Kentucky became a state in 1792 with the help of Daniel Boone who famously cleared a trail called The Wilderness Road.
Kentucky may be best known for its bourbon production – the largest in the world – but it’s more often cited for an event only once a year: The Kentucky Derby. One of the oldest sporting events in the U.S., this lavish horse race first ran in 1875 at the Churchill Downs racetrack in Louisville.
Military is a large part of the state’s economic arsenal as both the Fort Knox and Fort Campbell army bases are headquartered in the state. Of course, speaking of money, Fort Knox is also home to the nation’s largest gold reserves.
Food and beverage production is Kentucky’s main industry with grains such as soy, wheat and corn produced throughout the state. Kentucky is also the home of Tyson Foods, Perdue and the nationwide grocery magnate Kroger.
The Overall Debt Situation in Kentucky
Kentucky has one of the highest debt delinquency rates in the country at 41.9%. The biggest causes of the high debt rates were medical debt, student loan debt and credit card debt.
Kentucky ranks 27th in credit card debt at $7,040 per household on average. They just tick under the national credit score average at 663 out of 669. And student loans average over $30,000 per student.
Kentucky Debt Fast Facts
- Population: 4.5 million
- Median Household Income: $50,247
- Average Credit Score: 663 (the national average is 669)
- Average Credit Card Debt: $7,190
- Average Student Loan Debt: $31,113
- State Debt Total: $15.1 billion
Debt Relief Laws That Protect Kentucky Residents
Disclaimer: The information shared herein is intended to be a free resource for Kentucky consumers looking to dismiss debt and does not constitute legal advice.
Whether battling credit card debt, medical debt or private student loan debt, Kentucky has long been known for passing laws that aggressively protect its citizens.
If you are embroiled in a deepening debt situation in Kentucky, Resolvly can help find an expert team of seasoned debt resolution lawyers to help eliminate debt or at least dismiss debt as soon as possible.
The Fair Debt Collection Practices Act
There are many ways to find debt relief and fight harassing debt collectors and avoid or defend a debt lawsuit. In one case, every consumer has specific rights invoking the federal laws outlined in the Fair Debt Collection Practices Act (FDCPA).
The FDCPA as it relates to Kentucky residents specifies exactly what a third-party debt collection service can and cannot do. For example, a collector can only call an individual between the local hours of 8am and 9pm. In addition, collectors cannot harass individuals or threaten a citizen with bodily harm or the potential of arrest.
Kentuckyers in debt also have the ability to stop collectors from repeat callings by sending a physical letter to the agency requesting a cease and desist from the pestering calls. If the FDCPA is violated, a debt resolution company can find you debt defense attorneys who can help you get out of debt and also seek damages and attorney fees.
The Fair Credit Reporting Act
Another consumer protection law designed to assist Kentucky residents from false or misleading credit information is the Fair Credit Reporting Act (FCRA). The FCRA protects the privacy and accuracy of your personal credit history. If an entity violates your rights outlined in the FCRA, there are legal actions that could not only dismiss debt, but earn monetary damages in addition to the recoupment of attorneys’ fees.
Let Resolvly Find The Right Debt Relief Lawyer
When it comes to dealing with debt – whether medical debt or credit card debt – ignoring the problem won’t make it go away. Utilizing the legal referral service of Resolvly, can help you hire a lawyer to get out of debt by helping you understand your specific circumstances, and clear the path to debt relief and debt resolution.
We work with consumer protection lawyers trained in debt relief to protect your rights, fight harassing debt collectors and hopefully eliminate debt completely.
Resolvly helps you hire a lawyer to help dismiss debt so that you can live debt free. Our goal is to help you attain true financial freedom and debt resolution. We offer a free consultation designed to refer you to a consumer defense attorney who will work to eliminate your debt. Simply call 844-479-3457 to speak with a debt freedom specialist who will help guide you on the path toward debt resolution so you can once again be debt free.