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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.
Debt Consolidation In The News
BRUSSELS (Reuters) - Euro zone creditors are expected to disburse new loans to Greece this month and are working on debt relief measures, the head of the bloc's finance ministers said on Monday, steps that should help underpin its economic recovery.
Published: Mon, 12 Mar 2018 13:40:00 GMT
The code has been copied to your clipboard. The URL has been copied to your clipboard A group of past students at the former Corinthian Colleges are taking legal action against the United States Department of Education. In early March, the former students ...
Published: Sun, 25 Mar 2018 03:02:00 GMT
As Economy Picks Up Speed, Americans Pick Up Pace of Unloading Personal Debt LOS ANGELES, CA, March 05, 2018 /24-7PressRelease/ -- Debt consolidation and credit card debt relief programs have become increasingly sought after and used by more Americans as ...
Published: Mon, 05 Mar 2018 00:07:00 GMT
Legislators turn their attention to problems facing student borrowers, backing bills that would keep them from being overwhelmed by loan repayments New Jersey lawmakers, who were disturbed in the last legislative session by the practices of the agency that ...
Published: Thu, 12 Apr 2018 05:00:00 GMT
The joint IMF-World Bank comprehensive approach to debt reduction is designed to ensure that no poor country faces a debt burden it cannot manage. To date, debt reduction packages under the HIPC Initiative have been approved for 36 countries, 30 of them ...
Published: Wed, 07 Mar 2018 16:00:00 GMT
The federal government and 11 states have joined together to accuse 30 purported debt relief operations of using deception and false promises to swindle more than $95 million from student loan borrowers. "Operation Game of Loans" - the eyeroll-worthy ...
Published: Fri, 13 Oct 2017 10:44:00 GMT
GCredit card consolidation refers to merging all your existing debt into one loan, which is different than restructuring your debt, which refers to renegotiating the terms or amounts of your debt. Using credit card debt consolidation as a debt management ...
Published: Sat, 30 Dec 2017 20:00:00 GMT
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