Being in debt in New York isn’t easy. At times, it can be difficult just to afford the rent on your apartment, much less be able to make the payments on your credit cards. What do you do if you need New York debt consolidation? You need two things: You need someone who understands your particular situation and how best to help you. And you need someone who understands debt law in New York, and how it’s different from debt law in other states. Here are some things you need to know about debt in New York.
When it comes to credit card debt, New York is right in the middle. At an average of $4,952 per person, it’s just a few dollars less than the national average of $4,965. And while the average credit score in the nation is 696, in New York it’s 704, which is pretty good.
The rate of delinquency is just a hair above the national average, with 0.59% of people in debt being more than 90 days late on a payment, as opposed to 0.57% in the nation. The average income is $34,212 per person, while the number of people living below the poverty line is 14.7%, just two percentage points higher than the national average.
When it comes to the statute of limitations on debt, New York’s can get a little complicated. But for most debts, the creditor has three years to take action. For certain contracts, bonds, and mortgages, the limit is six years.
If you want to get out of debt, there are a number of things you can do. You can get a debt counsellor to help you budget your income more effectively. You can consolidate multiple debts into a single, low monthly payment that’s easy to manage. You can get someone to renegotiate your debt on your behalf, so that you only have to pay a portion of it, rather than the entire thing. And much more. But whatever you choose to do, it’s important to have the right help.
At Americor, we know New York debt law like the backs of our hands. We know exactly what your rights are under the law, and how to get you what you need. Contact our experts today, so that we can get you out of debt and back on the road to financial freedom.