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United Settlement » Debt Settlement » Georgia Debt Settlement
admin March 20, 2018

Georgia Debt Settlement

The state of Georgia includes the eighth highest population within the United States, with approximately 10.4 million residents, and covers an area of 59,425 square miles, placing it mid-pack nationwide (24th) in terms of geographic size. Overall, Georgia is more densely populated than average, ranking 18th in the nation. However, population density is significantly higher within the Atlanta Metropolitan area, where more than half of the state’s population resides. With 5.8 million residents, the Atlanta Metropolitan area is the ninth largest metropolitan area in the United States – despite it covering only 14% of the total land area of Georgia.

Corporate heavyweights such as Coca Cola, Home Depot, Delta Airlines, and United Parcel Service are headquartered in Georgia, and contribute significantly toward driving Georgia’s gross state product of $531 billion. This figure places Georgia ninth in the United States – and if it were a stand-alone country, Georgia’s economy would rank within the top thirty in the world. However, despite the strength of the Georgia economy, the state’s median household income level of $50,768 is almost 12% lower than the national median household income level of $57,617. In fact, a recent study from early 2017 indicates that approximately 73% of American consumers actually die in debt! (Source)

If you’ve got a debt problem, don’t take it with you to the grave. There is no better time than the present to start acting upon your debt problem. With proper planning, guidance and dedication, you can find your way out of debt.

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Georgia Economic and Debt Statistics

According to the Georgia Department of Labor, Georgia’s unemployment rate stood at 4.5% as of January 2018, notably higher than the national unemployment rate of 4.1%. More than half of the labor force is engaged in agriculture, which continues to suffer from low productivity and slow growth. When it comes to credit card debt and FICO scores, the statistics for Georgia aren’t much better.

Georgia residents tend to carry higher amounts of credit card debt than the national average, checking in at an average level of $6,470 – ranking 24th in the nation but 13.5% greater than the national average of $5,700. Meantime, compared with the 2017 nationwide average FICO score of 695, the typical Georgia resident’s 2017 FICO score registered substantially lower at 644, ranking next to last in the nation, with only Mississippi faring worse, at 642. Furthermore, 18% of Georgia citizens demonstrated a declining credit situation in 2017, as evidenced by a credit card bill that was 60 days or more overdue.

According to the St. Louis Fed, as of March 2018, the Georgia home ownership rate checked in at 62.8%, slightly lower than the nationwide homeownership rate of 64.2%. Meantime, a recent Experian report shows average mortgage debt level rose to $169,990, an increase of 2.6% compared to 2016, making Georgia’s modest year-over-year increase in average mortgage debt level among the lowest in the country. Looking at student loans, data compiled at the end of 2017 indicates that the average level of student loan debt for Georgia college graduates stood at $16,400, or 4% less than the national average of $17,126. In 2017, 61% of Georgia college students graduated with a student loan balance (39% of graduates had zero borrowings), leading to an average level of student loan debt for Georgia student borrowers of $27,754, placing Georgia mid-pack at 24th nationally.

Georgia Residents and Debt Settlement

If you are a resident of Georgia and are currently burdened by high levels of unsecured debt – including credit card accounts, private student loans, unpaid medical bills and personal loans – the process of pursuing debt settlement may make sense for you. Debt settlement occurs when a debtor successfully negotiates a payoff amount for less than the total balance owed on a debt. This lower amount is agreed to by the creditor or collection agency and is fully documented in writing. Ideally, this lower negotiated amount is paid off in one lump sum, but it can be paid off over time. Though creditors are under no legal obligation to accept debt settlement offers, negotiating and paying lower amounts to settle debts is far more common than you may realize.

Georgia Consumer Debt Laws

Credit Card companies and other creditors are permitted to contact Georgia residents directly regarding debts, particularly in a situation involving delinquent payments. However, debt collection agencies are required to comply with the the Federal Fair Debt Collection Practices Act (FDCPA), as well as the Georgia Fair Debt Collection Practices Act (GFDCPA), and are therefore prohibited from taking certain actions. Under the FDCPA, collection agencies are prohibited from informing employers about a debt or attempting to collect a fee in excess of any debt owed.

Debt collection agencies are also prohibited from communicating in a manner that simulates a judicial process or gives the appearance of a governmental action. Additionally, debt collection agencies are prohibited from contacting debtors or debtor family members at unusual hours or with a frequency that may be reasonably construed under the law as harassment or abuse.

Meantime, the GFDCPA requires debt collectors and industrial lenders to comply with additional provisions somewhat broader than those included in the FDCPA that also limit the manner in which collection agencies and industrial lenders are allowed to communicate with debtors. These include threats of physical harm, trespass of property, and holding the debtor up to public ridicule. When these provisions are violated, the GFDCPA provides consumers with the remedy of a single penalty assessed on debt collectors and industrial lenders of twice the amount of interest fees charged.

