Illinois Debt Settlement
The state of Illinois, with approximately 12.8 million residents, is the sixth most populous in the United States, and the most populous state in the Midwest. Illinois covers an area of 57,953 square miles, placing it mid-pack nationwide, as it ranks 25th in terms of geographic size. Illinois is somewhat densely populated overall, ranking 12th nationally.
However, population density is especially acute within the Chicago Metropolitan area, which includes Chicago (the nation’s third largest city by population, with over 2.7 million residents) and home to almost 8 million residents – despite it covering only 8% of the total land area of Illinois. Illinois is home to numerous multinational corporations including Boeing, McDonald’s, Motorola and United Airlines, as well as the largest futures exchange, the Chicago Mercantile Exchange.
Generating a gross state product of $796 billion in 2016, the Illinois economy placed sixth in the United States, and would rank within the Top 20 countries in the world. Despite the fact that personal income growth within the state has been virtually non-existent since 2007, Illinois’ median household income level of $60,960 is still somewhat higher than the national median household income level of $57,617, besting it by 5.8%.
In fact, a recent study from early 2017 indicates that approximately 73% of American consumers actually die in debt! 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. (Source)
Illinois Economic and Debt Statistics
According to the Illinois Department of Employment Security, the Illinois unemployment rate stood at 5.3% as of January 2018, considerably higher than the national unemployment rate of 4.1%, but down from 6.1% in January 2017. Illinois suffers from significant pension and retiree health care debts that have stifled job growth within the public sector in recent years and is often attributed to a statewide population plateau that has taken shape since mid-2013.
Illinois residents tend to carry slightly higher amounts of credit card debt than average, checking in at a level of $6,254 – 27th in the nation but almost 10% greater than the national average of $5,700. Meantime, compared with the 2017 nationwide average FICO score of 695, the typical Illinois resident’s 2017 FICO score registered somewhat lower at 679, tied for 17th in the nation. However, only 11% of Illinois 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 home ownership rate for Illinois residents checked in at 65%, minimally higher than the national average of 64%, while a recent Experian report shows average mortgage debt level rose slightly year-over-year to $179,683, an increase of almost 1% compared to 2016.
This modest year-over-year increase in average mortgage debt level is among the lowest in the country, and when compared to 2007, Illinois’ average mortgage debt level has increased by only 2.5%, seventh lowest in the nation. Turning to student loans, data compiled at the end of 2017 indicates that the average level of student loan debt for Illinois college graduates stood at $18,800 – almost 10% greater than the national average of $17,126. In 2017, 66% of Illinois college students graduated with a student loan balance (34% of graduates had zero borrowings), leading to an average level of student loan debt for Illinois student borrowers of $29,305, ranking Illinois 19th in a nation suffering from what has become a student loan epidemic.
Illinois Residents and Debt Settlement
Credit Card companies and other creditors are permitted to contact Illinois 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 Illinois Collection Agency Act (ICAA), and are therefore prohibited from taking certain actions.
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 ICAA requires debt collectors to obtain a license and comply with provisions similar to, but broader than, those included in the FDCPA that limit the manner in which collection agencies are allowed to communicate with debtors. Under the ICAA, debt collectors who maintain offices within Illinois can be fined up to $5,000 for each violation related to pursuing debt collection without a license.
Are you in debt? we can help
Illinois 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 Illinois, the statute of limitations on debt collection varies according to the type of debt involved. For written contracts, the statute of limitations is ten years. For credit card accounts and oral agreements, the statute of limitations is five years. For either time period, 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 ICAA.
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.
*Please note: We currently do NOT offer debt settlement, debt management, or any services in the state of Illinois. The information above is for informative purposes only.
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.
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....
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.
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.
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. ...
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...
No hassle service
Quick fast and no hassle
Time and again, I did not know how to handle my debt
Time and again, I did not know how to handle my debt. Even when I paid my credit cards off, a few months later I was back in the same situation. But this year is different. I contacted United Settlement to see if we could work...
Business debt relief is what I needed when I contacted the United Settlement crew
Business debt relief is what I needed when I contacted the United Settlement crew. They are committed to helping people like me who requires more help with business debt problems. I had several loans out for my deli, and these...
