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      February 23, 2019

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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.

 

Savings from Missouri's tax credit shift are not factoring into the budget

JEFFERSON CITY " Although a Senate proposal to cap spending on low-income housing tax credits could save the state as much as $600 million over the next decade, a key budget writer says he is not coun...

Published:  Mon, 18 Feb 2019 04:42:00 GMT



Miscalculation in Missouri tax table will cost some taxpayers this tax season

JEFFERSON CITY, Mo. - The Special Committee on Government Oversight heard testimony on Wednesday from Director of Revenue, Joel Walters, on a 15-year-old miscalculation in the state's tax ...

Published:  Fri, 22 Feb 2019 16:12:00 GMT



Letters for February 24: Taxes, government and more

Ask your preparer to figure tax this year on same income as prior year to see the difference. It is difficult to understand the arrogance of some Missouri state legislators. They surely observed that ...

Published:  Sat, 23 Feb 2019 04:47:00 GMT



Missouri residents may see smaller tax refunds this season

ST. LOUIS (KMOV.com) -- Several News 4 viewers have reached out with complaints that their tax refunds from the State of Missouri are taking longer to reach them. Others are asking why the amount of t...

Published:  Wed, 20 Feb 2019 15:25:00 GMT



Missouri Senate Votes to Cap Low-Income Housing Tax Credits

JEFFERSON CITY, Mo. (AP) - Missouri senators have voted to cap state tax credits for low-income housing. Senators voted 31-0 Friday to send the measure to the House. State and federal tax credits subs...

Published:  Thu, 21 Feb 2019 15:57:00 GMT



Tax incentive bill passes Missouri House, stalls in Senate

JEFFERSON CITY, Mo. (AP) - A proposal to expand a Missouri tax incentive program for businesses has passed the state House but is meeting pushback in the Senate. A bill to allow the Department of Econ...

Published:  Tue, 19 Feb 2019 06:57:00 GMT



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