From the panhandle to the Florida Keys, the geography of the Sunshine State is as varied as its people. However, living in Florida can be an expensive proposition for both individuals and families. Increasing consumer costs in recent years, including food, housing, and transportation costs, have placed many household budgets in the red. In an effort to make ends meet, many turn to their credit cards to plug shortfalls during the month, which has resulted in an average credit card debt in the Sunshine State of $5,603 per household. If you are desperate for Florida debt help, you need the correct information regarding your rights and responsibilities as it pertains to your debts.
Get the Florida Debt Relief You Need
For families living in Florida, the state offers protection like Florida debt consolidation programs, or other debt relief plans designed to help you out of your financial struggles. Understanding the state’s statutes of limitations is important to knowing your rights under the consumer protection laws. Although it varies state by state, the statutes of limitations is a specific limitation on the time in which creditors can file legal action against you for past due debts. In Florida, the statutes of limitations on outstanding debts are:
- Oral Contracts—4 Years
- Written Contracts—5 Years
- Promissory—5 Years
In addition to these protections, the state also has a consumer protection bureau designed to shield Floridians from aggressive collection attempts.
Debt Collection in Florida
Florida follows the set of laws known as the Fair Debt Collection Practices Act. Details include:
- Creditors collecting debt must comply with all the provisions of the FDCPA, except those provisions dealing with required disclosures.
- Both original creditor and debt collector cannot communicate with debtor’s employer before a judgment is obtained unless debtor agrees to it.
- Violations are punishable up to $1000, and debtor is entitled to reasonable attorney fees and an amount equal to the sum of the damages encountered.
Maximum Interest Rate a Collection Agency Can Charge in Florida: 5% above Federal Reserve discount window rate at the time the interest is due.
Florida Wage Protection: 100% protection for heads of family up to $500 per week.
Florida Debt Relief from Americor Financial
If you are struggling financially, you have enough on your plate as it is. The last thing you want is to worry about being sued or having your wages garnished. As such, you should discuss the range of debt management options available to you. Our team of financial experts is standing by to help you with the Florida debt relief plan you need help get you back on your financial feet. Get the information you need with the help of Americor Financial.