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The city of West Adams is home to over 310,400 Colorado residents. Each household earns just over $67,400 annually. The unemployment rate is at a low 3.8 percent, while the poverty level remains at a solid 6.5 percent. While most residents of West Adams, Colorado are employed, many are making less than they need for the cost of living within the city.

If you live in West Adams, Colorado and are struggling with your debt load it’s time to seek debt relief. No longer do you need to live under the stressful burden of debt alone. You can get real assistance from a financial expert to start your journey to being completely debt free.

 What Can Debt Relief Do For You?

Debt relief is a way to get yourself out of debt with a structured approach established by a financial agency. There are many different types of debt relief that can help individuals with their debts and financial futures.

Individuals can qualify for debt relief if they are struggling to pay back their existing debt. No matter whether you just need help readjusting your budget or you need help getting out of debts that are months past due, you can seek the help of a debt relief program.

Let’s take a look at some of the different debt relief programs below.

 Debt Management

For this type of debt relief, you work with a debt management company. They will typically organize your debts by balance, term, interest rate, and other factors to make a prioritized list. You will be given an amount each month that you will need to pay to the debt management company. In turn, they will pay off your debts in the priority they established. This is a great option for those who are not very knowledgeable about debt.

 Debt Consolidation

This is one of the more popular forms of debt relief. It involves taking out one big consolidation loan that covers the cost of all your current debts. This drastically simplifies the debt burden as you now only become responsible for one big loan payment once a month.

One major advantage to this method is you can combine many high-interest credit card rates into a consolidation loan that charges a significantly lower interest rate. This will save you money in the long run. However, one thing to note is that if you already have a bad credit score you are not very likely to get approved for this type of loan.

 Debt Settlement (Resolution)

Debt settlement, also called debt resolution, is when you seek the assistance of a settlement agency to negotiate pay off settlements on your debt. These settlements are typically for less than the actual amount that is due on the loan. This is a great option for those who have got to the point where they can’t handle their payments and they don’t qualify for a consolidation loan.

It’s important to realize that this process can be time-consuming. Once you speak to a debt agency you will stop paying your monthly bills. Instead, they will instruct you to pay into an escrow account they set up for you. Once the escrow account starts to contain enough money, the agency will start to contact your creditors in an attempt to settle your debt. During this time your creditors will be reporting delinquencies on your account. In some cases, the settlement agency can get the delinquencies removed with the settlement agreement, however, this is not always possible.

 Debt Relief Firms In West Adams, Colorado

There are a few places located in and around the West Adams area that can help you with debt relief. Superior debt relief offers debt negotiation, settlements, consolidation, counseling, and bankruptcy services. Trident Debt Settlement offers settlement and negotiation services. Mpowered is a non-profit financial resource where West Adams residents can get help with financial coaching, personal finance courses, debt management, and credit check-ups.

 Consumer Debt Collection Laws In West Adams

West Adams falls under both the federal and state jurisdiction for debt relief and collection laws. The Federal Government has crafted the Fair Debt Collection Practices Act to protect consumers from harmful debt collection practices.

The Colorado State Government has enacted their own laws specifying how debt collection procedures will take place within their borders. These are combined in the Colorado Fair Debt Collection Practices Act. These laws outline what is considered abusive and unfair debt collection practices. They outline how communication should take place between a lender and borrower. In addition, they also set maximum fees that can be charged by collection agencies.

Colorado also has set Statutes of Limitations on consumer debt. These work by setting a time limit on the amount of time a lender has to take legal action against a borrower. Once the borrower goes delinquent on their account, the lender is given a specified time in which they can sue the borrower. After that time period is exhausted, the lender gives up their right to legal action. For oral agreements, written contracts, promissory notes, and open accounts this time period is 6 years.