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Debt Consolidation in Missouri

Missouri MapMissouri ranks as one of the lowest states in the Union with respect to credit card debt, coming in 42nd with an average credit card balance of $4,009.37 per resident.

However, in one aspect of consumer debt - auto loans - Missouri is expected to have the second largest increase in the nation at 7%, second only to the state of Michigan. Residents who take on too much debt could find themselves facing delinquency in making payments, unless they consider options such as debt consolidation.

Missouri also ranks high in bankruptcy filings: 11th overall in the United States, with over 20,000 residents filing for personal bankruptcy in an average year. This represents a rate of approximately 3.5 individuals out of every 1,000.

Bankruptcy rates are often related to foreclosures, and Missouri experiences a foreclosure rate of 1 in every 1632 homes in a state of foreclosure in a typical year. The hardest-hit is Jefferson County, where 1 in every 764 homes is in foreclosure, more than double the rate for the rest of the state. High foreclosure rates are often correlated with high home sale prices, but the median sales price in Missouri for a single-family home is one of the lowest in America at $59,061.

On the other hand, with respect to student loans, Missouri fares somewhat better. Its college graduates rank 19th overall in terms of the percentage graduating with some form of student debt (63%), and an even lower 33rd place when considering the average amount of that debt ($24,957). Some graduates find that debt consolidation helps them to manage this and other debts they have as they enter the workforce.

Missouri residents should be aware that the state has no regulations regarding collection agencies, other than what is required by the Federal Fair Debt Collection Practices Act.

 

Collecting e-sales taxes is not a tax hike. Missouri lawmakers should use common sense

For years, states had been prevented from collecting sales taxes on online purchases because of a U.S. Supreme Court ruling that predates the internet. After the court overturned that precedent last ...

Published:  Sat, 13 Apr 2019 14:35:00 GMT



Would Illinois residents support taxes on plastic bags to help the state coffers?

However, some states, such as Missouri, Iowa and Indiana, prevent municipalities from imposing a ban, fee or tax on paper or plastic bags, according to the National Conference of State Legislatures.

Published:  Sat, 20 Apr 2019 15:00:00 GMT



Trump's Taxes Are Fair Game. Just Ask Warren Harding.

Representative Ralph Lozier, a Missouri Democrat, made a more populist pitch, saying that "the country has the right to know whether or not the tax returns made by the idle rich and the gigantic ...

Published:  Sat, 20 Apr 2019 06:00:00 GMT



Missouri tax payers getting a little help from the state

JEFFERSON CITY, Mo. - A little good news from the state for Missouri tax payers that were dreading a surprise bill. The bill is a result of a withholding error by the Department of Revenue.

Published:  Thu, 11 Apr 2019 16:28:00 GMT



Missouri House advances bill to collect online sales taxes

A bill advancing in the Missouri House would require out-of-state retailers to collect taxes on online sales to Missourians (Source: Pixabay) JEFFERSON CITY, Mo. (AP) - A bill advancing in the ...

Published:  Tue, 09 Apr 2019 19:59:00 GMT



New Tax Research Shows Immigrants Help Missouri's Economy

JEFFERSON CITY, Mo. - Just in time for Tax Day, a new internet tool shows the tax contributions of immigrants around the country. It shows that in Missouri, immigrants paid $2.3 billion in taxes in ...

Published:  Tue, 16 Apr 2019 00:05:00 GMT



Missouri House votes to stall fees for late tax payments

JEFFERSON CITY, Mo. (AP) - Missouri lawmakers are considering giving taxpayers a break if they can't pay on time this year, but Democrats say the effort may be too late. The House gave initial ...

Published:  Wed, 10 Apr 2019 12:44:00 GMT



Mo. Solar Energy System Exempt From Tax, Commission Rules

Law360 (April 18, 2019, 3:07 PM EDT) -- The Missouri State Tax Commission ruled Thursday that a solar energy system is exempt from ad valorem tax under a state statute that carves out relief for solar ...

Published:  Thu, 18 Apr 2019 15:17:00 GMT



Missouri Lawmakers Hope To Provide Relief From Unexpected Tax Bills - But Is It Necessary?

After changes to tax laws caused some surprise tax bills for Missourians, lawmakers are trying to provide some relief from interest and penalties. But a Republican senator contends legislation isn't ...

Published:  Wed, 17 Apr 2019 04:30:00 GMT



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