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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

Dave Says: Debt consolidation doesn't fix the real problem

Q. I've heard you tell people to avoid debt consolidation companies. Why do you think debt consolidation is such a bad thing A. The main reason is that debt consolidation makes you feel like you did ...

Published:  Sat, 23 Mar 2019 22:34:00 GMT

4 Reasons to Consolidate Your Student Loans

What is student loan consolidation and should you consider it Read on to learn about four key reasons to consolidate your student loans. If you have student loan debt, you may be thinking about ...

Published:  Fri, 22 Mar 2019 09:15:00 GMT

Democratic Pa. state senators propose student loan debt relief

Three Pennsylvania state senate Democrats are launching a plan to help people with student loan debt. Sen. Vincent Hughes, who represents parts of Philadelphia and Montgomery counties, is working with ...

Published:  Sun, 24 Mar 2019 03:03:00 GMT

UseDavid Automates Debt Relief Process for Millions of Americans

SCOTTSDALE, Ariz., March 20, 2019 /PRNewswire/ -- For those carrying credit card debt, David ( is making it easier than ever to take control of the situation by automating much of its ...

Published:  Wed, 20 Mar 2019 07:14:00 GMT

Credit Score Myths And Facts Explained By National Debt Relief

There are a number of credit score myths out there that is why National Debt Relief aims to educate consumers about it. The article titled "5 Credit Score Myths That You Shouldn't Believe (and 3 ...

Published:  Sat, 23 Mar 2019 09:14:00 GMT

Dear Dave: Why Is Debt Consolidation Bad

The main reason is that debt consolidation makes you feel like you did something to really change your financial world when you didn't. That's part of the catch. Believe it or not, I hear ...

Published:  Wed, 20 Mar 2019 08:17:00 GMT

Student loan debt growth fastest among boomers

Whether it's boomers, Gen Xers or millennials, more are increasingly turning to these three methods for student debt relief: * Student loan repayment plans - A growing number of employers offer ...

Published:  Sun, 24 Mar 2019 08:19:00 GMT

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