Mississippi Debt Settlement
Mississippi, with an approximate population of 2.97 million residents, ranks 34th in the United States, and the state covers 48,430 square miles, placing it 32nd in geographic area.
Mississippi’s population density of 63.5 residents per square mile also places the state 32nd in the nation. The state’s capital and largest city, Jackson, had an estimated population of 580,166 in 2018. In 1817, Mississippi became the twentieth state admitted to the Union, but became one of the seven original Confederate states to secede in 1861, when it was the nation’s leading cotton producing state and 55% of its population was comprised of slaves. Following the Civil War, Mississippi was restored to the Union, in 1870.
Unfortunately, Mississippi consistently ranks low nationally in measures of health care and education, and high in poverty, with a poverty rate of 19.7% in 2018, down from a high of 24.2% six years earlier. 37.6% of Mississippi’s population is African-American, the highest percentage of any state. Mississippi’s gross domestic product of $119.5 million in 2018 ranked it 37th in the country.
Mississippi’s 2018 median household income level of $42,781 ranked it lowest nationally and was 32.1% lower than the national median household income level of $63,030. However, Mississippi is also known for having the lowest cost of living of any state, at roughly 19% lower than the national average as of 2020.
Approximately 70,000 adults, or 10% of the workforce, are disabled. Gambling towns within the state have attracted increased tourism, and Mississippi ranked seventh in the nation in 2018 with state gambling revenues exceeding $2.1 billion.
Mississippi Economic and Debt Statistics
According to the Bureau of Labor Statistics, Mississippi’s unemployment rate stood at 5.5% as of October 2019, significantly higher than the national unemployment rate of 3.5%.
In terms of average household credit card debt, Mississippi residents carry significantly lower amounts of credit card debt than the national average of indebted households of $9,333, checking in at an average level of $6,673, 28% less than the national average and 39th in the nation.
Meantime, compared with the 2019 nationwide average FICO score of 703, the typical Mississippi resident’s 2019 FICO score checks in substantially lower at 667, ranking 50th in the nation.
According to the St. Louis Fed, as of Q4 2018, the Mississippi home ownership rate stood at 73.8%, substantially higher than the national average of 64.8%, and ranking second in the nation. Meantime, a recent Experian report shows average mortgage debt of $121,608, a 2.1% increase compared to 2018, but third lowest in the country. According to Zillow, the median sales price for a home in Mississippi during 2019 was only $127,200, also among the lowest in the nation.
Regarding student loans, data compiled by Experian in 2019 indicates that the state of Mississippi shows an average student loan debt per student borrower of $35,478, up 9.4% from the previous year and 36% higher than in 2014.
Mississippi Residents and Debt Settlement
If you are a resident of Mississippi 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
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 many people realize.
Mississippi Consumer Debt Laws
Credit Card companies and other creditors are permitted to contact Mississippi 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), 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.
Unfortunately, unlike many other states, Mississippi does not supplement the FDCPA with its own state-mandated fair debt collection practice act, and therefore leaves its residents somewhat vulnerable to predatory collections practices by original creditors. Although law requires that collectors register with the state and obtain a license to collect debts, the law does not allow consumers to bring individual lawsuits. Therefore, Mississippi residents faced with abusive or harassing collection tactics are best protected under the FDCPA.
MIssissippi 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 Mississippi, the statute of limitations on debt collection varies according to the type of debt involved. Written and oral contracts, as well as promissory notes, have a statute of limitations of three years. For mortgage debt, medical debt and credit card debt, the statute of limitations is three years.
The statute of limitations for auto loan debt is four years. The statute of limitations for state tax debt is seven years. For any 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 you 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 bounds of the FDCPA.
Debt Settlement - Do It Yourself?
Getting out of debt is never an easy process. If debt settlement is the right avenue for you to pursue, 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
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
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 navigate these waters successfully.
About The Author: Steven Brachman
Steven Brachman is the lead content provider for UnitedSettlement.com. A graduate of the University of Michigan with a B.A. in Economics, Steven spent several years as a registered representative in the securities industry before moving on to equity research and trading. He is also an experienced test-prep professional and admissions consultant to aspiring graduate business school students. In his spare time, Steven enjoys writing, reading, travel, music and fantasy sports.
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
No one really wants to go bankrupt, and neither did my family
No one really wants to go bankrupt, and neither did my family. But fortunately, we did not have to go that route. It was our last resort, but United Settlement helped us figure out a way around bankruptcy...
I had been through about 5 different credit counseling agencies before I found United Settlement
I had been through about 5 different credit counseling agencies before I found United Settlement. I had read through their reviews and made the decision to move forward with them. I also was so impressed...
Save time and money
Just what I needed, already had a company I was working with and I switched because I was able to same some money. Brian and Alfred were really nice and helpful
As a business facing some unwanted financial difficulties
As a business facing some unwanted financial difficulties, we were at a loss for what to do next when our debt started to soar. We took a closer look at our financial situation by contacting United Settlement....
I had no clue how to create a debt management plan
I had no clue how to create a debt management plan and in fact, I didn't even know what a debt management plan was. Fortunately, I reached out to United Settlement before I had too much debt to tackle....
Being burdened by debt is one of the biggest struggles we faced as a family
Being burdened by debt is one of the biggest struggles we faced as a family. But these people at United Settlement were very helpful in deciphering the different debts we had and then coming up with a debt...
Student loan debt was my worst enemy before I ran into United Settlement
Student loan debt was my worst enemy before I ran into United Settlement. I really thought I would just have terrible credit for the rest of my life because I will never get out from underneath it. It was...