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      May 26, 2018

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Debt Consolidation in Oregon

Oregon MapWith its diverse landscape featuring beaches, waterfalls, lakes, mountains and forests, Oregon is a truly beautiful place for long-term residents and holidaymakers alike. Tourism however is only a small part of the states economy, which also consists of agriculture, technology, forestry and fisheries. By GDP (gross domestic product) Oregon is ranked the 26th wealthiest state in the nation. It was also recently ranked as the Americas 'Top Moving Destination', as studies revealed that twice as many families or households were opting to move into Oregon compared to those who were moving out. The population continues to increase and with it the standard of life improves while the economy grows.

Although the average personal income is over $44,000, Oregon boasts a fairly high unemployment rate of 6.7%. Despite having an economy based upon a wide range of areas, the state wasn’t immune to the affects of the recent financial crisis. In fact many individuals, not to mention local businesses, struggled to stay afloat. The dot-com bust also had large affect on the regions previously flourishing technology sector with many businesses forced into bankruptcy and nearly all having to make employee cut backs. It goes without saying that paying off existing debt is made significantly harder when income is decreased or lost completely. Debt consolidation allowed some people to reduce their monthly payments and get back on top of their debts and expenditures.

Oregon, just like the rest of the United States, has high amounts of personal debt. Households owe money in a number of different areas including credit cards and student loans. In fact the average amount of student debt owed by individuals in Oregon is a massive $24,000 with some graduates owing as much as $50,000 and even $100,000. These figures were featured in the Federal Reserve Bank of New York’s Household Debt and Credit Report, which also revealed that of all of the credit history bearing residents of Oregon, 17.1% had some form of student loan contributing to their overall personal debt.

As if that wasn’t enough stress to take on, most Oregon households are not dealing purely or even primarily with student debt but also have the mortgage, credit card bills and auto loans to pay in full and on time each and every month in order to prevent their credit history from being negatively affected. Through debt consolidation, however it is possible to combine all debts into one easily manageable solution. Through reducing payments in this way and with the improving economy, it is likely that Oregon residents will successfully fight their way out of their personal debt.


IRS targets Oregon, other states seeking to circumvent tax deduction limits

The Internal Revenue Service indicated Wednesday it will take a dim view of states' efforts to find workarounds to new limits on state and local tax deductions. "Despite these state efforts to circumvent the new statutory limitation on state and local tax ...

Published:  Wed, 23 May 2018 16:00:00 GMT

To Pass An Unpopular Tax Break, Kate Brown Used Political Heft - And The Telephone

said McLane, R-Powell Butte. "If this majority party votes to repeal the small business tax cut next year, this will be one of the greatest mockeries of the special session in the history of Oregon." Brown, meanwhile, said she's open to a larger conv ...

Published:  Fri, 25 May 2018 02:41:00 GMT

Oregon taxpayers could get 'kicker' tax refund

Continued strong economic growth in Oregon means individuals could get a total of $555 million in personal income tax refunds in two years. Oregon's quarterly revenue forecast shows the state's economy is growing faster than expected, leading to a ...

Published:  Wed, 23 May 2018 13:17:00 GMT

Five things to know about Oregon's income tax 'kicker' refund

Five things to know about Oregon's income tax 'kicker' refund State economists announced Wednesday that increasing revenues likely will trigger Oregon's "kicker" tax refund for the 2017-19 biennium. Check out this story on https ...

Published:  Thu, 24 May 2018 17:03:00 GMT

Tax Break for Small Businesses Passed in Special Session

SALEM, Ore. (AP) - Lawmakers on Monday passed a tax break aimed at small businesses in Oregon during a one-day special legislative session convened by Gov. Kate Brown. The Democrat and legislative leaders in the majority party emphasized keeping the ...

Published:  Mon, 21 May 2018 17:19:00 GMT

Oregon lawmakers act quickly to pass Kate Brown's business tax cut

SALEM - Lawmakers in the Oregon House and Senate passed Gov. Kate Brown's small-business tax cut Monday afternoon, allowing the Legislature to wrap up the special session in a single day. The votes were bipartisan in both chambers, with some Republicans ...

Published:  Mon, 21 May 2018 16:18:00 GMT

Oregon lawmakers pass small business tax cut

Oregon lawmakers on Monday approved a bill that will cut taxes for a handful of small businesses during a controversial one-day special session of the Legislature. The bill passed the House 51-8 and passed the Senate 18-12. Gov. Kate Brown, a Democrat ...

Published:  Tue, 22 May 2018 03:11:00 GMT

Oregon's new bike tax: $77,000 in receipts and $47,000 to collect them

Receipts from the first quarter for the $15 tax on new bicycles have been tallied by the Oregon Department of Revenue. As of May 16th, the agency says they've processed about $77,000 in bike tax payments. The tax went into effect on January 1st and first ...

Published:  Mon, 21 May 2018 14:40:00 GMT

Kicker Coming Oregon Tax Revenues Might Exceed Estimates

Oregon's surging tax collections show no signs of abating-and that means you're probably going to get some money back. Again. The state's latest revenue forecast, released Wednesday, shows personal income tax revenues for the 2017-19 fiscal ...

Published:  Wed, 23 May 2018 14:49:00 GMT

Growth buoys Oregon coffers; 'kicker' tax credits likely

SALEM, Ore. (AP) - A new forecast from Oregon's state economist predicts strong economic growth and low unemployment will drive roughly $752 million more to state coffers than 2017 estimates predicted, triggering automatic kickbacks to taxpayers and schools.

Published:  Wed, 23 May 2018 12:44:00 GMT

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