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Debt Consolidation in Louisiana

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.

 

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Debt Consolidation In The News

Betsy Devos Sued Again Over Delays In Student Debt Relief

Secretary of Education Betsy DeVos was hit with another lawsuit Tuesday claiming she failed to cancel student debt owed by people whose for-profit colleges have been shut down. The new lawsuit ...

Published:  Tue, 13 Nov 2018 13:37:00 GMT



Borrowers Face Hazy Path as Program to Forgive Student Loans Stalls Under Betsy DeVos

The relief program, called borrower defense, became a popular way for students to seek debt forgiveness after several major for-profit schools went bust in recent years. During the Obama administratio...

Published:  Mon, 12 Nov 2018 19:24:00 GMT



Lawsuit seeks to force Betsy DeVos to cancel defrauded students' loans

The lawsuit states DeVos hasn't implemented the protections since the ruling, preventing elligible borrowers who attended school on about 1,400 campuses between November 2013 and November 2015 from re...

Published:  Tue, 13 Nov 2018 17:16:00 GMT



Vermont's Attorney General Warns of Student Loan Scams

T.J. Donovan said Tuesday that his office, and colleagues around the country, have been hearing from borrowers who thought they were dealing with debt relief companies or paperwork completion provider...

Published:  Tue, 13 Nov 2018 18:49:00 GMT



Jim Ross: Bank consolidation boosts local lending power

"It makes us competitive on deals we couldn't do before WesBanco. In fact, we've approved a loan that's more than triple our previous legal lending limit," said Geoff Sheils, Huntington market preside...

Published:  Tue, 13 Nov 2018 21:42:00 GMT



DeVos sued for allegedly failing to comply with judge's order to cancel student debt

Last month a court ruled that the Obama-era debt regulations had to be implemented after over ... the Department of Education seems determined to deny student borrowers the financial relief to which t...

Published:  Tue, 13 Nov 2018 22:30:00 GMT



DeVos Sued For Continuing To Collect Loans From Defrauded Students

In October, a federal judge ruled that an Obama-era student loan relief program should go into effect immediately. But a group of advocates in California claim that rule has yet to be implemented. The ...

Published:  Tue, 13 Nov 2018 22:50:00 GMT



Defunct UT Bank sues Woyome over GHC 9.4m debt

In the case of CDH Holding, the Receivers want to recover an alleged debt of ¢100 million from that holding company ... An order for payment of Interest on the sum of GH¢9,461,505.81 referred to in re...

Published:  Wed, 14 Nov 2018 02:33:00 GMT



Common Debt Consolidation Terms

We've previously provided concise definitions for various terms related to debt resolution. We also discussed the basic purpose and mechanics of debt consolidation in the earlier post. In this post we ...

Published:  Thu, 18 Oct 2018 08:00:00 GMT



Trump Loses To Obama With Student Debt Relief Ruling On For-Profit Colleges

The for-profit college industry will further challenge an Obama-era rule granting student debt relief despite the mandate going into effect this week. Trump's Department of Education, criticized for s...

Published:  Fri, 19 Oct 2018 04:32:00 GMT




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