Georgia Debt Relief

One of the amazing facts about Georgia is that if it were to be its own country, it would be the 28th largest economy in the world. In 2007, Georgia had the 37th largest per capita personal income at $33,499. The average credit card debt for Georgia households is on the high end at $6,520. One could imagine how Georgians have gotten into debt, especially with all of the money flowing into the state. Without proper financial management, you can easily fall into a debt trap.

Eliminating Debt Fast

debt relief in georgiaIndividuals looking for fast Georgia debt relief can look to debt consolidation as an option. Debt consolidation takes care of your debts quicker than most debt relief solutions, especially if you have a large amount of debt. A debt consolidation company can negotiate lower interest rates and monthly payments, making it more affordable. A loan can also be taken out to pay off all of the debts you have, so that all you have to worry about is one debt.

Another option for fast debt relief in Georgia is debt settlement. This involves a debt settlement company who looks over your debts and calls up collectors to negotiate lower monthly payments and balances. Unsecured debts are usually handled by these agencies, which include:

  • Credit cards
  • Personal loans and lines of credit
  • Collections and repossessions
  • Business debts
  • Medical bills

Debt Collection Laws in Georgia

Under the Fair Debt Collection Practices Act, also known as FDCPA, in the state of Georgia debt collectors are not allowed to contact your place of work via phone or mail unless attempts to contact you at home have failed. There is also a limit to how much collection agencies are allowed to charge in interest rates, which is 6% in Georgia. Debtors can also rest assured that their wages won’t be touched at all for 60 days after, due to the wage protection law in Georgia.

The statute of limitations also prohibits debt collectors from initiating legal proceedings for debts over an extended period of time. The max times for various agreements are as follows:

  • Oral agreements – six years
  • Written contracts – six years
  • Promissory notes – three years
  • Open credit card accounts – three years

Debt Relief Agencies in Georgia

Finding a debt relief agency is easy, as long as you know where to look. The Internet offers a great source of information about various Georgia debt relief companies, but be wary of those that are fly-by-night and unlicensed to operate in the state of Georgia. Let’s take a look at some of the available debt relief companies:

  • American Debt Enders is a New York based debt relief company that’s been around since 2007. Credit counseling is offered to individuals free of charge and there is no obligation to use their services. This is to help identify key financial problems you’re having.
  • CuraDebt works with individuals who have debts $10,000 and greater. Since 1996, it has been offering debt settlement, creditor negotiations, arbitration services, debt management and debt consolidation services.

There are many more agencies to choose from, but do your due diligence and you should have no problem finding a company to help you get out of debt.

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