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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 gas tax called inadequate for infrastructure

BENTON -- Kentucky Transportation Cabinet Secretary Greg Thomas and State Sen. Danny Carroll spoke Monday about the possibility of increasing the state gas tax to provide more funding for infrastructu...

Published:  Mon, 17 Sep 2018 23:11:00 GMT



Bill would require living wage for Kentucky jobs created with tax incentives

A Kentucky representative has pre-filed a bill that would require jobs created with tax incentives to pay a living wage. The bill was pre-filed by Rep. Jeff Donohue, a Democrat who represents the 37th ...

Published:  Mon, 17 Sep 2018 04:03:00 GMT



Jimmy Rodefer: Online sales taxes in the state's court

Wayfair also means goods sold online out of Tennessee, Kentucky, Indiana and other states will become more expensive as sales tax is added to the cost. But how much, and how soon Online sellers not a...

Published:  Tue, 18 Sep 2018 04:16:00 GMT



Group wants $100 million tax break to lure developer for Rupp Arena's parking lot

If approved locally, the application goes to the Kentucky Economic Development Finance Authority, which has final say on the tax break. Owen said a developer has not been selected. The ongoing $241 mi...

Published:  Thu, 06 Sep 2018 08:25:00 GMT



Wyoming lawmakers to talk corporate taxes ... again

Compared to other taxes paid by corporations ... rates than similarly regulated states like Utah, North Dakota and Kentucky, largely because its industries outside of natural gas are taxed ...

Published:  Mon, 17 Sep 2018 22:49:00 GMT



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