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Alabama is one of the best known states in the country. It embodies a number of traditions and holds a special place in the hearts of many US citizens. The state was hit hard by the recent economic troubles in the country, but, like it always does, Alabama has been bouncing back. There has been an uptick in the states economic growth of late that is a boon to many consumers and state residents.  However, those troubles left some residents with a load of debt. This debt comes in many forms, but lots of residents have complained that they are having problems paying down multiple credit card balances.

Debt can be a serious problem. In Alabama the average credit card debt is $5,548 and 519 out of every 100,000 thousand residents declare bankruptcy. One option that many consumers have found helpful is consolidation loans, which let them get their debt under control easily.

Best Debt Consolidation Companies in Alabama

Prosper – Prosper is a peer-to-peer lender that lets people consolidate their debt so they can pay their balances off faster. Most of their loans have a three year term, and their minimum credit score requirement is 640, which makes them a great option for a wide variety of consumers.

Lending Club – Lending Club is one of the premier consolidation loan servicers. They offer a wide variety of consolidation loan options, from $1,000 to $40,000, and have one of the lowest minimum credit scores in the industry at 640. This makes them a great option for all kinds of consumers.

Payoff – Payoff is a consolidation loan specialist that has helped tens of thousands of customers get out of debt. Their average APR is 17%, and they require customers to have a minimum FICO score of 660. Many customers have written in to talk about how easy the application process was and how much better off they are because of the consolidation loan they got from Payoff.