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Debt Consolidation in Iowa

Iowa MapIn the state of Iowa, 4.1% of residents have past due debt; 26.3% of that debt is currently in collections with an average balance of $4,810. In contrast, the overall cost of debt in Iowa is the lowest of all 50 states, with an average cost of $129,394 over a consumerís lifetime. This is largely due to the fact that Iowans also tend to have the lowest overall new mortgage amount ($120, 467), mortgage interest rates that usually fall below the national average, and they maintain an average credit score of 689 statewide.

Iowa is in fourteenth place with respect to states with the highest credit card debt, with the average resident maintaining a credit card balance of $7048.77. On the other hand, Iowa ranks ninth highest overall when it comes to college students graduating with debt, with 69% of students carrying an average of $29,370 in remaining student loans on the day they receive their diplomas.

Bankruptcy filings in Iowa tend to be on the lower end of the nationwide scale, with approximately 2.17 individuals per 1,000 filing for bankruptcy in an average year.

Residents of Iowa who are considering bankruptcy should know that there are a number of assets that are exempted from collection such as equity in the home and public assistance benefits, and that debt consolidation might be a better option.

In Iowa, debt collectors are only required to be licensed if they bring in more than $25,000. Iowa Attorney General Tom Miller is further pushing for regulations on bank practices with respect to the processes by which faulty claims were issued against state residents.

The Secretary of Stateís office maintains a list of registered debt consolidation agencies in Iowa, and state law allows consumers to cancel a signed contract within the first three days, without penalty.

 

Iowa's Sen. Ernst repays $1,900 tax break claimed in error

DES MOINES, Iowa (AP) - Sen. Joni Ernst of Iowa repaid $1,900 to the Office of Tax and Revenue two days after a newspaper questioned her about a tax break she had been claiming on her condo in Washing...

Published:  Tue, 12 Feb 2019 16:54:00 GMT



The state and local tax deduction cap probably isn't going away - despite Trump's comments

The 2017 tax law slashed the corporate tax rate and reduced personal ... One key lawmaker, Sen. Charles Grassley (R-Iowa), who chairs the committee that would consider any revision, already has vowed ...

Published:  Sat, 16 Feb 2019 13:00:00 GMT



Sen. Grassley Issues Floor Remarks on Tax Extenders, Disaster Tax Relief

WASHINGTON, Feb. 14-- The office of Sen. Charles E. Grassley, R-Iowa, issued the following floor remarks on tax extenders and disaster tax relief: "For several months now, we have been working to ...

Published:  Sat, 16 Feb 2019 17:21:00 GMT



Public hearing set on FY 2020 Iowa Valley budget proposal, lower tax rate expected

T-R FILE PHOTO - The Iowa Valley board will hold a public hearing on the proposed FY 2020 district budget. That hearing will be 4 p.m. March 6 at the district administration office, 3702 S. Center St. ...

Published:  Thu, 14 Feb 2019 22:50:00 GMT



Iowa legislators introduce cigarette tax hike, advance animal cruelty proposal

HOUSE ETHICS: Less than 48 hours after approving nearly $90 million more in state funding for K-12 education on a largely party-line vote, the Iowa House unanimously approved its code of ethics ...

Published:  Wed, 13 Feb 2019 20:30:00 GMT



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