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Debt Consolidation in Kentucky

In one of the top indicators of consumer debt, Kentucky ranks first out of the fifty states: credit card debt. It is the only state to cross the five-figure mark, with the average resident carrying credit card debt in the neighborhood of $10,079.53. For this reason, many Kentuckians turn to debt consolidation to help them manage their finances.

On the other hand, Kentucky college graduates rank 34th in the nation when it comes to students leaving college with student loans. Only 59% of graduates have some kind of student debt, with an average dollar amount of $24,693.

With respect to mortgages, the median list price for single-family homes in Kentucky tends to be around $138,000 with a median sale price typically at $117,000. While foreclosure rates vary statewide, the overall foreclosure rate in Kentucky is 1 in every 3271 housing units. In some counties, those rates are even higher. For instance, a typical foreclosure rate in Boyle County is 1 in every 684 homes, nearly five times the average for the rest of the state.

In Kentucky, personal bankruptcy filings seem to be on the decline, dropping 7.4% in an average year. This is after some years seeing more than 24,000 individuals filing for bankruptcy in the state, at a rate of 5.6 filings per 1000 residents. Consumers often consider debt consolidation as an alternative to filing for bankruptcy, and that could be a factor in the changes in the statistics in recent years.

The Kentucky Consumer Protection Act mirrors the benefits offered by the federal act of a similar name, by offering residents certain safeguards when facing debt collection. Kentuckians are encouraged to contact the state?s Office of the Attorney General if they need guidance regarding their individual issues.

 

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Debt Consolidation In The News

Don't increase debt warns Draghi

(ANSA) - Rome, November 16 - European Central Bank President Mario Draghi said Friday that countries with a high public debt should not increase it further and should respect the EU's budget rules. "L...

Published:  Fri, 16 Nov 2018 02:45:00 GMT



Virginia Attorney General wins $50 million in penalties, debt relief in lawsuit against illegal loans

Attorney General Mark Herring announced Thursday that he won $50 million in debt relief and ordered civil penalties in a lawsuit against Future Income Payments, LLC; FIP, LLC; and their owner ...

Published:  Thu, 15 Nov 2018 13:51:00 GMT



Judge orders $50M in debt relief, penalties, after Herring lawsuit

A Hampton judge has ordered a Nevada firm accused of targeting elderly Virginia veterans with deceptive loans to pay $31.7 million in civil penalties and forgive $20 million in debt. Virginia ...

Published:  Thu, 15 Nov 2018 14:36:00 GMT



Virginia AG orders civil penalties against loan company

RICHMOND, Va. (AP) - Virginia's attorney general has ordered civil penalties and debt relief totaling $50 million against a loan company in light of a lawsuit accusing it of making illegal, high-inter...

Published:  Thu, 15 Nov 2018 23:29:00 GMT



Betsy DeVos Sued Again For Delaying Student Loan Forgiveness

... (HERA), alleges that the Education Department is ignoring a federal judge's ruling last month to begin student loan debt relief for certain borrowers affected by the Borrower Defense Rule. Those i...

Published:  Thu, 15 Nov 2018 04:32:00 GMT



Deal of the Week: MLPs to consolidate, buy Anadarko's midstream assets for $4B

The Woodlands-based Western Gas Equity Partners LP (NYSE: WGP) and Western Gas Partners LP (NYSE: WES) - master limited partnerships formed by Anadarko Petroleum Corp. (NYSE: APC) - will consolidate . ...

Published:  Thu, 15 Nov 2018 20:00:00 GMT



Analyst Corner: Sobha to cash in on industry consolidation; maintain buy

ready land bank of 206 msf, it is well- placed to capitalize on consolidation in industry ... and advertising expenses towards planned launches. As a result, net debt increased to Rs 23.6 bn (vs Rs 22 ...

Published:  Thu, 15 Nov 2018 17:01:22 GMT




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