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As the 14th largest and 39th most populous, Idaho is the least dense state in the nation. Known commonly as the Potato State, due to its large production of the crop, this state is home to the American Falls. Other common products produced in Idaho include cattle, wheat, barley, sugar beets, and dairy products.

Idaho is home for Gutzon Borglum, Lana Turner, and Ezra Pound. Its mountainous terrain is home to 1,683,140 residents. 70.5 percent of these citizens are homeowners. The typical Idahoan has a good credit score of 716. The median household income in the state is $47,922, which is just slightly below the national average.

Idaho’s three major cities are Boise, Nampa, and Meridian. Meridian has 75,092 residents, Nampa has 81,577 and Boise has 205,671. These residents help comprise the 773,000 labor workforce throughout the state. The most popular fields of employment include Trade Transportation and Utilities, the Government Sector, and Education and Health Services. The state university, hospital, and government are among the biggest employers of Idaho residents.

With a lower than average income level, it’s no surprise that some residents turn to credit cards to help cover the costs of living. In fact, the average credit card debt is $4,549 per household.

Debt Reduction Through Negotiation In Idaho

If you are a resident of Idaho and are struggling to pay your bills, debt negotiation may be a favorable option for you. Those who have gone through financial hardships, such as a loss of employment or unexpected medical issues, may find themselves too far behind with no end in sight. This is where debt settlement firms come into play.

These companies will contact creditors on your behalf and negotiate terms to make your debt more manageable. Negotiation companies can get creditors to agree to decreased interest rates and lower monthly payments. Debt settlement companies can work with collection agencies to come to a settlement that is less than the total amount of debt that you owe.

These companies can help take a load off of your debt and set you up for a better financial future. One important factor to be aware of is that some creditors may have run out of the statute of limitations when it comes to your account. You can learn more about these special limitations below.

Idaho Debt Collection Practices

Right now the current wage protection in Idaho is 100 percent for 60 days. This is much higher than many other states, which is ideal for the residents in this state. Regarding debt collection agencies, the maximum amount they may charge is 6 percent interest.

In additional to these state-specific laws, there is the Fair Debt Collection Practices Act or FDCPA that regulates debt collection practices. This was enacted to help protect consumers against harassment from collections agencies.

Idaho Debt Statutes Of Limitations

Each state enacts statutes of limitations on the amount of time your creditor has to file a lawsuit against you after delinquency. If your creditor doesn’t take legal action against you within this allotted time they forfeit their future right to do so. This essentially means that if the creditor chooses not to sue you for the money you owe them after this statute is over you no longer owe them money.

These statutes vary depending on the type of transaction both parties agreed to. Both oral contracts and open accounts, such as store cards and credit cards, have a four-year limitation for legal action. Promissory notes and written contracts have a 5-year limitation. It’s important to realize this time frame only regulates the initial legal action to file. If your court case happens after the statute of limitations expires, but the company files before that time you are still responsible for the outcome of the trial.

As stated above, these statutes vary per state. The jurisdiction of the limitations is for those transactions that occurred within the state. So for example, if you signed a loan agreement in another state and then moved to Idaho. The statutes of limitations from the other state have jurisdiction over the transaction. Just because you now live in Idaho it doesn’t mean you are under Idaho jurisdiction because the transaction took place in another state.

If you are having trouble getting yourself out of debt, talking to a debt settlement specialist is always a good idea. They can help you reduce the amount of debt you owe. They can stop those hounding calls from collection agencies. Most importantly, they will greatly reduce the daily stress you feel from being so far in debt.

There are many skilled debt settlement agencies that are ready to help you. All you have to do is make the first step in contacting them today. Say no more debt and get ready to live a more financially free future.