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      January 18, 2019

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Debt Consolidation in Kentucky

Kentucky MapIn one of the top indicators of consumer debt, Kentucky ranks first out of the fifty states: credit card debt. It is the only state to cross the five-figure mark, with the average resident carrying credit card debt in the neighborhood of $10,079.53. For this reason, many Kentuckians turn to debt consolidation to help them manage their finances.

On the other hand, Kentucky college graduates rank 34th in the nation when it comes to students leaving college with student loans. Only 59% of graduates have some kind of student debt, with an average dollar amount of $24,693.

With respect to mortgages, the median list price for single-family homes in Kentucky tends to be around $138,000 with a median sale price typically at $117,000. While foreclosure rates vary statewide, the overall foreclosure rate in Kentucky is 1 in every 3271 housing units. In some counties, those rates are even higher. For instance, a typical foreclosure rate in Boyle County is 1 in every 684 homes, nearly five times the average for the rest of the state.

In Kentucky, personal bankruptcy filings seem to be on the decline, dropping 7.4% in an average year. This is after some years seeing more than 24,000 individuals filing for bankruptcy in the state, at a rate of 5.6 filings per 1000 residents. Consumers often consider debt consolidation as an alternative to filing for bankruptcy, and that could be a factor in the changes in the statistics in recent years.

The Kentucky Consumer Protection Act mirrors the benefits offered by the federal act of a similar name, by offering residents certain safeguards when facing debt collection. Kentuckians are encouraged to contact the state?s Office of the Attorney General if they need guidance regarding their individual issues.


Kentucky should tax e-cigarettes

Politicians are always looking for something popular to support. And most of them do want to make a positive difference in the lives of their constituents, especially children. So, in a day and age wh...

Published:  Thu, 17 Jan 2019 05:14:00 GMT

KY Attorney General files for governor, calls on candidates to release taxes

KENTUCKY (KFVS) - Kentucky Attorney General Andy Beshear announced he is running for governor. The Beshear and his running mate, Jacqueline Coleman, filed their candidacy papers for the 2019 governor' ...

Published:  Tue, 15 Jan 2019 15:39:00 GMT

Beshear Files For Kentucky Governor, Urges Opponents To Release Taxes

FRANKFORT, Ky. (AP) - Kentucky Attorney General Andy Beshear has officially filed to run for governor, calling on his Democratic opponents to release their tax returns ahead of the primary on ...

Published:  Wed, 16 Jan 2019 10:04:00 GMT

Hundreds of Kentucky IRS workers called to work without pay for tax filing season

President Donald Trump has signed a bill, passed by Congress, guaranteeing back pay for federal workers. The money will not come until the government shutdown ends. It is now the longest in United Sta...

Published:  Wed, 16 Jan 2019 19:56:00 GMT

USDA to open offices to help farmers with loans and taxes

Federal officials say 90 offices will be open in Kansas for three days to process loans and tax information for farmers. The U.S. Department of Agriculture announced Wednesday that the offices will be ...

Published:  Thu, 17 Jan 2019 08:53:00 GMT

Gatton's Institute for the Study of Free Enterprise to host forum on impacts of tax reform Jan. 22

at the University of Kentucky's Gatton College of Business and Economics is hosting a panel discussion on the subject of tax reform on Tuesday, Jan. 22. "Tax Reform at One Year: Are We Healthier and W...

Published:  Wed, 16 Jan 2019 16:35:00 GMT

Tips on how to pick a tax preparer

Before you hire someone to prepare your taxes, take a look at these tips from the Better Business Bureau serving Louisville, Southern Indiana and Western Kentucky. " Ask for referrals. Find out who yo...

Published:  Wed, 16 Jan 2019 16:15:00 GMT

Tax Experts Explain Identification Audits

MADISON COUNTY, Ky. (LEX 18) - A local tax preparation company said its experts have been answering a lot of questions about a letter some clients are receiving from the IRS about identification ...

Published:  Mon, 14 Jan 2019 14:53:00 GMT

Tax cuts, teacher pay on to-do list

The tax-overhaul task force also developed a tax-cut plan that ... in our favor is a little bit closer question because he's the same judge that knocked down Kentucky's first round." He was referring ...

Published:  Sat, 12 Jan 2019 23:32:00 GMT

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