Wyoming Debt Settlement
Wyoming has the lowest population in the United States, as the state was home to only 577,377 residents in 2018, despite the fact that its area of 97,914 square miles places it 10th in the nation in terms of geographic size.
Wyoming’s meager population would rank 32nd in terms of U.S. cities, and the state’s extremely low population density of 5.97 people per square mile ranks it at 49th in the country.
Part of the reason for the state’s low population and population density is that almost half of the land within Wyoming is owned by the U.S. government – including Yellowstone National Park and Grand Teton National Park, as well as several national forests, wildlife refuges, historical sites and fish hatcheries.
Not surprisingly, Wyoming’s nationally low population coincides with the Wyoming economy also ranking fiftieth in the nation, as it generated a gross domestic product of only $39.1 billion in 2018.
With 91% of Wyoming’s land classified as rural, the state is home to few companies with a national presence. Agriculture, however, is a significant contributor to the Wyoming economy, with important commodities such as beef, hay, sugar beets, wheat, barley and wool.
The main drivers for the economy, however, are mineral extraction and tourism. Wyoming’s mineral commodities include coal, natural gas, coalbed methane, crude oil, uranium and trona.
Wyoming’s median household income level of $60,434 (20th highest in the U.S.) is approximately 4% less than the national median household income level of $63,030.
Wyoming Economic and Debt Statistics
According to the Wyoming Department of Workforce Services, Wyoming’s unemployment rate stood at 3.7% as of November 2019, slightly higher than the national unemployment rate of 3.5%.
One category that Wyoming ranks near the top is average household credit card debt. In fact, Wyoming residents carry substantially higher amounts of credit card debt than do citizens of almost every other state – Wyoming ranks second in the nation here – checking in at an average level of $11,546 – almost 24% more than the national average of indebted households of $9,333.
Meantime, compared with the 2019 nationwide average FICO score of 703, the typical Wyoming resident’s 2019 FICO score checks in somewhat higher at 712, tied for 21st in the nation.
According to the St. Louis Fed, as of Q4 2018, the Wyoming home ownership rate stood at 71.1%, considerably higher than the national average of 64.8%, while a recent Experian report shows average mortgage debt of $184,625, a less than 1% increase compared to 2018, ranking it twentieth in the country.
Meantime, according to Zillow, the median sales price for a home in Wyoming during 2019 was $250,890. Regarding student loans, data compiled by Experian in 2019 indicates that the state of Wyoming shows an average student loan debt per student borrower of $28,914, up 4.3% from the previous year and 22% from 2014.
Wyoming Residents and Debt Settlement
If you are a resident of Wyoming 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
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 many people realize.
Wyoming Consumer Debt Laws
Credit Card companies and other creditors are permitted to contact Wyoming 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, Wyoming 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 the Wyoming Fair Debt Collection Practices Act 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, Wyoming residents faced with abusive or harassing collection tactics are best protected under the FDCPA.
Wyoming 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 Wyoming, the statute of limitations on debt collection varies according to the type of debt involved. For written contracts and agreements, the statute of limitations is ten years.
Oral contracts have a statute of limitations of eight years. Dishonor of draft checks carry a statute of three years, while legal judgments come with the lengthy statute of limitations of twenty-one 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.
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