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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.

 

A miscalculation in the Missouri tax table is going to 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:  Thu, 21 Feb 2019 09:53:00 GMT



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



Parson Says Lawmakers Are 'Grandstanding' on Tax Mistake

JEFFERSON CITY, Mo. (AP) - Missouri Gov. Mike Parson says state lawmakers are "grandstanding" by holding numerous hearings to discuss a tax refund problem caused by a mistake on state tax withholding ...

Published:  Thu, 21 Feb 2019 08:54:00 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



13 States That Tax Social Security Benefits

Property Taxes: The median property tax on Missouri's median home value of $141,200 is $1,408. Inheritance and Estate Taxes: There is no inheritance tax or estate tax. For details on tax breaks ...

Published:  Thu, 21 Feb 2019 08:34:00 GMT



Business Coalition Cites 4 Reasons to Repeal Death Tax

John Thune, R- S.D., and Rep. Jason Smith, R-Mo. "The negative effects of the estate tax make permanent repeal the only solution for family businesses and farms," the pro-business groups add. The Fami...

Published:  Thu, 21 Feb 2019 11:10:00 GMT



MO House committee to continue to look into tax error

The mistake lead to many Missouri workers not withholding enough on personal income taxes in 2018. It left taxpayers on the short end of the stick. Deaton says the committee has questioned department ...

Published:  Wed, 20 Feb 2019 17:09:00 GMT



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