Select Page

Louisville is famous for hosting the Kentucky Derby horse race. The city is also home to Kentucky Fried Chicken, and the Louisville Cardinals. It is the largest city in Kentucky, and it is situated on the Ohio River. Most popular attractions include the Louisville Slugger Museum, Churchill Downs, and Louisville Waterfront Park. The Kentucky Wildcats are known for famous for basketball, and the city boasts amazing parks and outdoor activities. There is no shortage of things to do in Louisville, and the food is incredible. The city is a great place to live. However, even with all of the perks in Louisville, some of the citizens are faced with overwhelming debt. Bills can really add up, and before you know it, you cannot keep up with your monthly payments. With no end in sight, debt settlement might be a good option to help you get out of debt.

Kentucky Wealth and Poverty

The state of Kentucky is home to about 4.5 million people. The unemployment rate stands at 5%, which is just below the national average. The state does boast one of the highest poverty rates in the country. Close to 20% of the state is living in poverty. The average credit card debt in Kentucky is $5235, which is above the country’s average. The average credit score is 708.

Socioeconomics in Kentucky

Out of the 4 million people who live in Kentucky, 32.4 are African American, and 22.1% are Asian. 31.3% are Latino, and 39.2% are Native American. 86% of the people have a high school degree, and 34.8% have at least some higher education. 14.9% of people in Kentucky under the age of 65 do not have health insurance. The US Census Bureau at puts the average household income in Kentucky at $45,215. This is below the national average.

What is Debt Settlement and who Qualifies?

Not everyone qualifies for debt settlement. You need to have at least $7,500 in qualifying debt. Secured debt, such as a home or car, does not qualify for debt settlement. Most creditors require that you be behind on your payments before they will settle your debt. With debt settlement, you can settle your debt for much lower than you owe. You can negotiate your settlement through a debt settlement company, or you can negotiate on your own. If you choose a debt settlement company, you will make a payment to them each month, and they will pay your creditors. This does have a negative impact on your credit score, but it will get you out of debt quicker.

Benefits of Debt Settlement

Even though debt settlement can hurt your credit, it does have numerous advantages. Some of the benefits include:

  • Avoiding bankruptcy
  • You will pay a lower monthly payment amount
  • You can get out of debt quicker
  • It can give you some relief
  • You can greatly reduce your debt
  • You can save money

Kentucky Debt Relief Laws

The statute of limitations on debt in Kentucky is 5 years. Creditors in Kentucky are not allowed to harass or threaten you into paying them. They cannot use foul language, and they cannot lie to you. Debt collectors are not permitted to call you before 8:00 in the morning, and they cannot contact you after 9:00 at night. Creditors are forbidden from treating you unfairly. Debt collectors are not permitted to contact you at work if you have told them not to. They cannot continue to contact you if you have sent them a cease and desist letter. You may dispute the debt in writing if you believe that you do not owe the money.

Kentucky Debt Relief Resources

If you are in a significant amount of debt, you can find relief in Kentucky. Do not hire a debt settlement company that charges an upfront fee. According to, you can get relief in Kentucky through credit counseling services. Some of these are free or low-cost. You can also consider debt settlement through a company or on your own. People in the military can find special debt relief options available to them.

Jefferson Davis and Abraham Lincoln were both born in the great state of Kentucky, and Thomas Edison invented the lightbulb in Kentucky. The state is one of the nation’s oldest. Louisville is such a relaxing and peaceful place to live. You should be able to enjoy it without having to worry about debt. If you are unable to pay your bills, research your options to see if debt settlement is right for you.