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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

Euro zone to unlock new loans to Greece, working on debt relief

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



Former For-Profit College Students Demand Full Debt Relief

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



Debt Consolidation Credit Card Debt Relief An Option For Many Today

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



Pain Relief for College Students Overburdened by Loan Debt

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



Debt Relief Under the Heavily Indebted Poor Countries (HIPC) Initiative

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



Student Loan Debt Relief Operations Allegedly Bilked $95M From Borrowers

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



How to Consolidate Credit Card Debt

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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