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      May 21, 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.


Talk of new taxes to pay for Kentucky roads

LOUISVILLE (WHAS11) -- Potential new taxes to alternative fuel vehicles and/or upping the gas tax could be solutions to a problem waiting down the road in Kentucky. Lawmakers just passed a budget, but leaders on both sides of the aisle warn that unless ...

Published:  Thu, 10 May 2018 14:28:00 GMT

Tax Reform Win: Novelis Breaks Ground On New $300 Million Manufacturing Facility In Kentucky

Since 2008 manufacturing in the United States has added more than a million new jobs, and today that momentum continued with a major announcement by Novelis, Inc.-spurred on, in part, by the recently enacted tax reform legislation. The global leader in ...

Published:  Mon, 14 May 2018 11:48:00 GMT

Tax hike fuels jump in Indiana gas prices since last year

"We were concerned with our members who are on the border because if you go buy fuel in Kentucky, it's much cheaper than in Indiana." As Indiana aims at striking a balance between increasing its gas tax and funding infrastructure projects, the ...

Published:  Sun, 20 May 2018 10:01:00 GMT

Seattle OKs tax on companies like Amazon to help homeless

Seattle's largest businesses such as Amazon and Starbucks will have to pay a new tax to help fund homeless services and affordable housing under a measure approved by city leaders. The City Council unanimously passed a compromise plan Monday that taxes ...

Published:  Mon, 14 May 2018 23:48:00 GMT

The Kochs Helped Slash State Taxes. Now Teachers Are in the Streets

Kentucky's down 15.8 percent, Arizona's 13.6 percent, West Virginia's 11.4 percent, and North Carolina's 7.9 percent. Oklahoma's crisis was arguably the worst. The state boomed until 2014, when crashing oil prices combined with tax cuts to tank ...

Published:  Wed, 16 May 2018 01:00:00 GMT

Teachers' group seeks to stop Oklahoma anti-tax question

Professional Oklahoma Educators argues in court paperwork that repealing the tax hikes would undo teachers' raises, which are necessary "for the immediate preservation of the public peace." Teacher walkouts started in West Virginia and spread to Kentucky ...

Published:  Mon, 14 May 2018 16:35:00 GMT

City's budgeting, tax approach has paid off

As the Great Recession hit southcentral Kentucky a decade ago, city officials took a step ... As importantly, the city has avoided tax hikes. We applaud the city for continuing to provide a high level of services and projects that meet the community's ...

Published:  Thu, 17 May 2018 07:18:00 GMT

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