The Centennial State has plenty of debt solution options available for those Colorado residents looking for a way out of their financial issues. Finding the Colorado debt help you need enables you to protect you and your family from financial struggle. Knowing your rights under the law will ensure that your transition from financial struggle to resolution is as seamless as possible.
Get the Colorado Debt Relief You Need
If you are financially under water and looking for a way to get out of debt, exploring your options includes knowing your rights and responsibilities under Colorado’s laws. On average, Colorado residents carry $6,017 in credit card debt, which is a financial load that many find impossible to get out from under without help.
For Colorado debt consolidation or other debt relief programs, understanding the state’s statute of limitations is a key ingredient in knowing your rights. 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 the Centennial State, the statute of limitations on outstanding debts are:
- All Contract Actions—3 Years
- Arrears on Rent—6 Years
Colorado follows the set of laws known as the Fair Debt Collection Practices Act. Details include:
- A debt collector must identify themselves within the first 60 seconds after the person answering the phone indicates they are the debtor.
- A debt collector must provide the debtor with receipts for cash payments or any other means which does not provide evidence of payment (checks, money orders, etc).
- If the debtor requests in writing for an account statement, the collection agency must provide the debtor with these statements free of cost within 10 days of the request.
- In the first written communication to a consumer, a collection agency must include this statement: “FOR INFORMATION ABOUT THE COLORADO FAIR DEBT COLLECTION PRACTICES ACT, SEE WWW.AGO.STATE.CO.US/CADC/CADCMAIN.CFM”.
- Complains about the collection practices of creditors collecting their own debts to the Uniform Consumer Credit Code: (303) 866-4494.
Maximum Interest Rate a Collection Agency Can Charge in Colorado: 8%
Colorado Wage Protection: 75% of weekly net earnings or 30 times the federal minimum wage, whichever is greater, including pension and insurance payments
Colorado Debt Relief from Americor Financial
Finding the right path out of debt can be a daunting prospect, so if you need to discuss the range of debt management options available to you, our team of financial experts is standing by to help. We have the Colorado debt relief plan you need to help you get back on your financial feet. Stop losing sleep over your debts and take control of your future with the help of Americor Financial.