What do you do when you’re living in debt? How do you get out and finally achieve financial freedom? There are a lot of options out there, but be careful. Every state’s debt laws are different. If you’re living in Montana, you can’t just take some generic solution. You need one that’s specific to your location and your situation. Here are some things you should know about Montana debt relief.
On average, Montana residents have it pretty well when it comes to debt. The average credit card debt amount is 8% lower than the average for the nation—$4,565, compared with $4,965. As for delinquency, Montana has one of the lowest rates in the nation—49th overall—with just 0.37% of debtors who are overdue by 90 days or more (the national average is 0.57%).
Montana is also 8th in the country when it comes to credit scores, with an impressive average of 715, compared with 696 for the nation. Unfortunately, however, there’s a higher rate of poverty in Montana, at 13.3%, as opposed to 12.7% for the country as a whole.
The statute of limitations for Montana debt is eight years for written contracts and other obligations. For verbal contracts and promises, it’s five years. For verbal obligations that aren’t contracts, the statute is three years. If there’s already a judgment against you, anywhere in the U.S., creditors have 10 years to pursue it. If you make a payment on your debt, or acknowledge it in writing, then the statute clock starts over.
So what do you do if you’re in debt in Montana? You have a few options. You can consolidate multiple debts into a single, manageable monthly payment. You can negotiate for a settlement, wherein you’d pay less than what you owe. You can even file for bankruptcy. But one thing is for certain. You shouldn’t try to do it alone.
At Americor, understanding debt law is our business. We know Montana’s statutes and how they differ from those of other states. And we can find a solution that works for your situation and can help put you on the road to financial freedom, and living debt free once and for all.
Contact our experts for a consultation!