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      November 14, 2018

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Debt Consolidation in Idaho

Idaho MapAccording to the Urban Institute, 28.3 percent of consumers in Idaho have had their debt turned over for collections. Debt is sent to collections if it is more than 180 days overdue, which can negatively affect a consumerís credit rating for over seven years.

While the percentage may seem high, Idahoans actually have some of the lowest amount of debt in collections in the nation. Consumers who have had their debt turned over to collections still are afforded protections from both the state and federal governments on how that debt may be collected.

Under the Fair Debt Collection Practices Act, debt collectors are required to treat consumers fairly and are prohibited from engaging in certain practices in an attempt to recover money owed to creditors. The Idaho Department of Finance also requires collection agencies to be properly permitted to operate within the state. Agencies that obtain permits must adhere to Idaho statutes and rules in addition to federal law.

Consumers who wish to reduce their debt have options, even if that debt has been turned over for collections. Working with a consumer credit counseling agency can help consumers to negotiate lower monthly payments with creditors, or apply for debt consolidation programs if they qualify. As a last resort, consumers can file for bankruptcy; however, the ramifications of doing so will remain with them for up to seven years, affecting their ability to acquire new credit.


Amazon's 'HQ2' $2bln cost to tax payers

Amazon's decision to split its second quarters between New York's Long Island City and Arlington Virginia revealed the $2 billion in tax breaks the company received in exchange for 50,000 jobs. Amazon ...

Published:  Tue, 13 Nov 2018 10:30:00 GMT

Ricketts considering tax plan to help struggling farmers

The governor floated the idea last week as a way to prevent property taxes from sharply increasing even as the state's agricultural economy is having troubles. A similar bill stalled in the Legislatur...

Published:  Sun, 11 Nov 2018 06:02:00 GMT

Grocery tax punishes the working Idahoan

It is time for the legislature to pass legislation to eliminate Idaho's regressive sales tax on groceries. Here are some facts that must be considered: First, no one knows for certain what the effect ...

Published:  Tue, 13 Nov 2018 11:15:00 GMT

Sales tax on groceries

... knows for certain what the effect would be on state tax revenues.This is because sales tax collections on groceries are not reported separately to the Idaho Tax Commission. Therefore, figures on g...

Published:  Mon, 12 Nov 2018 09:41:00 GMT

Hawke's Bay husband and wife restauranteurs sentenced after tax evasion of nearly $1m

A Hawke's Bay restaurant owner who evaded more than $800,000 in tax payments has been jailed for two and a half years. Rakesh Kumar was investigated by Inland Revenue after a total evasion of $833,294 ...

Published:  Tue, 13 Nov 2018 17:43:00 GMT

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