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Across several kinds of consumer debt, residents of the state of Mississippi vary widely. For instance, with respect to student debt, graduates rank 34th overall with 57% finishing degrees with outstanding loans; however, those same graduates rank 19th in terms of the amount of debt, with an average balance of $27,571 upon graduation.
Mississippi is second only to Kentucky when looking at credit card debt. The average credit card balance is $9,821.80. For those who do not find a way to manage that credit card debt, such as through use of debt consolidation services, they may find themselves considering bankruptcy.
In Mississippi, there are almost 11,000 individuals who file for bankruptcy in an average year, at a rate of 3.71 filings for every 1000 residents. This puts Mississippi in tenth place in comparison with other states in America.
Mississippi also has the dubious honor of being the state with the highest rate of auto loan delinquency: 2.54% of all auto loans in the state are delinquent in an average three-month period. Debt consolidation would be one way for Mississippi residents to address such auto loan debt before it becomes delinquent.
In one measurement, however, Mississippi is doing better than many states in America: foreclosure. Only one in every 4483 homes in the state is in foreclosure, and even the hardest-hit counties (George, De Soto, and Jackson) are just under one home in every 2000 facing foreclosure. Mississippi does have a median list price that is also lower than many other areas in the nation at $139,500.
Mississippi residents should be aware that it is a ?one party? consent state, meaning that debt collectors are allowed to record a phone call made for the purposes of collection without getting the permission of the person receiving the call.
Debt Consolidation In The News
Do you have crippling debt? Are you thinking about declaring bankruptcy? Bankruptcy stays on your credit report for 7 to 10 years and has a detrimental effect on your credit score for even longer. ...
Published: Wed, 24 Apr 2019 01:59:00 GMT
Student debt stands at $1.46 trillion, with $79 billion in debt added in 2018 alone. College debt is linked to delayed milestones of adulthood, such as buying a first home, and a decline in small ...
Published: Tue, 23 Apr 2019 11:51:00 GMT
Many college graduates who borrow money to finance their education end up with multiple student loans. I ended up with about a dozen between my undergraduate degree and graduate school. If you have ...
Published: Tue, 23 Apr 2019 06:47:00 GMT
Senator Elizabeth Warren unveiled a sweeping plan Monday to forgive massive amounts of student loan debt for middle-class Americans as she tries to appeal to the young voters expected to play a major ...
Published: Mon, 22 Apr 2019 05:01:00 GMT
Americans are slipping ever deeper into hock. To cope, many people turn to debt consolidation loans, cash-out mortgage refinancing and retirement plan loans that promise relief but could leave them ...
Published: Wed, 24 Apr 2019 08:39:00 GMT
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