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Debt Levels and Debt Relief Programs in Mississippi

Debt is a real concern across the United States of America. However, the average amount of debt varies from one state to the next. Every state also has its own laws regarding debt and the bankruptcy process. This is why debt relief in Mississippi is so important to understand.

Despite Mississippi’s high unemployment rate, the average amount of credit card debt in the state is only $4594, making it better than the national average for credit card debt. However, the average credit score for a person living in Mississippi is only 686, meaning, many in Mississippi are struggling to keep up with payments on their debt. But there is help. Through debt management services in Mississippi offered by companies like Debt Quest USA, you can receive professional help deciding which debt relief option is best for you, whether that is debt consolidation in Mississippi, credit counseling, debt settlement or bankruptcy in Mississippi.

 

Debt Collection in Mississippi and What it Means For You

When looking to become debt free in Mississippi, laws. Mississippi follows a set of laws called the Fair Debt Collection Practices Act, or FDCPA. These federal laws deal with collection agencies and the law firms that collect debt.

On top of these federal laws, the state has also instituted a maximum interest rate that a collection agency may charge to 8%. The state also offers wage protection of 100% for 30 days. After that first month, the rate is 75% of weekly income, or 30 times the federal minimum wage.

To better understand the laws regarding debt collection in Mississippi, it is recommended that you get legal advice from an attorney or a center that offers debt management in Mississippi.

The Statutes of Limitations in Mississippi

The statute of limitations in Mississippi regarding debt is based on the maximum period of time in which legal actions may be initiated against the consumer. These statutes of Mississippi are based on a period of time after the debtor has become delinquent on their account. Because statute of limitation laws vary from state to state it is important to seek help from a trusted debt agency that offers debt management programs in Mississippi.

Working with Debt Quest USA to Achieve Debt Relief in Mississippi

If you are working to become debt free in Mississippi, Debt Quest USA can offer you help with professional debt management services in Mississippi. Debt management in Mississippi offers a variety of options to help you become debt free, including debt consolidation, consumer credit counseling, debt settlement and bankruptcy in Mississippi (including both bankruptcy chapter 7 and bankruptcy chapter 13).

How Debt Relief Programs in Mississippi Work

There are several options for debt relief in Mississippi available to help you become debt free in the state. After examining your personal debt situation, a trained professional from a debt relief agency will be able to help you choose which course of action is best for you, whether that is debt settlement in Mississippi, a debt consolidation loan in Mississippi or some other option. The good news is, some of these debt relief options can help you save money in the long-run.

 

Debt Consolidation in Mississippi

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

It is important to know about a few other things when using debt consolidation loans in Mississippi to become debt free. In some cases, once you have paid down enough of your debts through a Mississippi debt consolidation program, some debt relief agencies may choose debt settlement in Mississippi with your creditors. However, not all consumers will qualify for debt settlement. It is also important to note that debt consolidation loans in Mississippi do not lower the total amount of debts owed and consolidate the loans under one main interest rate. To find out which form of debt management is best for you, consult with a trusted debt consolidation company in Mississippi.

Debt Settlement in Mississippi

Debt settlement may be a good option for you. This is when a debt relief agency negotiates with your creditors on your behalf to lower the principal amount of debts owed. The agency may also be able to lower the interest rate on those debts. Because this type of debt management in Mississippi eliminates some of the debt you owe through debt forgiveness, debt settlement in Mississippi can be a very appealing option. Not everyone will qualify for this type of debt relief so it’s important to ask questions and find out if you qualify. More often than not, debtors will qualify for debt consolidation loans in Mississippi. By working with a trusted agency that offers debt relief services in the state, you will be able to learn if debt consolidation or debt settlement in Mississippi is the right option for you.

Consumer Credit Counseling

Our goal at Debt Quest USA is to help you get back to a state of financial health. This is why consumer credit counseling can be so beneficial. Credit counseling is when a debt relief agency provides you with classes on how to better manage your finances, including any current debts. The hope is that by taking credit counseling classes, you are set up for better success in the future. Consumer credit counseling is often used in conjunction with other forms of debt relief, such as debt consolidation in Mississippi.

 

 

Bankruptcy in Mississippi

Filing for bankruptcy in Mississippi is an option, but often a last resort after having exhausted all other options of debt management in Mississippi. This is because the bankruptcy process can leave longer negative effects on your credit score.

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

Taking control of mounting debt puts a strain on your life and sometimes, even your relationships. However, Debt Quest USA can help! Before taking any action, consult with one of our trusted and licensed professionals that helps to provide debt relief in Mississippi. This official will be able to understand your unique circumstance then recommend the best course of action for you to take:  debt consolidation, credit counseling, debt settlement or bankruptcy in Mississippi.

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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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