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Oklahoma is the 28th most populous state in the nation, with 3,923,561 residents. The state is comprised of just under 70,000 square miles. The largest city in the state is Oklahoma city which just so happens to be the State Capital as well. The population in the State Capital city is 580,000. The next largest cities are Tulsa, with 394,996 residents, and Norman with 110,925 residents.

This state is home to many famous celebrities. These include Reba McEntire, Garth Brooks, James Garner, Mickey Mantle, and Will Rogers. Oklahoma is not only famous for it’s born celebrities. It also is the only state to have a working oil well on its State Capital grounds. This well site is appropriately named Capital Site Number One. There are four major mountain ranges across the state including Kiamichis, Wichitas, Arbuckles, and Ouachitas.

The ‘Sooners’ nickname given to many residents of Oklahoma is a unique story. When Oklahoma was first being settled it was Indian Territory. In 1889 a time known as the ‘land rush’, was when prospective settlers were allowed to go into Oklahoma and stake out their own plot of land. A number of people entered into Oklahoma before the official start date. They gained the nickname the ‘Sooners’ and that has stuck with the citizens ever since. There is a lot of history in Oklahoma.

Out of the total population of Oklahoma residents, 70.2 percent of them are current homeowners. The median household income being $41,664, which is about $10,000 under the national median income. Many of the state’s laborers are in the Office and Administrative Support Field. The second largest field is Sales and Related Occupations followed by Food Preparation and Service Related Occupations. The total labor force of the state is 1,529,900.

The total state unemployment rate is 5.4 percent, which is just higher than the national average of 4.8 percent. Oklahoma City has an unemployment rate of 4.7 percent, Norman with 3.9 percent and Tulsa with 4.9 percent. When it comes to credit card debt, Oklahomans average in at about $4,800 per household. Residents average credit scores range in the very good to an excellent sector with 710.

Debt Negotiation Programs And Laws

If you live in Oklahoma and are struggling with credit card debt, than a debt negotiation firm can benefit you. These companies will work on your behalf to negotiate with creditors to reduce the cost of your debt. This can be in the form of decreased interest rates, monthly payments, or settling the account for less than you currently owe.

One thing to keep in mind when dealing with creditors is there are statutes of limitations that restrict the amount of time that creditors have to recover their debt. If you are delinquent on your bills for too long and a creditor doesn’t take legal action against you in a specified amount of time, you are no longer responsible for repaying the debt. You can learn more about these statutes below.

Debt Collection Information

We highly recommend checking with your legal adviser about your rights when it comes to creditors. However, there are general regulations that stipulate how credit collection agencies may operate. These fall under the Fair Debt Collection Practices Act.

This Act was put into place by the Federal Government to ensure the safety of consumers. This is not meant to keep consumers from repaying their debt, rather it’s to ensure that collection agencies operate in a humane manner. This Act stipulates when and where a creditor may contact you, what requests of yours they’re mandated to follow, and many other practice regulations.

In Oklahoma, there is currently a restriction of 6 percent maximum being charged by any collection agency. In addition, this specific state has a 75% wage protection rate.

Oklahoma Debt Statutes Of Limitations

As discussed earlier, there are time frames put in place when a creditor can legally collect the debt owed to them after a borrower becomes delinquent. These statutes set a maximum amount of time that legal proceedings can be initiated by creditors. For oral agreements and open accounts, such as credit cards and store cards, creditors have 3 years to take legal action. For written contracts and promissory notes, they’re given 5 years. After this time frame, the debitor becomes free of the debt and the creditor is no longer allowed to take legal action.

If you are dealing with unsecured debt and need help it’s time to contact a debt settlement company. They can help explain to you the options that are available and work with you and your creditors to come to agreements that are win-win for the both of you. Don’t let debt take over your life. Get help today and be on the way to better credit tomorrow.