Although Alabama is known for having large populations of families below the poverty line, Alabamans’ average credit card debt is just $4817, which is lower than the nationwide average credit card debt of $5235 per borrower. The state also ranks better in terms of home ownership at 73.2% versus the nation’s average home ownership of 65%.
Having confidence in your debt relief goals can mean the difference between avoiding the phone and being able to confidently go to your mailbox knowing that no threatening late notices will be waiting. For the Alabama debt help that you need to reclaim your financial life, you first need to understand your rights and responsibilities under Alabama debt consolidation and protection laws.
We all get in trouble from time to time when it comes to our finances, so don’t let a few bad decisions define your financial future. Grab control of your finances before they grab control of you and your future with Alabama debt relief programs that work for you.
Three driving factors are pushing Americans towards the highest consumer debt in the nation’s history. Auto loans, college loans, and credit card use has pushed U.S. households towards nearly $13 trillion in debt as of 2017. Indeed, as debts increase and expenses rise, many of us turn to our credit cards to fulfill immediate shortfalls, and before long we find ourselves in a deep financial hole before we are fully aware of the danger.
Understanding your rights and responsibilities regarding your creditors begins with knowing the statutes of limitations on your account. Although it varies state by state, the statute of limitations is a specific limitation on the time in which creditors can file legal action against you for past due debts. In Alabama, the statutes of limitations on outstanding debts are:
The State of Alabama functions under the Fair Debt Collections Practices Act (FDCPA) enforced by the FTC. In addition, they have their state law, the Ala. Code §40-12-80, that debt collectors must abide by. It says collectors should file for a special license that will allow them to collect debts from consumers. This includes payment of a license tax based on where they practice their business. “Debt collectors”, as specified under this law is based on the definition provided by the FDCPA.
Any debtor or consumer who feels that the creditor and/or collection agency is not following the law can file a complaint. They can contact the Alabama State Attorney General through the Consumer Affairs Division (334) 242-7300 or (800) 392-5658.
If you are trying to get out of debt and aren’t sure where to turn, you need to discuss the range of debt management options available to you. Our team of financial experts is standing by to help you with the Alabama debt relief that you need to get back on your feet.