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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.
Debt Consolidation In The News
BRUSSELS (Reuters) - Euro zone creditors are expected to disburse new loans to Greece this month and are working on debt relief measures, the head of the bloc's finance ministers said on Monday, steps that should help underpin its economic recovery.
Published: Mon, 12 Mar 2018 13:40:00 GMT
The code has been copied to your clipboard. The URL has been copied to your clipboard A group of past students at the former Corinthian Colleges are taking legal action against the United States Department of Education. In early March, the former students ...
Published: Sun, 25 Mar 2018 03:02:00 GMT
As Economy Picks Up Speed, Americans Pick Up Pace of Unloading Personal Debt LOS ANGELES, CA, March 05, 2018 /24-7PressRelease/ -- Debt consolidation and credit card debt relief programs have become increasingly sought after and used by more Americans as ...
Published: Mon, 05 Mar 2018 00:07:00 GMT
Legislators turn their attention to problems facing student borrowers, backing bills that would keep them from being overwhelmed by loan repayments New Jersey lawmakers, who were disturbed in the last legislative session by the practices of the agency that ...
Published: Thu, 12 Apr 2018 05:00:00 GMT
The joint IMF-World Bank comprehensive approach to debt reduction is designed to ensure that no poor country faces a debt burden it cannot manage. To date, debt reduction packages under the HIPC Initiative have been approved for 36 countries, 30 of them ...
Published: Wed, 07 Mar 2018 16:00:00 GMT
The federal government and 11 states have joined together to accuse 30 purported debt relief operations of using deception and false promises to swindle more than $95 million from student loan borrowers. "Operation Game of Loans" - the eyeroll-worthy ...
Published: Fri, 13 Oct 2017 10:44:00 GMT
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