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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.

 

Tax hike fuels jump in Indiana gas prices since last year

INDIANAPOLIS - Indiana is heading into the Memorial Day weekend tied with California for the largest gas price increase in the U.S. over the past year, driven in part by a fuel tax increase enacted by the state's Republican-dominated Legislature.

Published:  Sun, 20 May 2018 10:01:00 GMT



Tax hike helps fuel big jump in Indiana gasoline prices

Indiana is heading into the Memorial Day weekend tied with California for the largest gas price increase in the United States over the past year, driven in part by a fuel tax increase enacted by the state's Legislature. Filling up a tank in Indiana cost an ...

Published:  Sun, 20 May 2018 20:32:00 GMT



Tax cuts: Have they benefited Indiana's economy

President Donald Trump speaks during a rally in Elkhart, Indiana, on Thursday night. - SAUL LOEB/AFP/Getty Images In front of a crowd of roaring supporters in Indiana on Thursday night, President Donald Trump touched on a variety of issues, like his ...

Published:  Fri, 11 May 2018 08:49:00 GMT



Plan to hold line on taxes appreciated

On Monday the Indiana Area school board took a vote on preliminary action on the 2018-2019 budget. I am appreciative of the majority vote to attempt a budget with a zero percent tax increase. We were cautioned that this goal may not be achievable ...

Published:  Sat, 19 May 2018 22:16:00 GMT



Pence turns attention to Texas school shooting ahead of Indiana tax reform event

Pence turns attention to Texas school shooting ahead of Indiana tax reform event Vice President Mike Pence's comments on the shooting came as he spoke to soldiers at Stout Field. Check out this story on IndyStar.com: https://indy.st/2Itimsb

Published:  Fri, 18 May 2018 16:45:00 GMT



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