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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
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
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
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
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
"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
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
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