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Debt in Alaska: The Basics

Did you know that Alaska is actually one of the top states in the nation in terms of average debt?  This average debt is around $30k per person!  Many Alaskans are severely struggling with debt and many don’t know their options to manage and get control over their debt.

If you feel like you are drowning in debt, you can find debt relief in Alaska. You DO have options!  Debt management services in Alaska can help you with consumer credit counseling, debt consolidation loans in Alaska, debt settlement in Alaska and even the bankruptcy process (including both bankruptcy chapter 7 and bankruptcy chapter 13).

 

Debt Collection in Alaska

If you have yet to work with debt consolidation companies in Alaska or an agency that offers debt settlement, you may have debt collectors contacting you regularly over your outstanding debts. We are big on education, which is why we want to make sure you understand your options and your rights.  It is important to know that as a consumer, you have rights when dealing will collection agencies and the creditors they represent.

 

As with all states, Alaska complies with the Fair Debt Collection Practices Act as enforced by the FTC. However, Alaska also has several state laws related to protecting consumers when it comes to debt collection in Alaska. In order to learn more about these state laws that place limits on debt collectors’ actions or to find out if you are eligible to file a complaint against a collector, it is best to speak with a trusted and trained professional of an agency that offers debt relief in Alaska.

Agencies that offer debt relief in Alaska will also be able to advise you of your options to resolve your debt with creditors, such as debt consolidation loans in Alaska and/or credit counseling. Debt consolidation in Alaska is perhaps the the most common way to resolve mounting debt.

Statute of Limitations in Alaska

Alaska also has a list of statute of limitations in place that must be followed. If a debt exceeds the time period listed in the statute of limitations by the state and were not acted already by either the creditor or the collector representing them, the creditor and collector cannot go after the debtor or file legal action against them.

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Debt Relief in Alaska

If you are feeling overwhelmed with debt, there are viable options available to you so that you can become debt free in Alaska. When working with a debt management services in Alaska, a knowledgeable professional will analyze your specific situation to figure out which option is best for you. The good news is, several of these debt relief options will help you save money in the long-run while paying off your debts. These debt relief options include Alaska debt consolidation programs, consumer credit counseling, debt settlement and bankruptcy in Alaska.

Debt Consolidation in Alaska

The most common form of debt relief utilized by debt relief agencies is that of debt consolidation loans in Alaska. Alaska debt consolidation programs combine your debts into a single loan which usually has a lower interest rate, making the cost of payment of your debts owed more affordable. Debt consolidation companies in Alaska will negotiate the terms of your consolidated loan with your creditors on your behalf. Often, debt consolidation loans in Alaska are combined with consumer credit counseling.

When using debt consolidation loans in Alaska to become debt free, note that this option only consolidates your debts and lowers the interest rate. Debt consolidation in Alaska does not lower the principal amount of debt owed. However, after you have paid down enough of your debts, your debt consolidation company in Alaska may choose to move forward with debt settlement in Alaska. Not every debtor will qualify for this option, though.

Debt Settlement in Alaska

This debt relief program in Alaska involves a debt relief agency negotiating with your creditors on your behalf to lower the principal amount of debts owed, as well as perhaps lower your interest rate on those debts. Because this option eliminates some of the debt you owe through debt forgiveness, it can be a very appealing form of debt relief in Alaska. However, not all debtors will qualify for this type of debt management program in Alaska. Most debtors do qualify for debt consolidation in Alaska, rather than debt settlement in Alaska. By working with a debt management program in Alaska, a professional will be able to help you discover if debt settlement in Alaska is the right option for you, or if another option is your best course of action.

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Bankruptcy in Alaska

Filing for bankruptcy in Alaska should be considered your last possible option. It is recommended to exhaust any, and all other options of debt relief, such as debt settlement or debt consolidation in Alaska. Why is this recommended so strongly?  The bankruptcy process has long-lasting effects on your credit score and is something that follows you for many years later.

Filing for bankruptcy in Alaska includes two common options, bankruptcy chapter 7 and bankruptcy chapter 13. It is ideal to consult a debt management program in Alaska first to see if other debt relief options are available, such as combining consumer credit counseling along with debt consolidation loans in Alaska.

Feeling stressed about the large amount of debt you owe?  Getting a handle on mounting debt can be stressful and affect so many parts of your life.  But, we have good news! It IS possible to become debt free and we want to help you toward that goal.

By working with an agency that provides debt relief in Alaska, you will have the peace of mind knowing that a knowledgeable and trained professional will help find the best option or options for you to help you become debt free. You have many options available at your disposal, including debt consolidation in Alaska (such as debt consolidation loans in Alaska), debt settlement in Alaska, consumer credit counseling, and as a final resort, bankruptcy in Alaska.

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