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How State Laws Affect Debt Relief Programs in Idaho

Idaho Debt: The Basics

If you are looking to get out of debt, you need know that you’re not alone.  Debt management can be a stressful project and we’re here to help.  Each state has their own laws regarding debt and the bankruptcy process. This makes debt management in Idaho different from, say, Virginia. Other factors that can influence the average amount of debt held by consumers in a state includes the median household income and the unemployment rate.

There are quite favorable conditions in Idaho for consumers. The average amount of credit card debt in Idaho is a little lower than the national average, the unemployment rate is just barely over 6% and the median household income is nearly $48,000. But, there are many who are looking for a debt management program in Idaho. This is where a debt relief agency, such as Debt Quest USA, can help you to become debt free in Idaho through a variety of debt management options, such as consumer credit counseling, debt consolidation and debt settlement in Idaho.

 

Debt Collection in Idaho

When seeking to become debt free in Idaho, there are a few laws that are important to know about.  The state follows a set of laws called the Fair Debt Collection Practices Act (FDCPA). These federal laws deal with collection agencies and the law firms that collect debt.

In addition to the federal laws, Idaho has also instituted a maximum interest rate that collection agencies may charge. This maximum rate is 6%.  Idaho also offers wage protection of 100% of your wages for 60 days.

To learn more about the laws regarding debt collection in Idaho, it is recommended that you seek legal help from an attorney or a center that offers debt management services in Idaho.

Statute of Limitations of Idaho

The statute of limitation in Idaho for debt relief is based on the maximum period of time in which legal actions may be taken against the consumer. These statutes of Idaho are based on a period of time after the debtor has become delinquent on their account. Statue of limitation laws may be different from state to state, so it is vital to seek help from a trusted agency that offers debt management programs in Idaho.

Debt Relief Programs in Idaho

If you are seeking debt relief in Idaho, Debt Quest can offer you help with professional debt management services in Idaho. Debt management in Idaho includes a variety of options to help you manage your debt, including debt consolidation in Idaho, credit counseling, debt settlement and bankruptcy in Idaho (both bankruptcy chapter 7 and bankruptcy chapter 13).

Types of Debt Management in Idaho

You have options! After examining your personal debt situation, a trained professional from a debt relief agency will be able to help you decide which course of action is best for you, whether that is debt settlement, a debt consolidation loan in Idaho or some other option. The great news is that several of these debt management options can help you save money in the long-run.

Debt Consolidation in Idaho

One option for debt management is debt consolidation in Idaho. A debt consolidation loan in Idaho is when all of your debts are consolidated into a single loan that often has a lower interest rate.  This makes payment of your debt more affordable. Idaho debt consolidation programs are perhaps the most common form of debt management used to help consumers become debt free in the state. When working with a debt consolidation company in Idaho, that agency will negotiate the terms of the consolidated loan on your behalf with your creditors.

There are a few other important things to know when using debt consolidation loans in Idaho to become debt free. In some cases, once you have paid down enough of your debts through an Idaho debt consolidation program, some debt consolidation companies in Idaho may choose to move to debt settlement in Idaho with your creditors. However, not all debtors will qualify for debt settlement. It is also important to note that debt consolidation loans in Idaho do not lower the total amount of debt to repay, just the interest rate on those debts. To more fully understand which form of debt management in Idaho is best for you, consult with a trusted debt relief agency.

Debt Settlement in Idaho

Another option for debt relief is debt settlement in Idaho.  This is when a debt relief company negotiates with your creditors to lower the principal amount of debts owed. The company may also be able to lower the interest rate on those debts. Because this type of debt relief eliminates some of the debt you owe through debt forgiveness, debt settlement in Idaho can be a very appealing option.  However, not everyone will qualify for this this type of debt relief in Idaho.  More often than not, debtors will qualify for debt consolidation loans in Idaho.  By working with a trusted debt relief agency, you will be able to learn if debt settlement or debt consolidation in Idaho is the best course of action for you.

Consumer Credit Counseling

Our goal at Debt Quest USA is to help you thrive financially. This is why consumer credit counseling is such a great option for so many debtors. Credit counseling is when a debt relief agency provides you with classes on how to better manage your finances, including any current debts. Our hope is that by taking credit counseling classes, you will have the education you need to manage your finances in the future. Consumer credit counseling is often used in alongside other forms of debt relief, such as debt consolidation in Idaho.

 

 

Bankruptcy in Idaho

We typically tell people that filing for bankruptcy in Idaho should be considered your last resort for debt relief in Idaho. Why?  The bankruptcy process can have long effects on your credit score and you need to understand that.

Filing for bankruptcy in Idaho includes two core options: bankruptcy chapter 7 and bankruptcy chapter 13. Before filing for bankruptcy in Idaho, it is advised that you consult with a trustged debt relief agency in Idaho or a bankruptcy attorney to ensure there are no other options available to you, such as debt consolidation.

Managing your unresolved debt can be a very stressful situation. Before you do anything, we recommend talking to a trusted company that provides debt relief in Idaho, such as Debt Quest USA. When you talk with a licensed debt program official, they will be able to understand your personal situation. You can then make educated decisions on which route to go: debt consolidation, credit counseling, debt settlement or bankruptcy in Idaho.

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How Much Can You Save?

How much debt do you owe?

$1

$100k+

What is your desired
monthly program deposit?

$1

$5000

Debt Quest Debt Settlement

$500

Your monthly
program deposit

$5,750 Savings

Your Savings

39 months to pay off your
current debt listed above.

Your monthly program deposit:
$500

Your Savings:
$5,750 Savings

39 months to pay off your
current debt listed above.


Debt Consolidation or Credit Counseling

$500

Your monthly
payment

You pay $14,478 more

No Savings

79 months* to pay off your
current debt listed above.

*Assumed average interest of 15%

Your monthly Payment:
$955

No Savings:
You pay $14,478 more .

36 months to pay off your
current debt listed above.

*Assumed average interest of 15%


Paying Minimum Monthly Payments

$500

Your monthly
payment

You'll Pay $29,199 More than you owe currently

No Savings

9 years* to pay off your current debt listed above.

*Assumed average interest of 20%

Your monthly Payment:
$500

No Savings:
You'll Pay $29,199 More than you owe currently.

32 years* to pay off your current debt listed above.

*Assumed average interest of 20%

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