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      December 18, 2018

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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.


In Upholding $100M Tax Shelter Fraud Verdict, KY High Court Sends a Message

To convince the Kentucky Supreme Court to reinstate a robust punitive damages verdict against international accounting firm Grant Thornton over its fraudulent promotion of tax shelters, attorney ...

Published:  Sat, 15 Dec 2018 18:52:00 GMT

This high school taught 'adulting' for a day: How to cook, do resumes, taxes and more

An "adulting conference" this week allowed Kentucky high school seniors the chance to learn ... post that parents passed around saying they needed a class in high school on taxes and cooking," organiz...

Published:  Sat, 15 Dec 2018 10:56:00 GMT

Mayor charged with tax fraud objects to recall petition

Mayor Jasiel Correia was charged with tax and wire fraud in October. Prosecutors say he used investments in a company he formed to fund a lavish lifestyle. But Correia refused to step down and said th...

Published:  Tue, 18 Dec 2018 06:49:00 GMT

State shouldn't tax dying to resolve opioid problem

In the last legislative session, the Kentucky General Assembly almost passed a tax on legal opioids that come into the state - and now, lawmakers may be considering a similar proposal again. Apparentl...

Published:  Sat, 15 Dec 2018 19:45:00 GMT

New tax on nonprofit salaries means less money going to the mission

The CEO of Kentucky-based Humana got closer to $1.3 million and the boss at Cigna got just a little more. You would have to conclude that these companies decided to overlook the tax considerations and ...

Published:  Sat, 15 Dec 2018 20:19:00 GMT

Gas tax hike can't be only answer for infrastructure

Only Missouri, with its 17 cents per gallon tax, is lower than Illinois. Kentucky charges 26 cents a gallon, Indiana 29 cents and Iowa and Wisconsin are both just under 31 cents per gallon. But Illino...

Published:  Mon, 17 Dec 2018 18:09:00 GMT

Grant Thornton to pay $100m over tax shelter

Lev301, a tax shelter that would supposedly allow proceeds of the Yungs ... However, in the final decision last week, the Supreme Court of Kentucky partially overruled a Court of Appeals opinion, main...

Published:  Tue, 18 Dec 2018 04:57:00 GMT

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