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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 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



Businesses Bemoan New Expansion Of Kentucky Sales Tax

Starting this week, Kentucky's six percent sales tax now applies to a new set of services like automotive repairs, pet grooming, dry cleaning, gym memberships and landscaping. The state legislature ap...

Published:  Mon, 02 Jul 2018 03:26:00 GMT



Big coaches' salaries could now mean big tax payments for schools like Kentucky, Louisville

Earlier this summer, Mitch Barnhart balked at the rising cost of college athletics. "We're growing faster than we have in the past and a lot of that is things we can't control," the Kentucky athletics ...

Published:  Thu, 05 Jul 2018 06:04:00 GMT



See what services are impacted by Kentucky's new sales tax

A slew of new taxes took effect over the weekend in Kentucky. Effective July 1, prices for things like car repairs, tanning bed visits, veterinarian care and gym memberships jumped 6 percent because o...

Published:  Mon, 02 Jul 2018 08:24:00 GMT



New KY sales tax will not impact school fundraisers

LOUISVILLE, KY (WAVE) - Kentucky's new sales tax law took effect on July 1st, but according to the Kentucky Parent Teacher Association, it will not impact student fundraisers. According to the KPTA, t...

Published:  Fri, 06 Jul 2018 14:32:00 GMT



Commercial paper program helps Kentucky sewer district adjust to tax law changes

A Louisville, Kentucky, sewer district is launching a $500 million tax-exempt commercial paper program to save money and finance repairs as part of its adjustment to a world without advance refundings ...

Published:  Wed, 11 Jul 2018 08:42:00 GMT



Kentucky Tonight to feature panelist on tax law changes

Regularly scheduled Kentucky Tonight will not air Monday. In its place, at 7 pm, KET will present Kentucky Tax Law Changes: What You Need to Know, a live call-in program addressing changes to Kentucky ...

Published:  Sun, 08 Jul 2018 20:57:00 GMT



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