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Debt Consolidation in Colorado

The 2008 great recession wreaked financial havoc on a number of Americans. Although the federal government has declared the economy to be out of the woods and slowly rebounding, many consumers still are suffering with the debt they incurred due to lost jobs and stagnant salaries.

The average debt in Colorado is $74,340, with 31.2 percent of that currently in collections, according to statistics provided by the Urban Institute. Consumers who are struggling with debt have options in Colorado. They can seek credit counseling, apply for debt consolidation programs or, as a last resort, file for either Chapter 7 or Chapter 13 bankruptcy. While consumers decide which option is best for them, they have protections afforded to them from debt collection agencies.

Within the Fair Debt Collection Practices Act, collectors are required to treat consumers fairly and are prohibited from harassing consumers by requiring them to call only during set hours of the day, and never are they permitted to contact a consumer at their place of employment. Consumers also have the right to put a request in writing for the collection agency to stop calling them about the debt, which the agency must honor.

Consumer credit counseling agencies are able to assist consumers with debt consolidation by negotiating on their behalf with creditors. Working with a credit counseling agency can help consumers to get out of debt in as little as two to four years. They also may be able to negotiate with creditors to lower the total amount owed.


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Debt Consolidation In The News

Student loan borrowers seek class status in lawsuit over debt relief

Borrowers accusing student loan servicer Navient of falsely telling them their loans were eligible for a debt relief program for public service workers have asked a federal judge in Tampa to certify t...

Published:  Mon, 17 Dec 2018 14:55:00 GMT

Who wants to be crippled by student debt

This is not the only competition that embraces the theme of graduate debt relief. It is now increasingly cropping up off the screens too, in the world of finance. Fifth Third Bank, headquartered ...

Published:  Mon, 17 Dec 2018 21:00:00 GMT

Assam approves Rs 600 cr farm loan waiver

The waiver will be for all the loans taken through Kisan Credit Card (KCC) and from PSU banks, he said. The government has also sanctioned an interest relief scheme which will enable around 19 lakh fa...

Published:  Tue, 18 Dec 2018 03:20:00 GMT

Buffalo firm helps national nonprofit pay off medical debt

Western New Yorkers are among those who have benefited already: Locally, the program has meant relief for 58 individuals who had $65,000 in debt wiped out. That came directly through the efforts of a ...

Published:  Mon, 17 Dec 2018 03:02:00 GMT

Obama-era rule leads to $150M in student loan forgiveness

The students are eligible for loan relief under an Obama-era rule that was intended to make it easier for defrauded students to get their loans cleared. Part of the rule granted automatic loan forgive...

Published:  Mon, 17 Dec 2018 04:10:00 GMT

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