Indiana is another state in the U.S. that has mid-high credit card debt per house hold, which was at $6,483 in 2011. This state was ranked as having the 36th highest median household income in the nation in 2010, when it was recorded as $44,616. This is a slight raise from 2005 when the median household income was $43,993.
Only 20% of the 498,700 households in Indiana were making between $50,000 and $74,999. There are special laws that protect Indiana’s wages from garnishment when becoming delinquent on payments. Other laws under the Fair Debt Collection Practices Act, or FDCPA, also offer further protection.
Indiana Debt Collection Laws Under FDCPA
To help protect consumers who are in debt in Indiana, FDCPA prohibits collection agencies from charging more than 8% in interest and 75% of Indianans wages are protected (or 30 multiplied the federal minimum wage, whichever is more). The statute of limitations for Indiana residents places maximum time frames that a debt can be legally pursued after becoming delinquent. The limitations are as follows:
- Max of six years for oral agreements
- Max of 10 years for promissory notes
- Max of six years for open credit card accounts
- Max of 10 years for written contracts
Debt Relief in Indiana
If you are looking for debt relief in Indiana, you can find a variety of licensed companies that will offer such services. Always learn as much as you can about a debt relief. Here are a couple of agencies that offer various debt relief options to consumers and small businesses.
- Franklin Debt Relief: Opened its doors in 2006, offering unsecured debt management services. The main focus of this agency is debt settlement services.
- American Debt Enders: A debt agency based in New York. It’s been in operation since 2007, offering free, no obligation credit counseling services to individuals. Some of the debt relief services offered include debt consolidation, debt settlement and credit repair. It is required that debtors have a minimum of $10,000 of unsecured debt. The programs offered here are FTC approved.
- CareOne Debt Relief Services: This agency works with debtors who have a minimum of $2,500 in debt. A free debt analysis is provided to first-time customers, giving you a better look into your debt relief options. There is an upfront fee to be paid.
- Oak View Law Group: This is a lawyer firm that specializes in debt relief. They offer free consultations, provide you with an individual advisor and have a privacy guarantee. The only downfall is that there is an upfront fee.
Usually, when choosing a debt relief company, you want to stay away from firms that charge upfront fees. However, you should do your due diligence to determine if the company is indeed legitimate. Make sure that the entity is licensed to practice in Indiana. There are plenty more debt relief companies that you can look into. Reviews of these agencies can be found online, written by professionals and consumers.