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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.


Louisiana's Special Session on Taxes Set for Next Week

BATON ROUGE, La. (AP) - Louisiana's next special session on taxes will begin next week, when lawmakers will negotiate whether to replace some expiring taxes whose absence will blow a hole in next year's budget. Gov. John Bel Edwards set the start and end ...

Published:  Mon, 14 May 2018 17:37:00 GMT

Senators say lean Louisiana budget shows need for taxes

A more than $28 billion Louisiana operating budget that would make steep cuts across government to protect health programs for the elderly and disabled won the backing Tuesday of a divided state Senate. Senators who voted for the budget proposal said they ...

Published:  Tue, 15 May 2018 13:51:00 GMT

Pelican Institute study: Proposed special session tax hikes would kill jobs, hurt GDP

A new study released Tuesday by the Pelican Institute concludes that four tax increases being considered during an upcoming special session of the Louisiana legislature would result in potentially thousands of lost jobs and negatively impact the state's ...

Published:  Tue, 15 May 2018 12:05:00 GMT

It's a great time to be a wealthy heir after Trump's tax overhaul

Many of the biggest beneficiaries of President Trump's tax overhaul haven't even been born yet. The new law doubles the amount that can be passed to heirs without worrying about estate and gift taxes, to about $22 million for a married couple. But the ...

Published:  Wed, 16 May 2018 12:00:00 GMT

Louisiana Legislature will try another special tax session starting May 22

Louisiana's next special session on taxes will begin May 22, when lawmakers will negotiate whether to replace some expiring taxes that are blowing a hole in next year's budget. Gov. John Bel Edwards is officially calling the special session Monday (May 14 ...

Published:  Mon, 14 May 2018 14:27:00 GMT

Louisiana state personal income tax returns due Tuesday

BATON ROUGE, La. (AP) - Louisiana state personal income tax filings are due Tuesday. The state Department of Revenue says anyone who wants an extension, to have more time to prepare and file the tax return, needs to request it ahead of the deadline to ...

Published:  Tue, 15 May 2018 05:45:00 GMT

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