Delaware is a coastal state that has one of the higher ranking credit card debt percentages in the nation. As of 2011, the average credit card debt per household was $7,423. The average weekly income per household in Delaware was $937 in 2005, ranking it the 7th highest in the nation. The per capita personal income for the state ranks it at ninth in the nation with a $34,199 average. Even with the high income that Delaware residents receive, this hasn’t stopped their accumulation of credit card and other debts.
Receiving Debt Relief in Delaware
Getting rid of debt is the pursuit of many Americans across the nation. In Delaware, there are a variety of debt relief options that one can pursue. Depending on how much debt you have and the type of debts owed will determine which option is best for you. These available Delaware debt relief options include:
- Debt management services offered by agencies that will handle your debt accounts. Debt managers will also offer negotiation services to help lower bills to make them more affordable. There’s also no need to worry about making the payments because the debt manager will take payments from your account to pay the collectors for you.
- Debt counseling is a service that will help you to find out ways to get out of debt and create a better budget to prevent further debt accumulation.
- Debt consolidation loans are offered by debt relief companies and traditional lenders. This will pay off all of your known debts, so that all that needs to be repaid is the consolidation loan.
- Bankruptcy is a last resort option that can be used to either eliminate unsecured debts or set up an extended repayment plan. A lawyer can be used to help with filing for Chapter 7 or 13 bankruptcy.
Delaware Debt Collection Laws
To help protect Delaware residents from abusive debt collectors, the Fair Debt Collection Practices Act was established. Some of the regulations for the state of Delaware include:
- Debt collectors are not allowed to contact your place of work or send mail to your job unless it’s a good-faith effort to get in touch with you, when contacting you at home has been impossible.
- The max interest rate that a collection agency is able to charge Delaware debtors is 6%.
- The wages of Delaware debtors are 100% protected for 60 days.
- Statute of limitations limits the max period of time that legal proceedings can be initiated after a Delaware debtor has become delinquent. For oral agreements, written contracts and promissory notes, the limit is three years. Open accounts, such as credit cards has a limit of four years.
Many Americans are suffering from credit card debt, but this doesn’t have to be a problem for you any longer. There are plenty of Delaware debt relief agencies that can be used to slowly but surely get rid of your financial woes. Just make sure that the debt agency that you use is licensed by the state of Delaware.