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Pennsylvania is home to 12,784,227 residents, which makes it the 6th most populous state in the nation. The state’s land is comprised of over 46,000 square miles, making it the 33rd largest of all the states in the United States of America.

Most popularly known for the signing of the Declaration of Independence in 1776 and the Liberty Bell, Philadelphia is the largest city in the state of Pennsylvania. The Philadelphia population is 1,526,006 residents. This is much higher than the second and third largest cities. These are Pittsburgh at a population of 305,704 and Allentown having 118,032 residents.

Philadelphia is home to more than just the Liberty Bell. In fact, this city created the first computer, the first daily newspaper, the first presidential mansion, and is home to the first ever American flag. The flag that was sewn together by the famous lady, Betsy Ross. This city is one of the most famous in the entire United States of America.

However, Philadelphia is home to an extremely high unemployment rate of 11 percent. This is much higher than the national average of 4.8 percent. Pittsburgh follows with an unemployment rate of 7.8 percent and Allentown ringing in at 10.3 percent. The state of Pennsylvania has an unemployment rate of 6.9 percent, giving it an overall ranking of 31st most unemployed state in the nation.

A number of homeowners in Pennsylvania is at a high of 72.2 percent. The average citizen have a credit score of 720, which puts them in the very good to an excellent credit rating from the top bureaus. The total amount of workers in the state is 5,596,480. The largest amount of jobs is found in the Administrative and Office Support field. The second largest employment field is Sale and Related Occupations, followed by Food Preparation and Serving Related Occupations.

Although Pennsylvanians have a higher than average credit rating, they do carry on average $4,600 in credit card debt alone. The median household income across the state is $49,520, which is lower than the national average.

Pennsylvania Residents Can Get Debt Help

If you live in Pennsylvania and have trouble paying your debt back to creditors it may be time to speak to a debt negotiation or settlement firm. These companies will work with you and your creditors to negotiate new terms and possibly settle the amount of debt you owe for less.

With debt negotiation, you can simplify the debt you owe into one low monthly payment that you can afford on your current income. This can help you better control your debt and get you on the way to rebuilding your financial portfolio.

Debt Collection Rights For Consumers

If you are currently in debt there are some rights that the government has given to you to protect yourself against unfair practices by creditors. Many of these are outlined in the Fair Debt Collection Practices Act or the FDCPA.

This Act was put together with the intent of protecting consumers from abusive collection practices. They were not meant as a way for borrowers to escape paying back their obligations. It’s important to note that any creditor can sue a borrower who is delinquent on a loan, as long as it’s still within the statute of limitations set by the state.

In Pennsylvania, there is a maximum interest rate allowed for collection agencies to charge. This is currently set at 6 percent.

Statutes of Limitations In Pennsylvania

Any debt that you currently owe a lender falls into these statutes of limitations. These are designed to have a specific time frame set out that a creditor may take legal action against a borrower who enters delinquency on a debt. Different forms of debt have different time frames where the creditor can take legal actions. These include:

Oral Agreements, Written Contracts, and Promissory Notes – 4 Years
Open or Revolving Accounts (ie. store cards, gas cards, credit cards) – 6 Years

After this time has passed, the creditor is no longer allowed to sue the borrower for unpaid debt.

It’s very common for creditors to negotiate with you or a debt settlement firm to agree upon an amount that is less than what you actually owe. These creditors are typically looking to avoid court costs, but still want to receive a good portion of their money back. This is where you can negotiate terms that become a win-win situation for both you and the creditor.

If you would like to get rid of your loads of debt and start rebuilding your credit it’s time to contact a local debt settlement company. Let them walk you through how to negotiate your debt and allow them to provide legal guidance along the way. There’s nothing worse than putting your life on hold while you sink deeper and deeper into debt. Make the call today and get back your life.