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In almost every area of consumer debt, Montana residents fare quite well. For instance, while Montanans rank 7th in terms of states with the highest credit card debt, with an average of $7,180.53 per person, they rank 6th overall in states with the lowest levels of personal debt. Only 4.1% of individuals with credit carry a balance that is past due; of that amount, 26.2% have debt in collections with an average dollar amount of $6,543.
Big Sky Country residents also rank low when looking at bankruptcy rates. In an average year, only 1,514 individuals file for bankruptcy, representing a rate of 1.6 filings for every 1000 people in the state. With some other states having bankruptcy filings of over 20,000 per year, this places Montana in 46th place overall. Debt consolidation is one strategy that Montanans are using to manage their financial challenges in ways that avoid the need to file for bankruptcy.
Montana experiences a very low rate of home foreclosures in comparison with the rest of the United States, with an average of 1 home in every 8000 in a state of foreclosure. Even in the counties with the highest foreclosure rates in the state, Mineral and Pondera, this rate still stays above one in every thousand homes. Considering that Montana has a higher median list price for single-family homes - $239,000 - than many other states, its low foreclosure rate is surprising.
On the other hand, college graduates in Montana do fare slightly less well than students in a number of other states. Montana is 13th overall with respect to the proportion of students graduating with debt - 66% - and 20th when considering the average debt amount of $27,658 held by those students.
State residents considering debt consolidation can feel confident knowing that all companies offering debt management plans in Montana are licensed by the Montana Department of Justice.
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