Illinois Debt Consolidation

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Debt Consolidation or Debt Management can work for you in Illinois?

Using a Debt Management Plan (DMP), our Illinois lawyers will help you Consolidation your Debt without a loan. All your unsecured debts in Illinois will be consolidated into one payment, paid monthly. The consolidated monthly payment we set up for you will usually be less than what you paying, in total, for all of your debts, previously.

This is the recommended method used by our lawyers and other Credit Counseling Agencies in Illinois.

Click here to read more about Debt Management Plans (DMP) and the Debt Settlement Process.

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Illinois Economy

The 2007 total gross state product for Illinois was approximately $609 billion USD. The states per capita personal income in 2007 was $41,012 USD.

Illinois's state income tax is calculated by multiplying net income by a flat rate, currently 3%. There are two rates for state sales tax: 6.25% for general merchandise and 1% for qualifying food, drugs and medical appliances. The property tax is the largest single tax in Illinois, and is the major source of tax revenue for local government taxing districts. The property tax is a local — not state — tax, imposed by local government taxing districts, which include counties, townships, municipalities, school districts and special taxation districts. The property tax in Illinois is imposed only on real property.

Agriculture

Illinois's agricultural outputs are corn, soybeans, hogs, cattle, dairy products, and wheat. In most years Illinois is the leading state for the production of soybeans, with a harvest of 500 million bushels (14 million metric tons) in 2004. Illinois is ranked second in total corn production. Illinois' universities are actively researching alternative agricultural products as alternative crops.

Manufacturing

As of 2003, the leading manufacturing industries in Illinois, based upon value-added, were chemical manufacturing ($16.6 billion), food manufacturing ($14.4 billion), machinery manufacturing ($13.6 billion), fabricated metal products ($10.5 billion), plastics and rubber products ($6.8 billion), transportation equipment ($6.7 billion), and computer and electronic products ($6.4 billion).

Services

By the early 2000s, Illinois's economy had moved toward a dependence on high-value-added services, such as financial trading, higher education, logistics, and medicine. In some cases, these services clustered around institutions that hearkened back to Illinois's earlier economies. For example, the Chicago Mercantile Exchange, a trading exchange for global derivatives, had begun its life as an agricultural futures market. Other important non-manufacturing industries include publishing, petroleum and coal.

Energy

Illinois is a net importer of fuels for energy, despite large coal resources and some minor oil production. Illinois exports electricity, ranking fifth among states in electricity production and seventh in electricity consumption.

Coal

About 68% of Illinois has coal-bearing strata of the Pennsylvanian geologic period. According to the Illinois State Geological Survey, 211 billion tons of bituminous coal are estimated to lie under the surface, having a total heating value greater than the estimated oil deposits in the Arabian Peninsula.[47] However, this coal has a high sulfur content, which causes acid rain unless special equipment is used to reduce sulfur dioxide emissions. Many Illinois power plants are not equipped to burn high-sulfur coal. In 1999, Illinois produced 40.4 million tons of coal, but only 17 million tons (42%) of Illinois coal was consumed in Illinois. Most of the coal produced in Illinois is exported to other states, while much of the coal burned for power in Illinois (21 million tons in 1998) is mined in the Powder River Basin of Wyoming.

Mattoon was recently chosen as the site for the Department of Energy's FutureGen project, a 275 megawatt experimental zero emission coal-burning power plant which just received a second round of funding from the DOE.

Petroleum

Illinois is a leading refiner of petroleum in the American Midwest, with a combined crude oil distillation capacity of nearly 900,000 barrels per day (143,000 m³/d). However, Illinois has very limited crude oil proved reserves that account for less than 1% of U.S. crude oil proved reserves. Residential heating is 81% natural gas compared to less than 1% heating oil. Illinois is ranked 14th in oil production among states, with a daily output of approximately 28,000 barrels (4,500 m3) in 2005.

Nuclear power

Byron Nuclear Generating Station, in Ogle County.

Nuclear power arguably began in Illinois with the Chicago Pile-1, the world's first artificial self-sustaining nuclear chain reaction in the world's first nuclear reactor, built on the University of Chicago campus. With six major nuclear power plants (Braidwood, Byron, Clinton, Dresden, LaSalle, and Quad Cities) housing eleven reactors, Illinois is ranked first among the 50 states of the US in nuclear generating capacity. In 2005, 48% of Illinois' electricity was generated using nuclear power.

Wind power

Estimated wind power resources at 50m above ground

Illinois has seen growing interest in the use of wind power for electrical generation. Most of Illinois was rated in 2001 as "fair" for wind energy production by the Department of Energy, with some western sections rated "good" and parts of the south rated "poor". These ratings are for wind turbines with 50m hub heights; newer wind turbines are taller, able to reach stronger winds farther from the ground. As a result, more areas of Illinois have become prospective wind farm sites. As of June 2009, Illinois had 915.06 MW of installed wind power nameplate capacity with another 702.9 MW under construction. Illinois ranked tenth among U.S. states in installed wind power capacity, and was on pace to become the tenth state to surpass 1 GW. Large wind farms in Illinois include Mendota Hills, Rail Splitter, and Twin Groves.

As of 2006, wind energy represented only a negligible part of Illinois' energy production, and it was estimated that wind power could provide 5-10% of the state's energy needs. In 2007, the Illinois General Assembly mandated that by 2025, 25% of all electricity generated in Illinois is to come from renewable resources.

Biofuels

Illinois is ranked second in corn production among U.S. states, and Illinois corn is used to produce 40% of the ethanol consumed in the United States. The Archer Daniels Midland corporation in Decatur, Illinois is the world's leading producer of ethanol from corn.

University of Illinois at Urbana-Champaign is one of the partners in the Energy Biosciences Institute (EBI), a $500 million biofuels research project funded by petroleum giant BP.