Student loan debt was the reason that I reached out to United Settlement
Student loan debt was the reason that I reached out to United Settlement. I had about 200K plus in student loan debt for my business degree. I recognized that I had to do something when I struggled to make the $1,000 student loan...
There is nothing worse than falling ill and then having to deal with super expensive medical bills
There is nothing worse than falling ill and then having to deal with super expensive medical bills that you really do not have the patience or experience to handle. I was pleased with my experience with United Settlement. They...
I took out a few personal credit cards to open my boutique
I took out a few personal credit cards to open my boutique. When than money ran out, I went on to take out more loans for my business. However, this quickly turned into a disaster. Today, I now have a mountain of debt without a...
Who knew that auto loans were so negative for your credit lines
Who knew that auto loans were so negative for your credit lines? Especially, if they are not paid off right away. As a married couple, we had vowed to keep auto loan debt at bay. But, we found ourselves in a situation where we...
I didn’t have a ton of debt when I contacted United Settlement
I didn’t have a ton of debt when I contacted United Settlement, but what I wanted from them was some information about how to handle my debt management. I knew that I needed some more information to get my business and personal...
Federal student loans were the reason I ended up at United Settlement
Federal student loans were the reason I ended up at United Settlement. I had about $200K to pay back and I was not quite sure where to tackle that debt once I got out of school. But I reached out to that company and they provided...
Everyone knows how horrible student loans are
Everyone knows how horrible student loans are. For me and my family, they had become more than just an annoying monthly bill. They had taken over our lives. That’s why I decided to take action and find a company like United Settlement...
I wanted to be more informed about my own personal and business debt
The number one reason I chose to contact United Settlement was I wanted to be more informed about my own personal and business debt. When you have credit card debt, it can be extremely frustrating. Especially if you don’t know...
I cannot believe I was finally able to find a company to actually help me pay off my debt
I cannot believe I was finally able to find a company to actually help me pay off my debt! I thought I would forever be chained to debt. But United Settlement offered me multiple solutions for paying off short- and long-term debt....
What your money can do for you.
The great reviews that you have thanks.
Dealing with high interest auto loan debt was difficult for me and my wife
Dealing with high interest auto loan debt was difficult for me and my wife. We thought we got a good deal, but it actually was a horrible loan. So, we reached out to United Settlement, and they got to work creating a debt repayment...
Illinois Debt Settlement FAQ
Does united settlement help with debt settlement in Illinois?
No, we currently do not do business in the state of Illinois. If you are an Illinois resident and currently burdened by high levels of unsecured debt – including credit card accounts, personal loans, unpaid medical bills and private student loans, programs that include debt settlement and debt consolidation may be right for you. Debt settlement occurs when a debtor successfully negotiates a payoff amount for less than the total balance owed on a debt. 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.
Does united settlement offer debt consolidation services in Illinois?
No, we currently do not do business in the state of Illinois. The process of debt consolidation involves combining and paying off multiple debts with one single loan, typically resulting in a lower blended interest rate and monthly payment. Debt consolidation provides the dual benefits of streamlining the repayment process while simultaneously lowering interest expense and the total amount repaid over time.
Can you go to jail for debt in Illinois?
Illinois is one of only six states in the country in which a debtor can wind up in jail for failing to pay delinquent debts. Though there is no “debtor’s prison” in Illinois, it is possible to end up in jail if, after a legal judgment is obtained against a delinquent debtor, the individual refuses to pay when he/she has the means to pay, or if the debtor misses a court-ordered court date.
How long can credit card debt be collected in Illinois?
Credit Card companies and other creditors are permitted to contact Illinois residents directly regarding debts, particularly in a situation involving delinquent payments. However, 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 Illinois, the statute of limitations on debt collection varies according to the type of debt involved. For credit card accounts, the statute of limitations is five years.
Are student loans marital debt in Illinois?
Illinois is an “equitable distribution” state, which means that marital debts are divided in a manner that is deemed to be “fair” to both parties. Debt incurred prior to a marriage may be considered individual to the particular spouse, while debt incurred during the marriage can be deemed as marital debt. A key factor can be whether the education financed by the student loans benefited the marriage in terms of increasing earnings power during the marriage, in which case the student loans will often be considered marital debt to be shared.