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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.


Sales tax exemption a win for Kentucky nonprofits

The Kentucky Derby Museum is one of the organizations that will benefit from a sales tax exemption for nonprofits. | Photo by Rebekah Alvey The last session of the Kentucky General Assembly ...

Published:  Tue, 23 Apr 2019 09:05:00 GMT

Booker tax returns show income drop, high charitable giving

Michael Wyke AP Photo Democratic presidential candidate Cory Booker has released 10 years of tax returns, showing his income dipped significantly last year but he remained generous toward charity. ...

Published:  Wed, 24 Apr 2019 14:58:00 GMT

Kentucky Derby horses: Tax goes from maiden-claiming ranks to Derby

Kentucky Derby horses: Tax goes from maiden-claiming ranks to Derby Tax is set to be trainer Danny Gargan's first Kentucky Derby starter. Check out this story on ...

Published:  Mon, 22 Apr 2019 17:14:00 GMT

Ky. Supreme Court rules that tax documents must be made public

The Kentucky Supreme Court ruled that the state's Department of Revenue must make its rulings public. The ruling was made in the case of the Department of Revenue v. Mark F. Sommer. Sommer is a member ...

Published:  Mon, 22 Apr 2019 12:37:00 GMT

Tax Odds to Win the 2019 Kentucky Derby with Picks and Predictions

Want a surefire test of whether a name for a horse is a good one or not? It's simple. If you are thinking of a simple, common one-word name for a horse and that name is available then it is a bad name ...

Published:  Wed, 17 Apr 2019 14:59:00 GMT

How to avoid a goose attack, tax day freebies, Kentucky Derby ice cream: 3 things to know

How to avoid a goose attack, tax day freebies, Kentucky Derby ice cream: 3 things to know When geese attack, tax day freebies, Derby ice cream: Three headlines you may have missed Check out this story ...

Published:  Mon, 15 Apr 2019 17:56:00 GMT

Federal law helps cut Humana income tax bill by $1.2B in 2018; other companies see mixed impact

The tax cuts' impact on wages ... and has won awards from multiple journalism organizations in Indiana and Kentucky for feature series, news, First Amendment/community affairs, nondeadline ...

Published:  Tue, 23 Apr 2019 02:45:00 GMT

Kentucky Supreme Court rules in favor of Frost Brown Todd open records tax case

LOUISVILLE, Ky. - Kentucky taxpayers now have access to the state's Department of Revenue (DOR) tax rulings. The case, Department of Revenue v. Mark F. Sommer, was successfully argued before the ...

Published:  Mon, 22 Apr 2019 11:16:00 GMT

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