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The Nevada economy and its residents are still facing hard times since the recent recession. The median income rate per household is ranked 44th in the United States of America, showing a mere total of $47,333 annually. This low income amount has resulted in a very strong decline in the number of households throughout the state of Nevada. The exact numbers are now just 992,896 as compared to older years of 115,226,802. To top things off, Nevada has an unemployment rate of 9 percent, which is the highest in the entire nation.

The unemployment rate varies per the major cities. Las Vegas rings in at a high of 10 percent, Reno at 9.2 percent, and Henderson at 8.9 percent. These are all higher unemployment rates than the national average.

With a population of 2,940,058 residents, there is an average debt of $6,145 per household from credit card alone. This is much higher than the United States average credit card debt per household. The median credit score is in the good range, at 660. About 31 percent of the state’s residents live in the three major cities including Las Vegas, Henderson, and Reno. Each city’s population in respective order is 583,756, 257,729, and 225,221.

Nevada is known for the creation of the slot machine back in 1899. Just 60 years later this invention, made by Charles Fey, grew to over 16,000. These numbers kept crawling up with there now being over 205,000 slot machines in the entire state. With so many gambling opportunities and such high unemployment rates, it’s no surprise that Nevada residents may need help getting out of debt.

Debt Settlement and Debt Negotiation Laws In Nevada

If you are a Nevada resident that is behind on paying unsecured debt than debt relief assistance is for you. Debt settlement and negotiation firms can talk to your creditors on your behalf and lower what you owe. In some cases, debt settlement agencies are capable of settling your debt for a lot less than you actually owe the creditor. In other cases, negotiation firms will be able to secure a lower interest rate on your current loans, resulting in a lower monthly payment for you.

These options are there to help residents get a handle on their finances. However, don’t forget that all your debt is considered to have a statute of limitations that a creditor must follow. Credit companies can take legal action against unpaid debt only up to the end of the statute of limitations. After that time period, they have no legal right to press charges against you for not paying. You can learn more about these clauses below.

What Are My Rights When It Comes To Debt Collection?

Debt collection practices are highly regulated by the federal and state governments to ensure the safety and well-being of the consumer. Nevada follows the Fair Debt Collection Practices Act. There are many stipulations that outline how credit companies can go about collecting a debt. Some examples from this Act include:

Creditors may not talk to anyone other than your spouse about your debt unless you authorize them to.

Creditors may only contact your place of employment after they have made a valiant effort to contact you at home. They must stop further calls to your employer if you tell them to.

These are just a few of the stipulations outlined by the Act.

Nevada further regulates the price that collection agencies can charge. Their maximum interest rate is 2 percent over the prime of Nevada’s largest bank. The wage protection in Nevada is outlined to be 30 times the hourly minimum wage or 75 percent of the after-tax income.

Nevada Statutes Of Limitations On Debt Collection

Statutes of limitations are set time frames where a creditor can take legal action against a debitor to collect unpaid debt. This time frame typically starts as soon as the borrower goes delinquent on their payments. The following outline the major debt agreements and what their limitations currently are at:

Revolving Accounts (credit cards) – 4 Years
Promissory Notes – 6 Years
Written Agreements – 6 Years
Oral Contracts – 4 Years

After this time frame, the creditor may no longer take legal action against the borrower. The borrower no longer is responsible for paying the debt owed to the creditor. It’s important to note that these statutes take hold the day after a missed payment.

If you are struggling with unsecured debt from personal loans, credit cards, medical bills, or other collection accounts it’s time to get help from trained professionals. Get a hold of a debt specialist today to get out from underneath that stressful load of debt and start your life fresh. Having a good credit history is the key to getting the funding you need in the future for the purchase you want. Taking care of your outstanding obligations is better performed sooner than later to help salvage as much of your credit rating as possible.