Paying off your debt seems like a pipe dream. Right now you can barely afford to make the minimum monthly payments, let alone make an actual debt in the amount you owe. But there are options open to you that can help you get rid of that debt for good. Utah debt consolidation solutions aren’t difficult to find. Here’s what you need to know.
On the whole, Utah’s record when it comes to debt is pretty good. The average borrower has $4,559 in credit card debt, which is 8% less than the national average. And the rate of delinquency is a full 32% less than the national average, with only 0.39% of borrowers who are 90 days or more overdue on payments. The average income per person is $25,600 a year, and only 10.2% of Utah residents are living in poverty—as compared with 12.7% for the nation as a whole.
The statute of limitations for debts in Utah depends on a number of factors. Written contracts and agreements have a statute of six years from the time the most recent payment was made. The statute for oral contracts expires after four years, as does the statute for things like unpaid bills for goods and services. It’s important to understand that in Utah, making a payment towards your debt resets the clock on the statute of limitations, as does signing a written acknowledgement of your debt.
The state of Utah may be doing well with its debt, but that doesn’t mean you personally don’t need a little assistance. And when it comes to debt, everyone should know the options and tools that are available to them. The right experts can help you manage your debts more effectively and find a solution that fits your individual situation, from consolidating payments to reducing your total debt amount, in order to pay it off more quickly.
Contact Americor’s financial experts today to take the first steps towards getting out of debt and regaining your financial independence. We understand the ins and outs of Utah’s debt laws and how they affect you in your current situation. Call us for a free consultation.