New York City is one of the most exciting cities in the world. One of the boroughs of New York is the Bronx. This area contains colleges, islands, and zoo. You can visit the gorgeous botanical gardens, or you can see the New York Yankees play baseball. It was the birthplace of hip hop, and poet Edgar Allen Poe called the Bronx home. The region contains excellent food choices, and it allows you to escape from the hustle of Manhattan. The borough is home to around 1.5 million people. Many of the citizens of the Bronx are faced with financial problems. The bills keep piling up, and before you know it, you are behind on your monthly obligations. Having debt problems can cause a significant amount of anxiety and stress; therefore, you need a solution. Debt settlement is an option that many people turn to for debt problems.
Socioeconomics of The Bronx
With 54.6%, the majority of people in the Bronx are Hispanics. 40.8% are white, and 43.3% are African American. The Asian population of the Bronx stands at 4.2%. The Census Bureau at https://www.census.gov/quickfacts/table/BZA110214/36005 lists the Bronx as the most diverse region of the country. 31% of the residents were born in another country. More than 50% of the people speak a language other than English. 16% of citizens have a bachelor degree or higher. For residents over the age of 25, 62.3% have at least a high school degree. The median age is 33.7. The crime rate in the Bronx is above average.
Wealth and Poverty in the Bronx
The Census Bureau (https://www.census.gov/quickfacts/table/BZA110214/36005) lists the median income at around 34,000. 30.3% of people are said to live in poverty. The unemployment rate stands at 8.3%, which is above average for the region. The bottom line is that the Bronx is one of the poorest places in the country. The average credit card debt in the state of New York stands at just under $7,000. This is way above the national average. However, 728 is the average credit score in New York, which is above average.
What is Debt Settlement and who Qualifies?
Many of the residents of the Bronx are living in poverty. If a medical emergency, loss of job, or other situation arises, they cannot keep up with the bills. Therefore, credit cards and other loans are popular solutions to their debt problems. However, this is just temporary. Loans and credit card bills can add up, and you are really in a mess. Debt settlement could be a solution to get you back on your feet.
Debt settlement consists of negotiating with your creditors to settle the amount that you owe. The creditor will accept a lesser amount than you actually owe. With debt settlement, you can hire a debt settlement company, or you can attempt to settle on your own. You will pay the company each month, and they will pay your creditors.
To be a candidate for debt settlement, you must have at least $7,500 in qualifying debt. Debt that qualifies should be unsecured; therefore, debt that has collateral attached will not qualify for settlement. In most cases, you need to be behind on your payments to qualify for debt settlement.
Advantages of Debt Settlement
If you are considering debt settlement, you need to be aware of the benefits of the program. Some of the advantages of debt settlement include:
- Lower monthly payments
- Get out of debt faster
- Less fees
- You will pay a much lower amount
- Relieves anxiety
- You can avoid bankruptcy
- You can regain control
New York Debt Relief Laws
The most amount in interest that a debt collector can charge is 6%. The statues of limitations for collecting a debt in New York is 6 years. The Fair Debt Collections Practices Act prohibits debt collectors from calling before 8:00 A.M or after 9:00 P.M. They are not allowed to threaten you or your family with violence, and they cannot use bad language. They cannot pressure you into paying them money, and they are not allowed to call you at your workplace if you tell them not to. They cannot contact you directly if they know you are represented by a lawyer. Your property or bank account cannot be seized. They cannot trick you or lie. If you give your creditor written notice that you dispute a debt claim, they must suspend collection efforts.
New York Debt Relief Resources
New York is home to many debt relief services. You can get help from an accredited counselor, or you can pay a debt relief company. Do not hire a company that charges up-front fees. You can research your options to find if debt settlement in New York is the right option for your needs.
Having a significant amount of debt can be overwhelming. The good news is that there are solutions to help you get back on your feet. Debt settlement could be a way to help you get your finances in order. You can then enjoy the benefits of living in the Bronx without having to worry about paying the bills.