Wisconsin Debt Settlement
Wisconsin is home to 5,822,434 residents and ranks 20th in population within the United States while covering an area of 65,498 square miles that places it 23rd in terms of geographic size.
This results in a population density of 105 residents per square mile that ranks the state 23rd in the nation. The city of Madison is Wisconsin’s state capital, while Milwaukee is the state’s largest city and a major producer of beer. Also known as “America’s Dairyland,” Wisconsin is one of the nation’s leading dairy producers and is especially famous for its cheese.
Other important industries to the Wisconsin economy include manufacturing, information technology, agriculture, health care and tourism. In terms of dairy production, Wisconsin produces roughly 25% of the nation’s cheese, ranking first. The state also produces roughly 25% of the nation’s butter, ranking second in that category (behind California), and ranks second in milk production nationwide.
Within agriculture, Wisconsin ranks number one in the production of cranberries and ginseng, as the state produces roughly half of the nation’s cranberries and 97% of the nation’s ginseng. Other important agricultural products include oats, potatoes, carrots, cherries and maple syrup, along with sweet corn and snap beans for food processing.
In fact, a large part of Wisconsin’s manufacturing sector includes commercial food processing, with the state home to well known brands including Oscar Mayer and Tombstone frozen pizza, while Kraft Heinz is a major employer in the state.
According to the St. Louis Fed, Total Gross State Product for Wisconsin in 2019 came in at $347.3 billion, ranking the state 17th in the nation. Manufacturing accounts for roughly 20% of this amount, with a focus on transportation and capital equipment, ranking Wisconsin third nationally in the proportion of manufacturing to Gross State Product.
Major Wisconsin manufacturing companies and employers include The Kohler Company, Rockwell Automation, Johnson Controls, John Deere, Caterpillar and Harley-Davidson. Home to SC Johnson and Co., Wisconsin is also a major producer of paper, packaging and other consumer goods.
Meantime, the manufacturing of healthcare devices and software is well-represented by companies such as GE Healthcare and Epic Systems. Tourism is also a significant contributor to the Wisconsin economy, with annual events that include Summerfest and the EAA Oshkosh Airshow, as well as destinations that include The House on The Rock, The Dells of the Wisconsin River and the Circus World Museum. Wisconsin’s 2018 median household income level of $59,209 checked in 4.4% lower than the national median household income level of $61,937.
Wisconsin Economic and Debt Statistics
According to the Bureau of Labor Statistics, Wisconsin’s unemployment rate stood at 3.5% as of February 2020, in line with the national average of 3.5%. Wisconsin residents rank 42nd nationally in the amount of household credit card debt held, checking in at an average level of $6,484, 30.5% less than the national average of indebted households of $9,333. In terms of FICO scores, compared with the 2019 nationwide average FICO score of 703, the typical Wisconsin resident’s 2019 FICO score of 725 is significantly higher, and ranks the state fifth nationwide.
Wisconsin Residents and Debt Settlement
If you are a resident of Wisconsin 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.
Wisconsin Consumer Debt Laws
Credit Card companies and other creditors are permitted to contact Wisconsin 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.
Wisconsin supplements the FDCPA with a consumer protection statute that applies to collection agencies and prohibits threats of force, violence, criminal prosecution, unreasonable communications and falsely disclosing information regarding a debtor’s creditworthiness.
The statute authorizes private rights of action that provide for actual damages. Wisconsin law also stipulates that any debt collector within the state of Wisconsin must be licensed to collect debt in the state.
Wisconsin 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 Wisconsin, the statute of limitations on debt collection is six years for open credit card accounts, six years for oral contracts, six years for written contracts, and ten years for promissory notes.
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 – provided they remain within the bounds of the Wisconsin debt laws and 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.
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