Commercial Debt Collection in Lexington
Lexington is the second largest city in the blue grass state with 323,152 residents. Known as a scenic hub for the horse racing industry, the area around Lexington is filled with horse parks and farms. Most notably is the horse racing track Keeneland, which was opened in 1936. Along with horse racing, Lexington has a stable economy built around manufacturing and technology.
The Economy in Lexington
The economy in Lexington is much wider than the horse racing industry. The city is the home to many of the big players in technology; Xerox, Lockheed-Martin and IBM all call Lexington home and provide thousands of jobs for the community. The area also has a strong cultural and art scene that brings in tourist from around the country.
Types of Debt
Debt in Lexington and the state of Kentucky is relatively low compared to the rest of the country. Kentucky comes in as the 48th lowest state for credit card debt with a $2330 per capita balance. The highest ranked category where Kentucky residents struggle with debt is student loan debt where they are ranked 37th with a per capita balance of $4870.
In Kentucky the interest rate on collections is 8% for legal and 12% for judgement. For more information about debt collection in Lexington and the state of Kentucky, visit our Kentucky Commercial Debt Collection page or contact us today!