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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.


Nickel tax fails in Lawrence County, Kentucky

LAWRENCE COUNTY, Ky. (WSAZ) --Voters in Lawrence County made a decision Tuesday about a nickel tax issue -- it failed. It was shot down by a vote of 3,244 to 1,796. It would have added an additional f...

Published:  Tue, 06 Nov 2018 21:01:00 GMT

Airbnb delivers $2.1 million in tax revenue to Kentucky in first year of agreement

Airbnb, the world's leading community-driven hospitality company, announced Tuesday that it remitted more than $2.1 million in home sharing tax revenue on behalf of its Kentucky hosts in the first yea...

Published:  Thu, 01 Nov 2018 01:16:00 GMT

State's General and Road Fund tax receipts strong in October

Chilton said in the state news release that the October activity continued to follow the path predicted by the tax reform efforts in 2018, albeit colored by some notable timing differences. "Sales and ...

Published:  Sat, 10 Nov 2018 18:35:00 GMT

Legal challenge likely for San Francisco tax to aid homeless

San Francisco voters approved a tax on the city's wealthiest companies Tuesday in an attempt to alleviate homelessness in a place where residents at risk of being priced out routinely encounter people ...

Published:  Wed, 07 Nov 2018 15:58:00 GMT

Correction: Kentucky-6th District Debate story

LEXINGTON, Ky. (AP) - Candidates in Kentucky's competitive 6th Congressional district argued over health care, taxes and the national debt in their only joint appearance before the Nov. 6th midterm el...

Published:  Tue, 30 Oct 2018 18:31:00 GMT

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