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Georgia Statute of Limitations on Debt Collection

When sufficient time passes in a situation in which consumer debts have gone unpaid, a debt collector can lose the legal right to sue for non-payment. In the state of Georgia, the statute of limitations on debt collection varies according to the type of debt involved. For written contracts, the statute of limitations is six years, with the clock beginning to tick from the date of last payment.

For credit card accounts and oral agreements, the statute of limitations is four years. For these types of debts, the clock begins ticking from the “date of default,” which is typically thirty days after the last payment was actually made. When debts remain unpaid prior to the statute time period elapsing in full, creditors maintain legal right to sue for non-payment and are permitted to engage debt collection agencies who can make persistent attempts at collection – as long as they remain within the boundaries mandated by the FDCPA and the GFDCPA.

Get Help if You Need It

Getting out of debt is never an easy process. If debt settlement is the proper avenue for you, be honest with yourself. Decide whether you possess the background, strength and fortitude to negotiate directly with creditors yourself – or whether engaging the services of an experienced and reputable debt settlement company will serve your needs best. Remember, the goal is to save the greatest amount of money and time while minimizing any ensuing damage to your credit score and profile.

A reputable debt settlement company will provide a realistic estimate and time frame for making offers to your creditors that can ultimately result in settlements that save you significant amounts of money, time, and aggravation. Contact us here at United Settlement, where our experienced credit counselors possess relationships with the major credit card lenders and a broad understanding of the debt marketplace. We can help you achieve the peace of mind that comes with living a debt-free lifestyle.

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March 14

That when it seems like nobody can help United will.

This was a great experience for me. I am just starting but Madelene Gallon made me feel like we were friends for years. She tried to make me feel that she would help me and make sure I got the best deal from United. I hope this...

Annette Huggins
March 01

Kind and caring

Had been searching for a while for a company I could trust to get me out of crippling debt. Really didn’t think it was possible. Spoke to Ben at United Debt and he assured me that not only was it possible, but it would be fairly...

Kiirstin
March 01

Kind and caring

Had been searching for a while for a company I could trust to get me out of crippling debt. Really didn’t think it was possible. Spoke to Ben at United Debt and he assured me that not only was it possible, but it would be fairly...

Kiirstin
February 28

Quick, easy assistance!

I've been working with Ben at United Debt to help me organize and get out of debt for once - I've been dealing with debt for ages and Ben showed me some simple ways to begin dealing with things to keep me from bankruptcy or worse....

Dylan
February 14

I need help

I really appreciate

Takota Carrie
December 21

Great!

Renika went above and beyond today to help me. She is wonderful to work with! Thank you again Renika for all of your help today! Happy Holidays to you!

JONICA Amber PIRON
December 20

Paying back

They where great listeners

Jayvon
December 14

Everything

Thanks

Shawn abetha
November 23

Do your home eork

Paid several thousand dollars and nothing done. Ended up settling 90%by myself. This is a preatory company. So do your homework. This will never post.

Robert Phillips
November 18

Customer service is truly helpful

Renika was so helpful. My account was paid off but I kept receiving notifications. She cleared up the situation.

Dm
November 16

Great Customer Service

Renika did a wonderful job handling my questions and transactions. She is very patient on the phone and took care of my needs accordingly.

Jose Rosa
November 03

Very helpful

Renika did a great job in answering all of my questions in a timely manner. She was polite and friendly. Keep her on the payroll.

Russ
October 31

What's Important to me is United Settlement Costumer service !

United Settlement Costumer service is Amazing Everyone is Professional . I am so happy choosing them with my card Debt. thank you all for helping me out .

Anthony Desoto
August 23

That this company has integrity!

A responsive company that keeps it clients up to date and fully informed. I like the fact that I can send them a text and be guaranteed an answer within 24 hrs.

Ri cky
June 04

Professional and focused on facts and truth not hype. Excellent. We want to know facts.

Great work very professional and great updates. Communication is excellent.

Jerry Bolandis
October 25

trust them

Excellent. Also each time i call there they treat me with respect even though they are probably thinking jerk . You sure have made mess of your life. but they have been taught to smile smile smile. this agency is just awesome....

janice head
August 01

Thanks for all your help and negotiations.

Thanks for the update! I have faith in you guys and will continue my payments. Thanks for all your help and negotiations.

Scott W O'Neill
July 30

That A Settlement Was Entered.

I Absolutely Love You All At United Settlements. You All Have Saved My Credit Solutions. I Would Refer Everyone To You Services.

Cassandra Robinson
July 16

The results of the settlement attempts.

So far, I have found United Settlement more than satisfactory. Very conscientious and very efficient in providing a service in debt settlement. Thank you and all the members of your team who are assisting in bringing me new life. ...

Mildred Yvonne Sherron
July 16

Tough Financial Hard Times During Covid-19

I signed up with United Debt Settlement because of large credit card debts, which had taken a financial toll on my credit. UDS has an outstanding reputation assisting clients like me achieve financial recovery and success. During...

Diana Cardona
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