With a population of 2,991,207 people, Mississippi is the least populous state in the entire United States. It’s the birthplace of Elvis Presley and the first nuclear submarine. This state has a 1,080,420 laborer workforce. Their most popular career fields are in Office and Administrative Support, Sales, and Production.
The three largest cities in Mississippi are Jackson, Southaven, and Gulfport. Jackson is home to 173,514 residents and has an unemployment rate of 8 percent. Southaven is home to 48,982 resident and has a rate of 6.1 percent. Lastly, Gulfport is home to 67,793 residents and is at the highest rate of 9.5 percent for unemployment.
Mississippi overall has an unemployment rate of 8.5 percent, which is much higher than the national average of 4.8 percent. The median credit score per resident is 686, which falls into the okay to average range for the three major credit bureaus. The average Mississippi household owes $4,594 in outstanding credit card debt. About 75 percent of Mississippi residents are homeowners.
Understanding Debt Settlement and Debt Negotiation In Mississippi
If you live in Mississippi and are struggling to pay back your credit card debts, there are options out there. Debt settlement and debt negotiation are two services that can help you regain control of your finances and allow you to work toward financial freedom.
Debt negotiation is a process through which an agency contacts the creditors you owe money to on your behalf. They will work on coming to an agreement with the creditor to reduce the interest rate and lower the monthly payment to a level that you can afford.
Debt settlement works a little differently. Instead of negotiating with creditors over interest rates, they work on coming to an agreement with the creditor for a payoff amount on the account. This pay-off amount is typically for less than you originally owed before the settlement process started.
Mississippi Debt Collection Practices Laws
Mississippi has established some state-wide laws about the practice of debt collection. As a consumer, you should be knowledgeable about your rights during the debt collection process. If at any point a debt collections agency violates any of the laws set out by the Mississippi Government or the Federal Government you can contact the Federal Trade Commission to report them.
A collections agency is limited to charging 8 percent interest for their services performed in the state of Mississippi. The wage protection offered is 100 percent for up to 30 days. All the debt collection standards set by the Fair Debt Collection Practices Act applies to all the 50 states, including Mississippi.
The Fair Debt Collection Practices Act sets a number of stipulations for the debt collection process. There are just a few of these listed below:
Mississippi Statutes Of Limitation On Legal Debt Collection Efforts
- A debt collector may not use profane or obscene language.
- A debt collector may not repeatedly telephone to annoy, harass, or abuse a person at the number they called.
- A debt collector may not pose as a false character.
- A debt collector may not falsely represent the legal status of any debt a consumer owes.
- A debt collector may only contact a consumer between the hours of 8 am and 9 pm. These times should be of the consumer’s location, not the location of the debt collector.
This state has set a maximum time limit for a creditor to take legal action against a borrower. This is called the statutes of limitation. From the time a consumer becomes delinquent on their account with a creditor, that creditor has a set limit of three years to file a legal suit against the consumer. If the creditor doesn’t file a suit within three years they essentially forfeit their right to do so.
What this means is that as a consumer, if you are delinquent on a credit account for more than three years and the creditor has not yet sued you, you no longer are responsible for the debt. This three-year standard is unique to Mississippi. Each state constructs their own time frames. It’s important to realize that if you take out a loan in another state, the other state’s statutes of limitations apply. For example, if you take out a loan in Florida, but now live in Mississippi, you have to follow the Florida statutes of limitations because that is where the transaction took place.
If you are truly struggling with unsecured debt including credit cards, medical bills, business debts, and personal credit lines it’s time to contact a knowledgeable debt settlement company. Stop putting yourself further in debt and make the call to get the assistance you need to turn your finances around. Financial freedom is possible for you with the right guidance.