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Debt Consolidation in Missouri

Missouri ranks as one of the lowest states in the Union with respect to credit card debt, coming in 42nd with an average credit card balance of $4,009.37 per resident.

However, in one aspect of consumer debt - auto loans - Missouri is expected to have the second largest increase in the nation at 7%, second only to the state of Michigan. Residents who take on too much debt could find themselves facing delinquency in making payments, unless they consider options such as debt consolidation.

Missouri also ranks high in bankruptcy filings: 11th overall in the United States, with over 20,000 residents filing for personal bankruptcy in an average year. This represents a rate of approximately 3.5 individuals out of every 1,000.

Bankruptcy rates are often related to foreclosures, and Missouri experiences a foreclosure rate of 1 in every 1632 homes in a state of foreclosure in a typical year. The hardest-hit is Jefferson County, where 1 in every 764 homes is in foreclosure, more than double the rate for the rest of the state. High foreclosure rates are often correlated with high home sale prices, but the median sales price in Missouri for a single-family home is one of the lowest in America at $59,061.

On the other hand, with respect to student loans, Missouri fares somewhat better. Its college graduates rank 19th overall in terms of the percentage graduating with some form of student debt (63%), and an even lower 33rd place when considering the average amount of that debt ($24,957). Some graduates find that debt consolidation helps them to manage this and other debts they have as they enter the workforce.

Missouri residents should be aware that the state has no regulations regarding collection agencies, other than what is required by the Federal Fair Debt Collection Practices Act.

 

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Debt Consolidation In The News

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Published:  Fri, 22 Jun 2018 15:48:00 GMT



Nearly 35,000 former Corinthian College students in California will see debt relief

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Published:  Fri, 15 Jun 2018 03:30:00 GMT



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Student loan debt relief company barred from Mass. operations

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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Best Debt Relief Companies In Baltimore Named By Best Debt Settlement Companies

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. Baltimore, MD - ...

Published:  Tue, 05 Jun 2018 01:14:00 GMT




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