When it comes to debt, there are a number of factors that can affect what your options are and how you go about paying it off. How much you owe, to whom, and how delinquent you are, are all factors, but another important one is where you are. Virginia debt help is different than debt assistance in other states. It has its own laws and statutes, which are important to factor in when looking for debt relief. Here are some things you should know.
The bad news is, Virginia has one of the top 10 highest average credit card debt amounts in the country, with $5,329 per borrower. That’s 7% higher than the national average of $4,965. The good news is, the delinquency rate is actually lower than average, with only 0.53% of borrowers being more than 90 days late with their payments. The average credit score is higher than average, too: 701, to the nation’s 696. The per capita income is $34,967 per year, and the number of residents living in poverty is only 11%, which is lower than the national average of 12.7%.
Another good point is that the statute of limitations on debt collection in Virginia is lower than most other states. If a borrower becomes delinquent, the creditor has three years from the time the last payment was made, or alternately, in the case of credit cards, from the time the last charge was made on the account, to file suit against them for payment. If there is a written contract for the debt, then the statute becomes five years.
On the other hand, if there’s already a judgment against you, then the statute of limitations for collection on it is 10 years, and may be extended to up to 20 years in certain circumstances. If the judgment was made outside of Virginia, then the statute is still 10 years, but it can’t be extended or renewed.
If you want to conquer your debt, there are a number of different options available to you. At Americor, our financial experts understand the nuances of local debt law and can help you find the Virginia debt relief option that best meets your needs and can help you live debt free. Call us for a free consultation.