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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.

 

While Missouri GOP cheers tax cuts, some worry about a benefit to the wealthy

JEFFERSON CITY " Thanks to a package of tax cuts signed Thursday by Republican Gov. Mike Parson, Missourians will see a drop in their income tax rates starting next year. But one group says the state' ...

Published:  Thu, 12 Jul 2018 16:24:00 GMT



Despite Fears of Becoming Kansas, Missouri Cuts Taxes

Missouri Gov. Mike Parson on Thursday signed a bill that he says will provide both immediate and long-term tax cuts for Missourians. The measure, House Bill 2540, passed 101-40 in the House and 24-9 i...

Published:  Mon, 16 Jul 2018 05:29:00 GMT



Missouri Governor Set to Sign Income Tax Cuts

On Thursday, Missouri Governor Mike Parson (R) is set to sign House Bill 2540, which cuts the top rate of the individual income tax from 5.9 to 5.5 percent next year, while continuing with triggered r...

Published:  Wed, 11 Jul 2018 14:13:00 GMT



Gov. Parson signs Missouri tax cut long sought by Republican lawmakers

Gov. Mike Parson on Thursday signed a bill cutting Missouri's individual income taxes, a key legislative goal of the state's Republican lawmakers and one widely criticized by Democrats. The new law wi...

Published:  Thu, 12 Jul 2018 11:20:00 GMT



Governor signs tax reform bill in Springfield, foreshadowing cuts to come

Mike Parson. Flanked by lawmakers, Parson signed the tax reform bill at the Hartman and Co. heavy construction shop in west Springfield. Missouri's top income tax rate will drop from 5.9 percent to 5. ...

Published:  Thu, 12 Jul 2018 15:59:00 GMT



Parson signs MO income tax cut bill

Gov. Mike Parson has signed a Missouri income tax cut into law on Thursday, July 12. The governor signed the bill in Springfield, Mo. along with area lawmakers. "This is the first step in an ongoing p...

Published:  Wed, 11 Jul 2018 11:01:00 GMT



Missouri's sales tax holiday less than month away

Now that the Fourth of July holiday has passed, some parents might be looking ahead to Missouri's sales tax holiday. Missouri's sales tax holiday starts Aug. 3 at 12:01 a.m. and runs through Aug. 5. C...

Published:  Thu, 05 Jul 2018 08:42:00 GMT



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