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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 board approves tax increase to make schools safer

LEXINGTON, Ky. (AP) - A Kentucky school board has approved a property tax increase to fund a $13.5 million initiative to help prevent school shootings. The Fayette County Public Schools board voted 4- ...

Published:  Fri, 20 Jul 2018 05:41:00 GMT

10 Kentucky counties with the highest property taxes earmarked for schools

LEXINGTON, Ky. (WKYT) - Fayette County was already in the top 10 counties for property taxes earmarked for schools before the school board voted to increase them for security purposes. The cost is goi...

Published:  Thu, 19 Jul 2018 16:10:00 GMT

Is Kentucky's Tax Reform Dead On Arrival

Law360 (July 19, 2018, 3:55 PM EDT) -- House Bill 487[1] in its final form was introduced as a committee substitute, debated and voted out of the Kentucky House of Representatives[2] and the Kentucky ...

Published:  Thu, 19 Jul 2018 12:55:00 GMT

Kentucky parents can soon start tax-exempt K-12 education fund

Come July 14, parents, family, friends and others can set up and contribute to a tax-exempt Kentucky Education Savings Plan Trust offered by the state. The education fund will, for the first-time in K...

Published:  Mon, 09 Jul 2018 15:29:00 GMT

SHELL: Tax changes will boost our economy, create jobs

... step toward moving the state income tax closer to zero is now taking effect. The goal of this reform is to grow the economy and create more opportunity for all Kentuckians by modernizing and simpl...

Published:  Thu, 12 Jul 2018 09:47:00 GMT

Kentucky's new oral health plan calls for expanded roles for hygienists, expanded dental workforce

And to pay for part of the plan, it calls for a tax on soft drinks that cause tooth decay. The challenge is that all of these suggestions require action by the Kentucky General Assembly. The Strategic ...

Published:  Sun, 15 Jul 2018 22:03:00 GMT

Taxes on Nonprofit Fundraisers What Is Going On in the Bluegrass State

The landscape in Kentucky has just changed with the combination of a recent state supreme court ruling and a new tax bill that was passed by the legislature. On July 1, 2018, House Bill 487 went into ...

Published:  Mon, 09 Jul 2018 09:11:00 GMT

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