Looking for Missouri debt relief? What’s the fastest way out of debt, you ask? Well, it depends on a number of factors. One of them, which people tend not to think about much, is where you live.
Missouri’s debt law is different from debt law in other states. It’s important to know your rights and your obligations under that law. Here are a few things you should understand when looking for Missouri debt consolidation and other solutions.
When it comes to debt, Missouri ranks just about exactly in the middle. The average credit card debt amount is $4,796, which is just slightly less than the national average of $4,965. In debt delinquency, Missouri ranks 25th in the nation, with 0.56% of debtors who have payments more than 90 days overdue. The national average is just slightly higher at 0.57%.
Meanwhile, the average credit score of 696 is exactly equal to the national average. The poverty rate is a bit higher than average though, at 14%, compared with 12.7% for the nation. And the average income is $27,044 per person.
The statute of limitations on credit card debt and other open-ended accounts in Missouri is five years. For other written contracts, the limit is ten years, while for verbal contracts, it’s six years. After that, creditors can still attempt to collect a payment, but not through legal channels.
So what do you need to know if you want to get out of debt in Missouri? There are a number of routes you could take. If you have multiple credit cards, you could consolidate your debt into a single monthly payment. You can try to renegotiate with your creditors and reach a settlement that’s equitable to both you and them. And there are a number of other avenues you could pursue. But to try to go it alone is a bad decision. You shouldn’t go up against your creditors without help.
This difference between debt settlement and debt consolidation is pretty huge. With debt settlement, your credit cards need to be months past due or even in collections. Then your debt is negotiated, either by you or a professional debt negotiator for a lesser amount than what you owe.
With debt consolidation, your accounts are up-to-date generally and a personal loan or line of credit is used to condense all your debts into one payment, usually with a lower interest rate than what you were paying before.
Our debt experts are well-versed in Missouri laws and statutes. We know your rights when it comes to debt, and are prepared to make sure you get what you need and what you deserve, no matter what tricks your creditors try to pull. Contact us today for a consultation, and let us help you live debt-free once and for all.