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Debt Consolidation in Iowa

In the state of Iowa, 4.1% of residents have past due debt; 26.3% of that debt is currently in collections with an average balance of $4,810. In contrast, the overall cost of debt in Iowa is the lowest of all 50 states, with an average cost of $129,394 over a consumer's lifetime. This is largely due to the fact that Iowans also tend to have the lowest overall new mortgage amount ($120, 467), mortgage interest rates that usually fall below the national average, and they maintain an average credit score of 689 statewide.

Iowa is in fourteenth place with respect to states with the highest credit card debt, with the average resident maintaining a credit card balance of $7048.77. On the other hand, Iowa ranks ninth highest overall when it comes to college students graduating with debt, with 69% of students carrying an average of $29,370 in remaining student loans on the day they receive their diplomas.

Bankruptcy filings in Iowa tend to be on the lower end of the nationwide scale, with approximately 2.17 individuals per 1,000 filing for bankruptcy in an average year.

Residents of Iowa who are considering bankruptcy should know that there are a number of assets that are exempted from collection such as equity in the home and public assistance benefits, and that debt consolidation might be a better option.

In Iowa, debt collectors are only required to be licensed if they bring in more than $25,000. Iowa Attorney General Tom Miller is further pushing for regulations on bank practices with respect to the processes by which faulty claims were issued against state residents.

The Secretary of State's office maintains a list of registered debt consolidation agencies in Iowa, and state law allows consumers to cancel a signed contract within the first three days, without penalty.

 

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Debt Consolidation In The News

New York lawsuit targets student loan debt relief fraud

NEW YORK (Reuters) - New York's attorney general on Thursday sued 10 companies and two executives over their alleged roles in a scam to induce thousands of struggling borrowers into buying student loa...

Published:  Thu, 20 Sep 2018 12:20:00 GMT



The 5 Best Ways To Consolidate Debt

For many of us, debt is just a common part of our day-to-day lives. However, not all debt is created equal! Before we begin looking at consolidating debt we must first answer the question of ...

Published:  Thu, 20 Sep 2018 21:27:00 GMT



NY AG Sues Student Debt Relief Cos. For Predatory Practices

Law360 (September 20, 2018, 10:55 PM EDT) -- New York's attorney general on Thursday accused a constellation of student debt relief companies of lying to struggling borrowers to extract illegal upfron...

Published:  Thu, 20 Sep 2018 20:01:00 GMT



Journal Times editorial: Student loan debt relief should be a priority in Madison

Wisconsin's four-year college graduates have the eighth-highest average student loan debt in the nation, with an average student loan debt of $28,810 and 70 percent of Wisconsin students ...

Published:  Thu, 20 Sep 2018 17:30:00 GMT



Full loan relief rare for students at for-profit colleges

WASHINGTON (AP) - The Trump administration is granting only partial loan forgiveness to the vast majority of students approved for help because of fraud by for-profit colleges, according to preliminar...

Published:  Fri, 07 Sep 2018 21:44:00 GMT



New York sues companies offering student loan debt relief

NEW YORK, Sept 20 (Reuters) - New York's attorney general on Thursday filed a lawsuit accusing several companies of misleading thousands of borrowers into buying student loan debt-relief services ...

Published:  Thu, 20 Sep 2018 11:35:00 GMT



3 Types Of Construction Loans: A Comparison And Review

You can also choose between an interest-only or a debt consolidation loan. Some builders offer financing packages that include both the construction loan and the mortgage, so you can streamline the lo...

Published:  Thu, 20 Sep 2018 18:05:00 GMT



Business Debt: When Debt Consolidation and Debt Relief Make Sense

Small businesses take on a lot of debt, and it's not uncommon for this debt to lead to business failure. Every business takes on debt at some point, and even the world's largest entities, such as Amaz...

Published:  Thu, 06 Sep 2018 02:38:00 GMT




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