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Debt Consolidation in Louisiana

Louisiana MapWith respect to one aspect of personal debt, student loans, Louisiana ranks 47th overall. Less than half of all college graduates have debt upon receiving their diplomas, with the average amount of that debt at $23,358.

Louisiana tends to rank low on the list of bankruptcy filings as well, usually coming in 30th out of 50 states. In an average year, approximately 18,000 residents file for bankruptcy, with a per capita rate of 4.13 (out of every 1000 people statewide). Some individuals choose to pursue debt consolidation rather than filing for bankruptcy.

Mortgages are another component of personal debt, and Louisiana has a median home sale price of $149,000. Louisiana tends to have a foreclosure rate of slightly more than 1 in every 2000 housing units, although St. Charles Parish experiences nearly triple that rate with 1 in every 769 homes currently in foreclosure.

Medical debt can also factor into personal debt, and with nearly 20% of the state population having no medical insurance, it is likely that many people have significant healthcare bills to address.

Louisiana residents land almost in the middle of the rankings when it comes to credit card debt, with some figures indicating an average balance of $6,036.99, making the state the 22nd highest in the country.

However, over 40% of Louisiana credit files have their debt in collection, with amounts owed longer than 180 days, and are likely being contacted by collection agencies. The amount of that debt in collection ranges depending on the area. For instance, the average in New Orleans is $4251 in collection, and Baton Rouge?s is $4561. The statewide average tends to be approximately $4194 in collections. There are a number of debt consolidation agencies within Louisiana that seek to help residents to address these challenges before they become worse.

 

New Orleans still needs tax overhaul, watchdog group says

Most critical needs that have seen expanded funding have received it from new taxes and fees, rather than diverting revenue from other sources, BGR wrote. To address chronic infrastructure problems, ...

Published:  Thu, 25 Apr 2019 07:02:00 GMT



Have complaints about property tax proposal? Get in line behind these folks

People who showed up to complain about a plan to reduce property taxes by boosting state aid to schools had these main complaints: It hurts the state's largest school districts. Officials with the ...

Published:  Thu, 25 Apr 2019 08:43:00 GMT



Louisiana lawmakers once again turn to gambling to boost tax revenue, but is it worth it?

It was almost 30 years ago that Louisiana lawmakers first turned to gambling in an effort to replenish state revenues devastated by the late 1980s oil bust. In the three years starting in 1990, they ...

Published:  Sat, 20 Apr 2019 18:00:00 GMT



Bid to rework Louisiana sales tax deal rejected by senators

BATON ROUGE, La. (AP) - Republican lawmakers seeking to rework or repeal a Louisiana sales tax compromise passed last year seem unlikely to gain traction for the ideas in the Senate, where the tax ...

Published:  Tue, 23 Apr 2019 08:21:00 GMT



La Grange OKs budgets with planned property tax, water and sewer increases

The La Grange Village Board Monday unanimously approved operating and capital improvement budgets for the next fiscal year that call for increases in water and sewer rates. The details remain ...

Published:  Tue, 23 Apr 2019 13:44:00 GMT



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