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Debt Consolidation in Idaho

According to the Urban Institute, 28.3 percent of consumers in Idaho have had their debt turned over for collections. Debt is sent to collections if it is more than 180 days overdue, which can negatively affect a consumer's credit rating for over seven years.

While the percentage may seem high, Idahoans actually have some of the lowest amount of debt in collections in the nation. Consumers who have had their debt turned over to collections still are afforded protections from both the state and federal governments on how that debt may be collected.

Under the Fair Debt Collection Practices Act, debt collectors are required to treat consumers fairly and are prohibited from engaging in certain practices in an attempt to recover money owed to creditors. The Idaho Department of Finance also requires collection agencies to be properly permitted to operate within the state. Agencies that obtain permits must adhere to Idaho statutes and rules in addition to federal law.

Consumers who wish to reduce their debt have options, even if that debt has been turned over for collections. Working with a consumer credit counseling agency can help consumers to negotiate lower monthly payments with creditors, or apply for debt consolidation programs if they qualify. As a last resort, consumers can file for bankruptcy; however, the ramifications of doing so will remain with them for up to seven years, affecting their ability to acquire new credit.

 

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