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How State Laws Affect Debt Management in Wisconsin

Wisconsin Debt: The Basics

Debt is a problem across the United States, however the average amount of debt held by consumers does, in fact, vary from state to state. Each state also has its own laws regarding debt and the bankruptcy process. This makes debt management programs in Wisconsin different from other nearby states. Other factors that can influence the average amount of debt in each state includes the median household income as well as the unemployment rate.

Wisconsin compares well to the national median household income, with a median income that is over $2000 higher than the national rate. The average credit card debt for a consumer in Wisconsin is also nearly $100 lower than the average nationally and the credit score of the average Wisconsinite is much higher than the national average. Despite all the great numbers, there is still a need for debt relief in Wisconsin. A debt relief agency, such as Debt Quest USA, can help you to become debt free through debt management programs such as consumer credit counseling, debt settlement and debt consolidation in Wisconsin.

 

Debt Collection in Wisconsin

When seeking to become debt free in Wisconsin, it is important to know about some basic laws. 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. On top of these federal laws, Wisconsin has also set a maximum rate that a collection agency may charge to 5%.  Wisconsin also provides wage protection of up to 80% of disposable weekly income, or 30 times the federal minimum wage.

To better understand the laws regarding debt collection in Wisconsin, it is recommended that you seek legal advice from an attorney or a company that offers debt management services in Wisconsin.

Statute of Limitation of Wisconsin

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

Types of Debt Relief Programs in Wisconsin

If you are seeking to become debt free in Wisconsin, Debt Quest can offer you help with a professional debt management program in Wisconsin. There are a variety of options for debt relief in Wisconsin that are available to you, including credit counseling, debt consolidation, debt settlement in Wisconsin as well as bankruptcy in Wisconsin (including both bankruptcy chapter 7 and bankruptcy chapter 13).

Types of Debt Management Programs in Wisconsin

There are several options available to help you become debt free. After examining your personal debt situation, a trained and knowledgeable 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 Wisconsin or another option. The good news is that several of these debt relief programs can help you save money in the long-run.

Debt Consolidation in Wisconsin

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

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

Debt Settlement in Wisconsin

This particular option for debt management in Wisconsin 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 relief eliminates some of the debt you owe through debt forgiveness, debt settlement in Wisconsin can be very appealing. Unfortunately, not everyone will qualify for this type of debt relief. More often than not, debtors will qualify for debt consolidation in Wisconsin. By working with a trusted debt consolidation company in Wisconsin, you will be able to learn if debt settlement or debt consolidation in Wisconsin is the best course of action for you.

Consumer Credit Counseling

At Debt Quest USA, our goal is to help you get back to a state of financial health. This is why consumer credit counseling is such a great solution 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.  The hope is that by taking credit counseling classes, you will be able to better handle your finances on your own in the future. Consumer credit counseling is often used in conjunction with other forms of debt relief, such as a debt consolidation loan in Wisconsin.

 

 

Bankruptcy in Wisconsin

Filing for bankruptcy in Wisconsin should be considered your last resort after having exhausted all other forms of debt relief in Wisconsin. This is because the bankruptcy process can have long-lasting negative effects on your credit score.

Filing for bankruptcy in Wisconsin includes two core options: bankruptcy chapter 7 and bankruptcy chapter 13. Before filing for bankruptcy in Wisconsin, it is best to consult with a trusted agency that provides help with debt management in Wisconsin or a bankruptcy attorney to ensure there are no other options available to you.

Getting a handle on mounting debt can be very a very stressful situation. Before taking any action, it is best to consult with a trusted company that provides debt relief in Wisconsin, such as Debt Quest USA. By speaking with a licensed debt program official, they will be able to understand your unique circumstance. Once they have analyzed your personal debt situation, they will be able to recommend the best course of action for you, whether that is debt consolidation in Wisconsin, credit counseling, debt settlement in Wisconsin or bankruptcy.

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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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