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Kentucky

Kentucky is one of our older states as it was admitted to statehood on June 1, 1792. This makes it the 15th state to join the Union and the first on the western frontier.

Kentucky is comprised of 39,728 square miles making it our 26th largest state. Home ownership in Kentucky is reasonably high at 70.3%.

The oldest continuously held horse race in the country is the Kentucky Derby. It is held at Churchill Downs in Louisville on the first Saturday in May. Kentucky Fried Chicken was first cooked in a restaurant owned by Colonel Sanders in the town of Corbin, Kentucky. So, Kentucky Fried Chicken was actually first fried in Kentucky.

Kentucky is the state where both Jefferson Davis, President of the Confederacy, and Abraham Lincoln, President of the Union, were born. They were born less than one hundred miles and one year apart. Thomas Edison introduced his incandescent light bulb to crowds at the Southern Exposition in 1883, meaning that the public saw electric light for the first time in Louisville.

Kentuckians have average credit card debt that’s about $1,000 higher than the national average of $5235 per borrower. It is $6,221.The average credit score for Kentuckians is 708. If the state were a person, he or she would be seen as having “very good to excellent” credit.

Kentucky’s population is 4,339,367. This makes it the nation’s 26th most populous. Its labor force totals 1,764,750 workers.

The median household income for the entire U.S. is $51,017. In comparison, Kentucky’s median household income is $40,072 or substantially lower than that of the U.S. as a whole. One reason for this could be its unemployment rate, which as of last November was 8.0%. This ranks it the country’s 37th worst.

Of Kentucky’s total labor force, its largest segment is Office and Administrative Support Occupations with 281,860 workers. The second largest segment is Sales and Related Occupations with 172,900 employees. Production Operations is Kentucky’s third largest classification with 169,570 workers.

While you might think that Louisville would be Kentucky’s largest city, it isn’t. The state’s largest metropolitan area is Lexington/Fayette with a population of 295,803. Louisville is not even the state’s second largest metro area as that distinction belongs to Ironville (Boyd County) with its population of 288,649. And third is the Meads area (also in Boyd County) with a population of 288,649.

As noted above, Kentucky’s unemployment rate is 8.0%. The Lexington/Fayette area has a better unemployment rate of 6.1%. But Boyd County, which includes both Ironville and Meads has an unemployment rate of 7.9%, making it in slightly worse shape than the U.S. where the unemployment rate currently stands at 7.3%.

Unsecured Debt Relief Services in Kentucky

Kentucky Debt Relief Services and Laws

Looking for debt relief in Kentucky? Our debt consultants are always ready to speak with you and give you a free consultation – you can call now to see if you qualify:

(888) 703-4948

One way to reduce your debt in Kentucky is with debt settlement. Debt negotiation is a great program for reducing your debts with your creditors into one low monthly program payment. This method is amazing for people who are experiencing the financial hit from the economy. Ideal participants in such programs are those who are seeing less income, have medical issues or are simply overwhelmed by debt.

However, you may not have to even apply for debt settlement if the statute of limitations is up in your state and the debt no longer appears on your credit report. Legally, credit companies must recover the debt in a period of time specified by the state or the debt is no longer recoverable after this time period. Read on to find out if the statute of limitations is up for you.

Debt Collection

(This is intended to be a helpful and informational debt resource for Kentucky consumers and does not constitute legal advice.)

Kentucky follows the set of laws dealing with collection agencies (and law firms that collect debts) that are collectively known as the Fair Debt Collection Practices Act (FDCPA).

Maximum Interest Rate a Collection Agency Can Charge in Kentucky: 8%

Kentucky Wage Protection: 75% of disposable weekly earnings (after tax income) or 30 times federal hourly minimum wage.

Statute of Limitations

A statute of limitations is a law that sets forth the maximum period of time, after certain events, that legal proceedings based on those events may be initiated. For debt, the statutes of limitation apply to the maximum period of time after a consumer has become delinquent on their payments. The key point to remember is that you are considered delinquent not from the date of your last payment, but rather the day after you have gone past due. In other words, if you made your last payment on 3/3/03 and your next payment was due the same day of the next month, the statute of limitations on the debt would not start running until 4/4/04. The statutes of limitations vary from state to state and depend on the type of debt and where the original transaction took place (i.e. if you took the loan out in Texas but currently live in Kentucky, the applicable statutes of limitations would be Texas’).

Oral Agreements: 5 years
Written Contracts: 15 years
Promissory Notes: 15 years
Open Accounts (credit cards): 5 years

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Whether you have unsecured credit cards, medical bills, personal loans or collection accounts, there’s help for you. The National Debt Relief Group offers a free consultation. You can fill out our Short Application and one of our debt specialists will contact you within minutes, or you can call now – (888) 703-4948.

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