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      July 16, 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.


Louisiana no longer has the highest sales tax in the nation - but barely

Louisiana has shed its unwanted title as the state with the highest sales tax rate in America, according to the Tax Foundation. But the drop to second behind Tennessee is by the slimmest of margins - ...

Published:  Mon, 16 Jul 2018 10:57:00 GMT

Louisiana no longer has nation's highest average sales tax rate -- by a nose

Louisiana no longer has the nation's highest average sales tax rate - just barely losing that distinction to Tennessee. A new analysis released Monday from the Tax Foundation, a conservative Washingto...

Published:  Mon, 16 Jul 2018 11:43:00 GMT

Louisiana doesn't have the highest sales tax rate in the country anymore

Louisiana doesn't have the highest average sales tax rate in the country anymore -- barely. Tennessee, with its 9.46 percent average rate, has beaten out Louisiana, with a 9.45 percentage average rate ...

Published:  Mon, 16 Jul 2018 09:57:00 GMT

Louisiana tax preparer gets 3 years for filing false returns

A Louisiana tax preparer has been sentenced to three years for filing false tax returns. U.S. Attorney David C. Joseph, in a news release, said U.S. District Judge S. Maurice Hicks Jr. also sentenced ...

Published:  Mon, 16 Jul 2018 08:24:00 GMT

Tax loophole from 1960s could let the wealthy use lower corporate rate for themselves

An obscure tax provision from the 1960s that was left untouched by President Trump's overhaul could let wealthy individual investors seize for themselves the largest corporate tax cut in U.S. history. ...

Published:  Fri, 13 Jul 2018 00:40:00 GMT

Louisiana Legislature Partially Extends Sales Tax Hike, Fate of Online Sales Tax Still Uncertain

The Louisiana legislature partially renewed the state's sales tax to 4.45 percent at the end of June after holding a special legislative session to address the state's expected revenue shortfall for f...

Published:  Thu, 12 Jul 2018 12:41:00 GMT

Filming in Louisiana picking back up after tax credit revisions

A growing film industry in New Orleans earned the city the nickname, Hollywood South. However, after the state ended some tax credits, productions left the area. Some of those credits came back last y...

Published:  Sun, 15 Jul 2018 20:36:00 GMT

La. no longer leads nation in sales tax, but just barely

La. no longer leads nation in sales tax, but just barely See what state has taken over the unwanted top spot Check out this story on ...

Published:  Mon, 16 Jul 2018 10:05:00 GMT

Not So Fast: Louisiana State and Local Sales Taxes in a Post-Wayfair World

As word spread about the Supreme Court's opinion in South Dakota v. Wayfair, Inc., Dkt. No. 17-494, 485 U.S. (June 21, 2018), tax administrators around the country popped open bottles of champagne and ...

Published:  Wed, 11 Jul 2018 11:46:00 GMT

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