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      September 19, 2018

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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.


Centralized tax system could help Louisiana avoid lawsuit from internet sales tax plan, foundation says

Louisiana is setting itself up for a massive lawsuit if the state, as planned, starts charging sales taxes on internet purchases Jan. 1 and doesn't dramatically alter the way those taxes are collected ...

Published:  Sat, 15 Sep 2018 20:13:00 GMT

GOP's latest tax-cut bill won't pass, but it could roil midterms in high-tax states like California

"Now that they're seeing that those hardworking families across the country are benefiting, I challenge them to switch their vote and now vote "˜yes' to make those tax cuts permanent," Rep. Steve Scali...

Published:  Wed, 12 Sep 2018 22:20:00 GMT

Severance Tax: How does Louisiana stack up

By: Gifford Briggs, President of the Louisiana Oil & Gas Association "No taxation without representation!" the slogan that originated during the 1700s and started a Revolution. In the past ...

Published:  Fri, 14 Sep 2018 07:23:00 GMT

La Crosse Mayor Tim Kabat: Personal property tax changes unfair to homeowners

Changes to personal property tax on the state level are creating challenges for city officials as they work to create a balanced budget, La Crosse Mayor Tim Kabat said. Last year, the Wisconsin ...

Published:  Sun, 16 Sep 2018 05:36:00 GMT

State's $300M budget surplus has lawmakers questioning need for sales tax hike

"This is another reason why we should have never raised taxes." Louisiana's Constitution stipulates that surplus dollars from previous budgets can only be spent on one-time expenses, like debt payment...

Published:  Fri, 14 Sep 2018 14:43:00 GMT

Fiscal responsibility Pffft. The House GOP tees up another tax-cut vote

Desperate to hold on to their majority in the House, GOP leaders are planning to bring up a new set of tax-cut proposals soon that would dole out more favors to certain constituents - especially those ...

Published:  Wed, 12 Sep 2018 11:10:00 GMT

Black communities in St. James on the losing end of Louisiana's "˜big win'

Formosa, on the other hand, is definitely here. The company has been promised significant state subsidies-a $12 million grant for infrastructure costs plus access to Louisiana's Industrial Tax Exempti...

Published:  Mon, 17 Sep 2018 05:42:00 GMT

Want a Carbon Tax Wait Until Next Year, Advocates Say

Just a few months ago, the House passed a resolution sponsored by House Majority Whip Steve Scalise (R-La.) that labeled carbon taxes as "detrimental" to the U.S. economy; just six Republicans joined ...

Published:  Tue, 11 Sep 2018 10:50:00 GMT

What has happened with efforts to cut Louisiana state contracts

In a cycle of budget crises, Louisiana leaders said two years ago that the state ... The state Legislature approved extending a portion of a 2016 sales tax hike to shore up the state budget. The offic...

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

La Crosse area officials: Dark store loophole unfair to homeowners

What's known as the dark store loophole unfairly shifts the tax burden from big box stores to homeowners and small businesses La Crosse's elected officials said Monday during a town hall event ...

Published:  Mon, 17 Sep 2018 17:42:00 GMT

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