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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.

 

Session ends with Missouri lawmakers OKing gas tax vote - and begins over possible impeachment

JEFFERSON CITY " With a special session on the possible impeachment of Gov. Eric Greitens looming, Missouri lawmakers wrapped up their regular business Friday with a focus on cutting taxes and bolstering business interests. Concluding a four-month ...

Published:  Sat, 19 May 2018 11:10:00 GMT



Missouri lawmakers pass income tax cut

JEFFERSON CITY -Missourians will soon be able to keep a little more money from their paychecks, after a state House committee voted to cut taxes Thursday night in a 101-40 vote. Missouri's individual income tax rate is set to drop from 5.9 percent to 5.5 ...

Published:  Fri, 18 May 2018 18:37:00 GMT



Missouri Legislature votes to cut personal taxes

The Missouri House and Senate voted Thursday night to pass a bill that would cut individual income taxes. The bill now goes to Gov. Eric Greitens, who is expected to sign it into law. Under the bill, Missouri's top individual income tax rate would ...

Published:  Fri, 18 May 2018 05:26:00 GMT



Missouri lawmakers pass big tax code changes on last day

JEFFERSON CITY, Mo. (AP) - Missouri's Republican-led Legislature approved tax cuts for both individuals and corporations and sent a gas-tax hike to voters, just hours before the end of the regular session and beginning of a special one to consider ...

Published:  Fri, 18 May 2018 18:40:00 GMT



The Latest: Missouri lawmakers OK historic tax credit cut

Missouri lawmakers have passed a bill to cut available tax credits for renovating historic buildings. House members voted 113-29 Friday to reduce the current $140 million annual cap to a maximum of $90 million. It would allow the Department of Economic ...

Published:  Fri, 18 May 2018 15:07:00 GMT



Missouri lawmakers approve income tax cut, poised to slash business taxes

JEFFERSON CITY " State lawmakers delivered a late-night tax cut to Missourians Thursday, approving an election year rate reduction for individuals. Despite repeated concerns voiced by legislative leaders about the potential loss of revenue that could ...

Published:  Fri, 18 May 2018 15:06:00 GMT



MO Legislature passes income tax cut

MISSOURI (Missourinet) - Several proposals were introduced earlier in the legislative session that offered differing versions to massively overhaul the Missouri tax system. The various plans came on the heels of a federal tax package passed by Congress in ...

Published:  Fri, 18 May 2018 08:25:00 GMT



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