Residents living in Maryland enjoy one of the most expensive lifestyles in the United States. High wages are boosted by a highly educated and trained workforce, which is grounded in diverse manufacturing, international trading, science, and technology-based companies. However, a good economy can also breed bad consumer habits; consumer debt is on the rise in the state with an average credit card debt of $6,265 per household. Without a solid debt management plan in place, Maryland residents risk falling behind on their payments and damaging their credit rating or worse. Gain control of your finances with solid Maine debt relief information designed to keep your finances in order.
Get the Maryland Debt Relief You Need
For families living in Maryland, the state offers protection and programs like Maryland debt consolidation programs, or other debt relief plans. 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 the Old Line State, the statutes of limitations on outstanding debts include:
- Oral Contracts—3 Years
- Written Contracts—3 Years
- Promissory—6 Years
Additionally, the state’s consumer protection laws ensures that collection efforts conform to established norms and procedures that limit the hours and places they can call to reach you for a payment.
Maryland follows the set of laws known as the Fair Debt Collection Practices Act. Details include:
- Original creditor collecting debt must comply with all the provisions of the FDCPA, except those provisions dealing with required disclosures.
Maximum Interest Rate a Collection Agency Can Charge in Maryland: 6%
Maryland Wage Protection: 75% of wages or $145 per week, whichever is greater; in Kent, Caroline and Queen Anne’s of Worcester Counties, 75% of wages or 30 times the federal minimum hourly wage, whichever is greater.
Maryland Debt Relief from Americor Financial
You don’t need to lose sleep at night over your debt, but you do need to get control of your finances if you ever hope to sleep soundly again. You need to discuss the range of debt management options available to you, and our team of financial experts is standing by to help you with the Maryland debt relief plan that you need help you to get back on your financial feet. Get the night of good sleep you deserve with the help of Americor Financial.