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Debt Consolidation in Pennsylvania

Pennsylvania MapPennsylvania is the 6th most populous state in the US, with many of their residents living in one of the three major cities, Philadelphia, Pittsburgh and Allentown. It was one of the 13 original founding states of the United States, and today it's citizens continue to be more financially responsible than the national average. Ranked 8th out of the all of the states for positive credit health, most residents of Pennsylvania are able to enjoy smaller mortgages, lower rates of credit card debt and generally more financial stability. However, as with all highs and success stories there will always be some lows or pitfalls, and Pennsylvania is not completely free from the burden of debt.

Credit card debt throughout the state has mimicked a roller coaster ride over recent years, but even so it has never reached or exceeded the national average of $2820. When reaching their peak balance on plastic spending at $3,350, the issue was quickly addressed and the total spending rapidly reduced over four years by 19%. Another debt that is lower in Pennsylvania than that of its national counterpart is household mortgage. This is a type of debt that can always be included in debt consolidation to great benefits and to further reduce the pressure of loan repayments. Statistics suggest that Pennsylvanians actually have a mortgage obligation that is lower than that of the average American by $9000. However, this significant sum may be a result of previous high foreclosure rates that could be marring the figures.

One of the earlier mentioned pitfalls of Pennsylvania's financial status is that of student loan debt. Where the average student debt across America is $3,750, the state norm is rather large at $4460, a massive 20% more. However, this significant difference can be explained by the higher percentage of young Pennsylvanians who hold college degrees, compared to the percentage of the same age people with similar qualifications across the nation. Residents of Pennsylvania may find that through combining their student loans with any other outstanding balances through debt consolidation, their burden can be reduced.

 

Pa. Supreme Court upholds Philadelphia soda tax

Laura McCrystal covers everything about taxes, government revenue, and how such policies impact people in Philadelphia and beyond. She previously covered news in Montgomery County, including Bill Cosb...

Published:  Wed, 18 Jul 2018 07:49:00 GMT



Soda Tax Upheld by Pennsylvania Supreme Court

In a victory for Mayor Kenney and his signature programs, the Pennsylvania Supreme Court on Wednesday upheld Philadelphia's controversial tax on soda and other sweetened beverages. In a 4-2 majority o...

Published:  Fri, 20 Jul 2018 06:42:00 GMT



Pa. revises tax deduction for bonus depreciation

With a push from lawmakers, state officials are making tax calculations a little less complicated for Pennsylvania businesses. Taxes will still be complicated - they always are - but under a bulletin ...

Published:  Thu, 19 Jul 2018 22:00:00 GMT



Pennsylvania Official Calls For Marijuana Taxation

Pennsylvania's chief fiscal officer called Thursday for the state to tax and regulate marijuana. His analysis projects a $1.66-billion market of more than 798,000 monthly users. Auditor General Eugene ...

Published:  Fri, 20 Jul 2018 09:18:00 GMT



The Philly Soda Tax May Be Legal, But It's Still Bad Policy

since consumers are already charged a state sales tax on sweetened drinks. Under Pennsylvania law, localities are not allowed to tax anything already taxed by the state. The state Supreme Court reject...

Published:  Fri, 20 Jul 2018 09:03:00 GMT



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