Debt laws and statutes are different in every state. In most cases, generic, all-purpose financial advice just won’t cut it. You need someone who knows the debt laws in Vermont and understands what they mean for you and your situation. So if you’re looking for Vermont debt relief, here are a few things you need to know.
Vermont Debt Statistics
Vermont actually has one of the highest average credit scores in the country, with 721. The credit delinquency rate is also 21% lower than the national average. Just 0.45% of borrowers are more than 90 days late on their payments. The average debt amount in Vermont is also quite low, just $4,693 per borrower, which is 5% less than the national average of $4,965. There’s a high per capita income of $30,663 per year, and a poverty rate of just 11.9%.
The statute of limitations for debt collection in Vermont is fairly straightforward. For all contracts, as well as goods on account, creditors have six years from the time of your delinquency to file suit against you. For witnessed promissory notes, that time is extended to 14 years. Note, though, that just because the statute of limitations has expired doesn’t mean your creditors can’t still try to collect. It just means they can’t file suit. Also, keep in mind that making a payment on a delinquent loan can start the clock over.
Vermont Debt Consolidation Solutions
When it comes to debt, on the whole, Vermont is in good shape. But that doesn’t mean every Vermont resident is. And if you’re struggling to keep up with credit card payments, you still need to find a solution. Depending on how much you owe and your current overall financial situation, there are a number of options open to you. You can consolidate your debt to make it more manageable, renegotiate what you owe, file for bankruptcy, and more. But first you need to find someone who can navigate you through the process and find the debt solution that’s right for you.
Americor Has the Vermont Debt Help You Need
Call our financial experts today to get your free consultation and discover the best way to get on the path to financial freedom and eliminate your debt once and for all.