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Debt Consolidation in Indiana

Indiana MapAccording to an article in the Deseret News, Indiana ranked 21st in a list of the twenty-five states with the lowest levels of consumer debt. However, other figures have shown that the average Hoosier household maintains a credit card debt of $9,304.42, putting the state fourth highest in the nation.

Student loan debt is another significant portion of the overall picture in Indiana. Statewide, 62% of graduates wind up owing money on loans. On average, this debt works out to be more than $28,000 per student.

In the past five years, some portions of Indiana have seen a decline in overall business bankruptcy filings; while on the other hand, the number of individuals filing for bankruptcy protection, such as through debt consolidation, was still noteworthy at 4.38 per 1,000 residents. Indiana has been higher than the national average for the past five years, sometimes by more than two percentage points.

Indiana residents benefit from the federal Fair Debt Collections Practices Act, which seeks to protect consumers from dishonest or unfair actions on the part of collection agencies.

State law allows debt collectors to file claims by mail, and also to pursue many assets that are not allowed in other states: cars, real estate, and pension payments, to name a few. Collection agencies are also able to choose the court in which their cases will be heard, and they often select the venue where they feel most likely to recover the largest possible amount of money. Because Indiana's laws tend to favor debt collectors, consumer debt in the state sells at a higher rate than in others, averaging seven cents on the dollar.

The Indiana Department of Financial Institutions recommends that consumers choose wisely when considering debt consolidation as an approach to managing their financial issues, as there are a wide range of providers and services available.

 

Want Triple Tax Benefits Donate to Scholarship-Granting Organizations

This may sound too good to be true, but thanks to the Indiana Department of Education's School Scholarship Tax Credit Program, it's possible. And it's making some Indiana students' dreams of a charter ...

Published:  Mon, 10 Sep 2018 06:03:00 GMT



Indiana tax revenue nearly meets expectations in July and August

INDIANAPOLIS - State revenue from sales, income and other taxes came in just slightly off-target during the first two months of Indiana's budget year. Data released Friday by the State Budget Agency s...

Published:  Sat, 08 Sep 2018 05:00:00 GMT



Indiana inks nearly $80M contract for tax-filing upgrade

INDIANAPOLIS (AP) - Indiana's tax-filing technology is set for a years-long modernization under a nearly $80 million contract with a Colorado-based company. The Indiana Department of Revenue will pay ...

Published:  Sat, 08 Sep 2018 07:54:00 GMT



Indiana inks $77 million dollar deal to modernize tax system

Ryan Johnston is an editorial intern for Scoop News Group. Johnston contributes content to all SNG publications. Four years after implementing new tax monitoring technology, Indiana has all but elimin...

Published:  Fri, 07 Sep 2018 13:08:00 GMT



Supervisors approve roadwork change orders, extend tax break

county and Indiana Area School District on most of the 220 acres near Routes 422 and 286. An exception is Windy Ridge occupant Creps United Publications. Township officials said the Creps lot was sold ...

Published:  Thu, 13 Sep 2018 06:30:00 GMT



Ask The Mayor: Terre Haute's Bennett On New Taxes, Budget

County residents see three tax increases approved, the convention center project is moving forward quickly, city leaders are looking forward to seeing plans for the new jail, next year's city ...

Published:  Wed, 12 Sep 2018 04:05:00 GMT



Indiana governor says truck toll not a tax; OOIDA says boycott the toll road

Less than two weeks after announcing a $1 billion infrastructure plan funded by a truck-only toll, Indiana Gov. Eric Holcomb recently addressed the trucking industry's concerns. Long story short: he s...

Published:  Fri, 14 Sep 2018 15:10:00 GMT



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