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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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