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With respect to one aspect of personal debt, student loans, Louisiana ranks 47th overall. Less than half of all college graduates have debt upon receiving their diplomas, with the average amount of that debt at $23,358.
Louisiana tends to rank low on the list of bankruptcy filings as well, usually coming in 30th out of 50 states. In an average year, approximately 18,000 residents file for bankruptcy, with a per capita rate of 4.13 (out of every 1000 people statewide). Some individuals choose to pursue debt consolidation rather than filing for bankruptcy.
Mortgages are another component of personal debt, and Louisiana has a median home sale price of $149,000. Louisiana tends to have a foreclosure rate of slightly more than 1 in every 2000 housing units, although St. Charles Parish experiences nearly triple that rate with 1 in every 769 homes currently in foreclosure.
Medical debt can also factor into personal debt, and with nearly 20% of the state population having no medical insurance, it is likely that many people have significant healthcare bills to address.
Louisiana residents land almost in the middle of the rankings when it comes to credit card debt, with some figures indicating an average balance of $6,036.99, making the state the 22nd highest in the country.
However, over 40% of Louisiana credit files have their debt in collection, with amounts owed longer than 180 days, and are likely being contacted by collection agencies. The amount of that debt in collection ranges depending on the area. For instance, the average in New Orleans is $4251 in collection, and Baton Rouge?s is $4561. The statewide average tends to be approximately $4194 in collections. There are a number of debt consolidation agencies within Louisiana that seek to help residents to address these challenges before they become worse.
Debt Consolidation In The News
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Almost 35,000 former Corinthian College students in California will have the remainder of their private loan balances forgiven and some may receive payment refunds after an investigation by the state ...
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Best Debt Settlement Companies recently reviewed and launched the list of top three debt relief companies that can help Baltimore residents get out of their mounting credit card debts. New York, Unite...
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BOSTON - United Advisors Group LLC, branded as a student-loan debt relief company, has agreed to stop operating in Massachusetts after allegations that it charged unlawful upfront fees and misled cust...
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