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Debt Consolidation in Indiana

According to an article in the Deseret News, Indiana ranked 21st in a list of the twenty-five states with the lowest levels of consumer debt. However, other figures have shown that the average Hoosier household maintains a credit card debt of $9,304.42, putting the state fourth highest in the nation.

Student loan debt is another significant portion of the overall picture in Indiana. Statewide, 62% of graduates wind up owing money on loans. On average, this debt works out to be more than $28,000 per student.

In the past five years, some portions of Indiana have seen a decline in overall business bankruptcy filings; while on the other hand, the number of individuals filing for bankruptcy protection, such as through debt consolidation, was still noteworthy at 4.38 per 1,000 residents. Indiana has been higher than the national average for the past five years, sometimes by more than two percentage points.

Indiana residents benefit from the federal Fair Debt Collections Practices Act, which seeks to protect consumers from dishonest or unfair actions on the part of collection agencies.

State law allows debt collectors to file claims by mail, and also to pursue many assets that are not allowed in other states: cars, real estate, and pension payments, to name a few. Collection agencies are also able to choose the court in which their cases will be heard, and they often select the venue where they feel most likely to recover the largest possible amount of money. Because Indiana's laws tend to favor debt collectors, consumer debt in the state sells at a higher rate than in others, averaging seven cents on the dollar.

The Indiana Department of Financial Institutions recommends that consumers choose wisely when considering debt consolidation as an approach to managing their financial issues, as there are a wide range of providers and services available.

 

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Debt Consolidation In The News

Where the 2020 candidates stand on student debt and college affordability

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Published:  Wed, 20 Feb 2019 09:53:00 GMT



Personal loans surge to a record $138 billion in US as fintechs lead new lending charge

The consumer loans fell into three main categories: Debt consolidation, home improvement financing, and retail thanks to a surge in e-commerce and online shopping, Laky said. An unsecured personal loa...

Published:  Thu, 21 Feb 2019 04:56:00 GMT



Student debt relief is union work

AFT leaders in Massachusetts know that supporting our members goes beyond what happens in the classroom, or the schoolhouse, or even the Statehouse. That's why, when the AFT started offering student d...

Published:  Fri, 15 Feb 2019 13:38:00 GMT



New Bill Could Bring Student Loan Relief

WASHINGTON, D.C - Lawmakers are introducing a bill to bring some relief to people with student loans. U.S. student loan debt totals $1.5 trillion nationally -- second only to outstanding home mortgage ...

Published:  Tue, 19 Feb 2019 05:41:00 GMT



MIDEAST DEBT-Bahrain's Mumtalakat squeezes yields as government debt outperforms

Mumtalakat's paper was priced only marginally below the Bahraini sovereign debt curve, but the newly issued sukuk ... support package will be tied to progress on Bahrain's fiscal consolidation plans.

Published:  Thu, 21 Feb 2019 03:06:00 GMT



How to tell your S.O. you have debt-and navigate other tricky money chats

"Otherwise, it becomes this big secret." Plus, disclosing debt to a partner typically comes with a sense of relief. McLay says partners tend to be supportive of the information, and often even feel ha...

Published:  Thu, 21 Feb 2019 05:12:00 GMT



Tips To Strengthen Finances Before Another Recession Shared By National Debt Relief

The last Recession in 2008 affected a lot of people that is why National Debt Relief shares this article to help people prepare for another recession. The article titled "How To Strengthen Your Financ...

Published:  Thu, 14 Feb 2019 08:40:00 GMT




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