Pennsylvania debt consolidation
The hard-working, barn-raising and frugal Amish might be the only ones living in Pennsylvania who do not have any debt worries. If you are like everyone else, chances are you’ve got some credit card debt at least, and may be having trouble paying it back. For those of you living in Pennsylvania, you should look into your debt consolidation options.
Know your rights in Pennsylvania
Pennsylvania debt consolidation and debt collection practices are governed by the Fair Credit Extension Uniformity Act. The law states that debt collectors cannot engage in deceitful acts in an attempt to collect on debts. For example, if a debt collector calls you and threatens to throw you in jail or call the police if you do not repay your debt immediately, this would be considered an unfair or deceitful act.
Like in other states, debt collectors in Pennsylvania must follow certain rules. For instance, they cannot call you during odd hours. The standard hours for communication with creditors is usually between 9am and 8pm. Furthermore, if a creditor knows that you are represented by a lawyer, they should no longer be contacting you directly, but should contact your lawyer about your debts.
Verbal harassment is one of the things that many people claim debt collectors do. According to the law, they are not allowed to verbally abuse or threaten you. Calling you names, threatening to call the police and accusing you of being a deadbeat are examples of abuse that have been documented in the past, but are not legal methods of debt collection. Keeping track of all conversations is a good way to stay on top of debt collection tactics.
For more information on Pennsylvania debt consolidation, contact us here.
Get a copy of your credit report
Getting a copy of your credit report should be one of the first steps in your plan to get rid of debt. Make sure your credit report lists your debt and credit accurately; there have been many cases where the wrong information on someone’s credit report results in a negative credit rating. You should also take an account of your debt information including which creditors you owe, how much you owe each, the interest rates you pay, and whether you are behind on any payments. A debt consolidator will need all of this information to assess your debt situation.
Pennsylvania debt consolidation
When it comes to Pennsylvania debt consolidation, it is practiced in much the same way as in any other state. Debt consolidation involves combining all of your existing debt into one loan with one lender. This has many benefits including having only one payment to make each month to your debt consolidator. They will then disperse your payment to your creditors so that each bill is paid on time every month.
Another benefit of Pennsylvania debt consolidation is that it can save you money. Reduced interest rates are an effective way to reduce debt. Your payments will pay down the principal faster, which is vital to getting out of debt. If you are living in Pennsylvania and are experiencing debt problems, consider debt consolidation as a way to get out of debt faster and more efficiently.
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