There are a number of ways in which debts are different from state to state. The laws governing how long you have to pay it back and what happens to you if you don’t vary depending on where you are. If you want to find Wisconsin debt help, here are some of the things you need to know.
Wisconsin actually has one of the lowest average debt amounts in the country. At $4,327, it’s 13% less than the national average. And when it comes to credit scores, WI is one of the highest in the nation, at 720 (compared with 696 for the national average). Part of that is likely due to the reduced rate of delinquency, with only 0.44% of borrowers being late by more than 90 days with their payments—23% less than the national average. The average income is $29,253 a year per person, with only 11.8% of residents living below the poverty line.
For contracts and other open accounts, the statute of limitations for debt collection in Wisconsin is six years. That means that creditors have six years from the time your last payment was made to file suit against you to collect. If you make another payment, the clock starts over. If you already have a judgment against you, the statute for collection on it can be 10 years or more.
Even if Wisconsin as a whole is doing well financially, you personally may still be in financial turmoil. If you’re having trouble making your credit card payments or meeting other debt obligations, it can cause you to go even deeper into debt, creating a vicious cycle from which there seems to be no escape. Fortunately, there are steps you can take to break the cycle and mitigate your debt. You just need to find the right help.
Our financial experts know Wisconsin debt law inside and out. We can work with you to find the best solution for you, from consolidating your debt to renegotiating it, and more. Call us today for your free consultation, to see how we can best help you get out of debt and take control of your finances.