Debt is a natural part of life, right? Just about everyone has someone they owe money to. Is it really possible to live debt free, without having to make those massive monthly payments? It is. In Rhode Island, there are a number of different options open to you, to pay off your debt for good. If you’re looking for Rhode Island debt relief, here’s what you need to know.
The average borrower in Rhode Island has $5,102 in debt—3% higher than the national average of $4,965. On the plus side, the average credit score in RI is higher than average, at 704. The delinquency rate is 0.57%, as defined by borrowers who are more than 90 days late with a payment.
In terms of debt collection, the statute of limitations for most contracts and open accounts in Rhode Island is 10 years—significantly longer than many other states. If the contract is under seal, or if there’s already a judgment against you, then the statute becomes 20 years. Liens have a much shorter statute of limitations, however. A hospital lien is limited to one year from payment, and a mechanic’s lien is one year plus 120 days.
There are a lot of different types of debt you may owe—and many people have multiple creditors, from credit cards to mortgages to student loan payments and more. By the time you’re done making each of those payments, your paycheck is nearly depleted. You may not even have enough left to cover basic expenses like food and bills—which in turn can put you even deeper into debt.
Fortunately, there are programs in Rhode Island that can help you consolidate those debts into a single monthly payment that’s low enough to manage and easy to keep up with. These programs can help you take control of your debt and pave the way towards one day eliminating it for good.
Contact our financial experts to find debt relief solutions that are specific to Rhode Island debt laws, as well as to your particular financial situation. Call us today for a free consultation, and we’ll help you get out from under your debt and on the road to financial freedom.