Denver, also known as the Mile-high city, is home to the Denver Broncos, The Rocky Mountains, and gorgeous scenery. The population is almost 650,000, and it is the capital of the state of Colorado. While in Denver, you can visit the Red Rocks, explore the Denver Botanic Gardens, or dine on excellent cuisine. It is an outdoor lover’s dream, as you can ride bikes, go ziplining, or ski. However, the citizens of Denver are not without their problems. Many people in Denver suffer from heavy credit card bills and other debt. Getting into debt is easy; however, getting out of debt takes time. If you do not know how you are going to make payments and your debt is rapidly increasing, debt settlement might be a good option.
Colorado Debt Relief Laws
Colorado has laws in place to protect consumers from unfair practices. The Colorado Fair Debt Collection Practices Act forbids debt collectors from deceptive, misleading, or abusive behavior. The Colorado Uniform Consumer Credit Code forbids original creditors from participating in threatening collection practicing. These laws are only in place to protect consumers; they do not apply to business or commercial debt.
Colorado collection agencies are required to have a valid license. You have the right to dispute the debt, but you must do it in writing. IF the debt is disputed, the debt collector must prove that you owe the amount. Laws in Colorado prohibit creditors from calling you before 8:00 A.M or after 9:00 P.M. Agencies cannot contact you if they are aware that you are represented by an attorney, and they cannot call you at work if you forbid them to do so. They must disclose your identity within the first minute of a phone call. Debt collectors cannot give you any false information.
Wealth and Poverty in Denver
In Denver, the amount of citizens in poverty stands at 20.3%, which is above the state’s average. The unemployment rate of Denver is 4.2%. The median household income is around 62,000. Almost 70% of the residents have private health insurance.
Socioeconomics of Colorado
According to https://dola.colorado.gov/dlg/demog/profiles/region3.pdf, health services and education employ the largest number of people. Government employment is also a large employer. The state boasts about 1,600,000 jobs. Job growth is predicted to increase almost 2% over the next five years. In Denver, about 313,000 citizens are considered white, 190,000 are Hispanic, and 96,000 are of a different race.
What is Debt Settlement?
Debt settlement in the state of Colorado is becoming more popular as residents struggle financially. Numerous people have lost their jobs and home values have decreased. Many people are suffering from large credit card debt trying to stay afloat during this difficult time. Debt becomes out of control, so people need a solution. Debt settlement involves settling your debt for a lesser amount than you owe. A debt settlement company works with your creditors to come up with a settlement. You will then be free from the debt.
Who should Consider Debt Settlement?
Debt settlement is normally for people who owe over $7,500 in qualifying debt. You are behind on your minimum payments, and your outstanding balance is rapidly increasing. You might have a financial hardship, and you need to take back control of your finances.
Before enrolling in a debt settlement plan, know the advantages of the program. Some of the benefits include:
- Pay off your debt quicker
- Avoid bankruptcy
- Relieve anxiety
- Lower monthly payment
- Pay less than what you owe
- No more calls from creditors
- A change to start over
Denver Debt Relief Resources
Denver is home to many resources to help you with debt relief. When looking for options, make sure the company is reputable. You should not be charged upfront fees, and the company should not claim to offer a quick fix. Search the Better Business Bureau for reputable companies. Do not work with a company that is pushy or aggressive.
Denver offers its residents an amazing place to live. You want to enjoy the sights and sounds of Denver without having to worry about money. Research your options to see if debt settlement is the best option for you. You will then be on your way to a life free from debt.