Being in debt is a burden anywhere. But the kind of help need depends on where you are. Debt law is different in every state, so the solution that works in, say, Ohio, might not be the best for you here in Mississippi. Here are some things you need to know about Mississippi debt help.
Mississippi residents have an average credit card debt of $4,594, which is slightly lower than the national average of$4,965. Unfortunately, while the debt may be lower, the delinquency rate is higher: 0.87% of those with credit card debt are 90 days or more overdue—53% higher than the national average of 0.57%. Additionally, a full 20.8% of Mississippi residents are living below the poverty line, compared with 12.7% for the nation as a whole.
The statute of limitations on debt for Mississippi is only three years, and begins on the date that the amount owed on the account first became due. This applies to all open accounts, credit card agreements, all written or oral contracts, and promissory notes as well. A creditor can still attempt to collect on a debt after that time, but they have no legal right to file suit against you or use any legal means to get you to pay.
If you’re struggling with debt issues in Mississippi, there are a number of options open to you. For instance, you can consolidate your debt, so that half a dozen unwieldy credit card bills become a single, manageable, monthly payment. With debt consolidation, you can keep your debt under control and work towards paying it off, while still leaving you enough of your income to support yourself and your family.
Debt consolidation is just the tip of the iceberg. There are a myriad of options available to Mississippi residents to take control of debt. And at Americor, we’re equipped to help you. We know Mississippi debt law backwards and forwards and can work with you to find a solution that not only works for your location but is specific to your needs.
Contact our financial experts to learn more.