Staten Island is a borough of New York City. It is situated in southwestern New York and is visited by millions of tourists each year. The Staten Island Ferry operates in the New York Harbor and takes people from Manhattan to Staten Island. While on the ferry, you will get a spectacular view of the Statue of Liberty. The island is home to about 472,000 people, and the county of Staten Island is considered to be one of the fastest growing in the state of New York. Poverty has keeps increasing, and the immigrant population is growing. Many residents find themselves deep in debt with no end in sight. One option available to people who cannot make their monthly payments is debt settlement.
Socioeconomics of Staten Island
The island is home to a large number of immigrants. 31.6 of the people who live on the island do not speak English. The island is home to the largest number of English proficient people in New York City. The Hispanic population on Staten Island has significantly increased over the last decade. Whites make up 71.3% of the population and Hispanics constitute 12.1% of people on the island. 8.9% are blacks, and 5.6% are Asian.
Wealth and Poverty in Staten Island
Within the last 20 years poverty has risen up to 90% in Staten Island. Over 60,000 people have trouble staying afloat financially. Even with the dramatic rise, the island has the lowest poverty rate of all the boroughs. The poverty rate on the island stands at 16.8%, which is below the state’s average. The Staten Island unemployment rate sits at 6.1%. This is lower than that of New York, and it is lower than the United States, according to http://www.nyc.gov/html/sbs/wib/downloads/pdf/borough_snapshot_si.pdf. The island median income is just over $71,000. This is the highest median income of all of New York. The average credit card debt in the state of New York is $6792, and the average credit score is 728.
New York Debt Settlement Laws
In the state of New York, creditors or debt collectors cannot bully you or try to intimidate you. They cannot try to trick you or be dishonest with you. Creditors are not allowed to call you after 9:00 P.M, and they are not permitted to call you before the hour of 8 in the morning. If you believe the debt is an error, you can dispute it, but you need to put it in writing. If you want them to quit calling you, you can send them a letter stating that you no longer want correspondence from you. The statute of limitations for debt in New York is 6 years. In New York, the collection agency is required to give you information of the identity of the creditor, the amount of interest accumulated since the debt was sent to collections, and the payments you have made since the debt went to collections.
Who Qualifies for Debt Settlement?
Debt Settlement consists of negotiating with your creditors to come up with a settlement. Your debt can be settled for considerably lower than what you owe. You can attempt to settle the debt yourself, or you can hire a debt settlement company to negotiate for you. You will pay the company each month, and they will pay the creditor. Not everyone qualifies for debt settlement. You need to have a good amount of debt. Most debt settlement companies want you to have at least $7,500 in unsecured debt. Debt that has collateral attached to it cannot be settled. You also need to be behind on your payments. If you are on time, creditors are less likely to negotiate. You do not need a certain credit score for a debt settlement program, but you do need to prove that you can make monthly payments.
Advantages of Debt Settlement
Some of the benefits of debt settlement include:
- Alternative to bankruptcy: With debt settlement, you can avoid having to file for bankruptcy.
- Lower monthly payment: You will pay less to the debt settlement company than you will to your creditors.
- Get out of debt quicker: Even though debt settlement is not a quick fix, it is much faster than paying off all of your creditors.
- Reduce stress: Having debt is very stressful. Debt settlement can give you an end in sight and alleviate some of the anxiety that you feel.
- You will pay less: With debt settlement, you will pay considerably less than your total debt.
New York Debt Relief Resources
New York has numerous companies that offer debt relief assistance. If you need a debt relief company, you want to make sure you hire a good company. Do not choose companies that make you pay in advance for your services. Creditors are under no obligation to accept the negotiation. Check with the Better Business Bureau for reliable companies.
New York City is known as one of the exciting cities in the world. Staten Island is an excellent place to live. If you are suffering from debt problems, research your options to see if debt relief is right for you.