The average American household has $15,983 in credit card debt alone. Add mortgage, car and student loans, and debt consolidation can be a great choice to get relief on repayment. Our partners at ConsumerAffairs looked at the best debt consolidation in Kansas City from national companies backed by large accreditation firms and local options that give KC residents personalized service during hard times.
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Debt consolidation loans roll multiple debts into one fixed monthly payment. Many debt consolidation companies promise a lower interest rate and payment, leading to a simplified relief plan. This does not change the overall cost of the loans, it just extends the period to pay them off.
Debt relief programs get the most consumer complaints with the FCC due to false promises and illegitimate practices. To avoid being a victim, here are a few things to look for:
Read reviews and check their Better Business Bureau rating
Compare fees and terms of service
Debt consolidation can be ideal for those facing bankruptcy who need to pay back creditors. But, by extending the payment period, you will end up paying more in interest, and for a much longer period of time, than before consolidation.
Household debt varies by state. We break down the average debt and income in Kansas and Missouri:
Avg. total debt
Avg. mortgage debt
Avg. non-mortgage debt
Kansas City residents with student loan debt
Graduates from University of Missouri-Kansas City, located near the Plaza, on average had $25,912 in student loan debt in 2016. More than 60 percent of 2016 graduates had debt upon graduation, which when paired with other loans can add up quickly. Rockhurst, a private university a few blocks away, has a 78 percent graduation loan debt rate, with an average debt per borrower at $23,753.
Living with credit card debt in Kansas City
Kansas and Missouri rank 33rd and 41st respectively for states with the highest average credit card debt. Those most affected by credit card debt are between 45 and 54 years old, with a national average of $9,096. The highest income bracket ($160,000+) also has the highest average debt.
Medical debt in Kansas City
Kansas City residents may find themselves in medical debt due to the states’ stringent Medicaid rules. Wyandotte County, which encompasses most of Kansas City, Kansas, has the highest rates of medical debt in the metro area at 31 percent of residents. In Jackson County, which encompasses most of Kansas City, Missouri, 29 percent have medical debt in collections.
When faced with mounting bills, debt consolidation with a reputable company can help ease the burden.
National Debt Relief is one of the largest and most reputable debt settlement companies, with over 30,000 reviews and excellent ratings. National Debt Relief is accredited by the BBB, AFCC and IAPDA reviewers in Kansas City say that hiring National Debt Relief helped save them from a bad financial situation.
For debt relief solutions, CreditAssociates works to settle debt in 24 to 36 months. Good credit is not required and customers get a free, no obligation consultation by speaking to trained advisors who are experts in negotiating down debt. Customer reviews speak highly of agents for being professional, helpful and communicative.
Since 2002, Freedom Debt Relief has resolved over $8 billion in debt for customers, and it averages resolving 43,891 accounts per month. As a founding member of the AFCC, Freedom Debt Relief supports legislation that promises more transparency and regulations in the industry—and they put this belief into practice.
Accredited Debt Relief matches consumers with companies in its network to relieve the stress of debt. Accredited is a member of the AFCC and holds an A+ rating by the Better Business Bureau. Combine that with providers having over 20 years of experience and Accredited Debt Relief is an excellent option.
Debt Rx is an experienced debt settlement company. They work with people having $7,500 or more in credit card debt. The company prides itself on being smaller than its competitors to better focus on personal service to find individual solutions for debt relief. For those behind on payments, Debt Rx may be the right prescription to ease the pain of being in debt.
American Equity Mortgage
American Equity Mortgage helps residents in and around KC “Get To A Better Place” with personalized loan programs and service. Kansas City reviewers say that American Equity Mortgage provided excellent customer care and gave them financial freedom when they needed it most.
Kansas City Credit Union
As a trusted name in finance, Kansas City Credit Union supports customers with a variety of services since 1940. They offer debt consolidation with flexible terms for those in Jackson or Clay County, Missouri. As a non-profit cooperative, Kansas City Credit Union is dedicated to helping you—not its bottom line.
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Our partners independently research companies, and use editorial discretion to award companies with special recognition (i.e. Best Value) based on their staff’s judgement or subject matter expert’s judgement. Our partners do this to help you identify companies that will meet your specific buying needs, and do not receive compensation for these designations.