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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.


Indiana Corporate Taxes Continue To Fall As State Closes Books

Indiana closed the books on its 2018 fiscal year to mark the third consecutive year the state collected less in corporate taxes. The state collected $318 million less from corporations this year than ...

Published:  Fri, 13 Jul 2018 05:35:00 GMT

Indiana online sales tax can take effect after SCOTUS ruling

Under House Enrolled Act 1129 of 2017, Indiana can impose its 7 percent sales tax on any retailer that earns more than $100,000 in revenue or makes more than 200 separate transactions for tangible per...

Published:  Tue, 10 Jul 2018 23:28:00 GMT

Allen County Leaders Opposing Tax Proposal

... 1 percent cap could see a tax increase while experiencing a reduction in the services the taxes pay for, according to Henry. "Fort Wayne and northeast Indiana are moving in the right direction wit...

Published:  Thu, 19 Jul 2018 15:32:00 GMT

Indiana collected less corporate taxes in fiscal year 2018

INDIANAPOLIS - State officials say Indiana closed out the fiscal year that ended in June with about $1.8 billion in its reserves even though the state again collected less corporate income taxes than ...

Published:  Sat, 14 Jul 2018 05:16:00 GMT

Indiana finishes fiscal year with surplus, but corporate income taxes shrink

State officials say Indiana closed out the fiscal year that ended in June with about $1.8 billion in its reserves even though the state again collected fewer corporate income taxes than the previous f...

Published:  Fri, 13 Jul 2018 10:10:00 GMT

Tariffs, tofu and tax cuts

So what you need to know is that (a) quarterly fluctuations in growth are mainly noise, telling you very little about long-term economic prospects, and (b) more fundamental indicators show that Trump' ...

Published:  Wed, 11 Jul 2018 07:05:00 GMT

Spencer To Consider Giving Boston Scientific A Tax Abatement

"They want incentives to operate out of this plant from us and the state of Indiana," he says. Spinks says Spencer was in competition with some of Boston Scientific's other existing facilities for the ...

Published:  Wed, 18 Jul 2018 15:47:00 GMT

Pharmaceutical Manufacturer Eli Lilly Opens New $75 Million Research Facility In Indiana, Credits Tax Reform

Manufacturers across the country are seeing the benefits of tax reform and an accelerating economy, creating jobs and constructing new facilities to meet robust demand. Tax reform is helping manufactu...

Published:  Mon, 09 Jul 2018 06:49:00 GMT

Indiana to see 1-cent gas tax increase

INDIANAPOLIS (AP) - A gas tax increase will soon go into effect in Indiana. Lawmakers passed a bill last year that raised the 18-cent per gallon tax by 10 cents in order to fund road repairs. The Jour...

Published:  Thu, 21 Jun 2018 12:51:00 GMT

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