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North Dakota is home to the most employed state of the United States of America. It is an access point for individuals traveling from Canada to enter the US from Highway 83. In fact, 72,000 vehicles cross the North Dakota borderline at Westhope each year. This state is also located at the center of North America in its town of Rugby.

Home to 699,628 residents, North Dakota has produced some famous celebrities. These include Lawrence Welk, Angie Dickinson, and Phil Jackson. This state is also the place of the biggest oil discovery in years. In Williston Basin, North Dakota is located the United State’s richest area for gas exploration and oil drilling.

These facts contribute to why this state holds the lowest unemployment rate in the nation at 2.6 percent. The median household income is $47,627, which is about $4,000 less than the median income for the nation. Residents have an average credit score of 715 and owe about $6,100 in credit card debt.

Comprised of over 68,000 square miles, North Dakota is ranked the 17th biggest state in the nation. Homeowners make up about 67.1 percent of the entire population. The total labor force is just under 59,000. Many of these include Office and Administrative Support workers, Sales and Related Occupation workers, and Construction and Extraction Occupation workers.

Grand Forks, Bismarck, and Fargo make up the largest cities in the state of North Dakota. Fargo has a population of 105,549 residents and an unemployment rate of 2.9 percent. Grand Forks has 52,838 residents with unemployment at 3.6 percent. Lastly, Bismarck has 61,272 residents with an unemployment rate of 3.6 percent.

Reducing Credit Card Debt In North Dakota

If you are currently indebted with more money than you can handle, it may be time to contact a debt negotiation firm. These firms can help negotiate terms with your creditors. This can result in lower monthly payments, decreased interest fees, and sometimes settling what you owe for less.

This type of program is ideal for those who have over $5,000 in credit card debt. Typically debt settlement companies will only work with individuals who are several months behind on their bills. If you are only a month or two late on your bills, it’s best to work individually with your creditors to come up with a solution.

North Dakota Laws About Debt Collection

North Dakota has some specific laws regarding debt collection agencies and wage protection. The maximum allowed fee for a collection agency is 6 percent. The wage protection is at 75 percent of a person’s weekly earnings or 40 times the minimum wage (federal hourly).

The remaining laws about debt collection practices are outlined by the Fair Debt Collection Practices Act or FDCPA. This is a collection of laws enacted by the Federal Government to help protect the well-being of citizens that owe money. These outline the practices that debt collection agencies may use to collect on the debt owed to them.

Some examples of these include:

Collectors may not use abusive, threatening, or profane language.

All collection agencies must reveal their name, why they’re calling, the creditor they’re representing, the total amount you owe, and provide you with their contact details upon the first contact they make with you.

After a collections agency contacts the consumer, they must provide a written correspondence providing all their details. This should happen within 5 days after the initial phone call.

All these rules are in place to prevent against malpractices being committed by collections agencies. You can learn more about these laws and your rights as a consumer at the FTC Website.

North Dakota Statues Of Limitations

There are specific time limits allowed for creditors to take legal action against borrowers after delinquency happens. After this set amount of time creditors are no longer allowed to take legal action to collect on their debt. Borrowers are no longer responsible for their debt after this amount of time.

It’s important to note that these statutes come in effect at the point when you become delinquent on the account. From that point on creditors can take legal action against you up until the end of the statutes of limitation.

In North Dakota there is a 6-year limitation on oral agreements, written contracts, promissory notes, and open accounts, like credit cards or gas cards.

If you are having trouble with your unsecured debt, it’s a good idea to contact a debt negotiation company. They will be able to instruct you on the options that you currently can take advantage of to control your debt.

You don’t have to spend the rest of your life under the stress of debt. You do have options and seeking help from negotiation and settlement firms can help to greatly reduce your stress. Once a plan is figured out you can be on the way to creating your own financial freedom.