistics below can provide some perspective on the current state of debt in Rhode Island today:

  • Average credit card debt per household: $6,104 [1]
  • Average available credit limit: $16,656 [2]
  • Credit utilization ratio (debt vs available limit): 30.62% [2]
  • Average number of cards: 3.26 [3]
  • % of accounts that are delinquent (at least 90 days past due): 7.59% [4]
  • Average credit score: 687 [3]
  • Most popular type of credit card: Cash back rewards [5]

Debt Relief Rhode Island: See our program in action

Case Study

Erik from Pawtucket, RI

“This program has been a big help already. You lowered my payments and cut my rates. Thank you. ”

Where he started:
  • Total unsecured debt: $29,476.00
  • Estimated interest charges: $16,689.00
  • Time to payoff: 12 years, 3 months
  • Total monthly payments: $1,179.04
After DMP enrollment:
  • Average negotiated interest rate: 8.05%
  • Total interest charges: $4,141.85
  • Time to payoff: 4 years, 2 months
  • Total monthly payment: $673.00
Time Saved

8 years, 1 month

Monthly Savings

$506.04

Interest Saved

$12,547.15

Case Study

Joan from Forestdale, RI

“The rates on my cards were quite high and even when I gave them extra money it was bringing the balances down slowly with so much going towards interest. A friend told me about Consolidated. Finally I’m paying more principal and less interest. Thanks for the help! ”

Where she started:
  • Total unsecured debt: $8,277.00
  • Estimated interest charges: $4,713.00
  • Time to payoff: 11 years, 2 months
  • Total monthly payments: $331.08
After DMP enrollment:
  • Average negotiated interest rate: 8.18%
  • Total interest charges: $1,645.00
  • Time to payoff: 4 years, 6 months
  • Total monthly payment: $184.00
Time Saved

6 years, 8 months

Monthly Savings

$147.08

Interest Saved

$3.068.00

Case Study

John from Cranston, RI

“We joined up recently, but so far so good. Lower payments and we’ll be out of in 3 years. ”

Where he started:
  • Total unsecured debt: $13,980.19
  • Estimated interest charges: $7,249.67
  • Time to payoff: 10 years, 11 months
  • Total monthly payments: $559.21
After DMP enrollment:
  • Average negotiated interest rate: 6.30%
  • Total interest charges: $3,700.51
  • Time to payoff: 3 years, 5 months
  • Total monthly payment: $406.00
Time Saved

7 years, 6 months

Monthly Savings

$153.21

Interest Saved

$3,549.16

Receive a free debt and budget evaluation from a certified credit counselor today! Don’t wait – it’s time for you to be debt-free.

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Sources:
[1] https://www.valuepenguin.com/average-credit-card-debt#by-region
[2] https://www.creditsesame.com/blog/credit-cards/states-maxing-out-their-credit-cards/
[3] https://www.experian.com/blogs/ask-experian/state-of-credit/
[4] https://www.creditsesame.com/blog/debt/states-that-dont-pay-bill-on-time/
[5] https://www.nerdwallet.com/blog/credit-cards/most-popular-credit-cards-state-map-2015/