If you’re dealing with debt, the last thing you want is a generic, cookie cutter solution. Debt laws in North Carolina aren’t the same as they are in, say, South Carolina, or anywhere else. If you’re looking for North Carolina debt relief, you need to what you’re up against, in terms of the laws and statutes that are specific to your state and your situation. Here are some of the things you should know.
When it comes to debt, North Carolina ranks just slightly below the national average on most fronts. The average resident has $5,548 in credit card debt, about 12% higher than the national average of $4,965. And the number of people who are delinquent in their debts is 14% higher than average, with 0.66% of debtors being more than 90 days overdue on a payment, to the nation’s 0.57%.
The statute of limitations for any North Carolina debt that’s not under seal, whether expressed or implied, is 3 years. For a contract that is under seal, or if there’s already a judgment against you, the statute is 10 years. Note that any time you make a payment on your debt, it starts that clock over again. Once the statute runs out, a creditor may still attempt to collect on a debt, but they cannot do so through legal channels.
If you’re currently suffering from crippling debt, there are a number of options open to you for getting out. You can consolidate your debt into a single, manageable monthly payment. You can renegotiate with your creditors and agree to pay a lower amount than what you currently owe. You can even file for bankruptcy, if it comes to that.
Any of these options, along with a hundred others, can put you on the road to financial independence and living debt free. But you need to know which option works best for your situation, and which one is most practical under North Carolina debt law.
At Americor, our experts are well-versed in North Carolina debt laws and statutes. We can negotiate on your behalf to consolidate your debt, or to find another equitable solution that benefits all parties. We’ll work with you to find the best way to get you out of debt and on the road to financial independence.
Call us to learn more!