Deciding to live debt-free is one of the best decisions you’ll ever make. but how do you make that happen? If you’re living paycheck to paycheck and can only make minimum payments on your credit cards then a debt relief program could be your best option. Talk to an Americor debt professional to find out which one is best for your situation.
Plagued with one of the poorest performing economies in the nation, Kentucky residents suffer from the lowest median household income in the country. As such, compiling a nest egg in the Bluegrass State is not only challenging, but the smallest of savings can easily be wiped out by an unexpected expense.
If you are like many others in Kentucky, you might have turned to your credit cards to help meet unexpected bills. With an average credit card debt in the Bluegrass State of $4,789, not paying more than the minimum due keeps you locked in debt indefinitely. For the Kentucky debt relief help you need, you should turn to the financial experts at Americor Financial for help in developing a sound debt relief plan.
Understanding the state’s statutes of limitations is important to know your rights under the consumer protection laws. 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 Bluegrass State, the statutes of limitations on outstanding debts include:
The long statute of limitations represents stringent disclosure notification required before any contract is signed. Additionally, the state’s consumer protection laws ensure that collection efforts conform to established norms and procedures.
Kentucky follows the set of laws known as the Fair Debt Collection Practices Act.
Maximum Interest Rate a Collection Agency Can Charge in Kentucky: 8%
Kentucky Wage Protection: 75% of disposable weekly earnings (after-tax income) or 30 times federal hourly minimum wage.
For families living in Kentucky, the state offers protection and programs like Kentucky debt consolidation programs, debt settlement, or other debt relief plans. Which one is best for you depends on how much and what type of debt you have. Debt settlement programs can reduce your total debt amount but accounts need to go delinquent first. Debt consolidation means combining all your unsecured into one personal loan or line of credit. However, you usually need a good credit score to qualify.
You don’t need to lose sleep 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 relief options available to you, and our team of financial experts is standing by to help you with the Kentucky 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.