The state of California has the biggest population with about 40,000,000 residents living there. It comes third after Alaska and Texas. It also holds three of some of the largest cities in the United States, namely:-
- San Jose
- San Diego
- Los Angeles.
L.A contains the most amounts of people, with approximately 3,792,621.
San Diego comes in at number two with a population estimated to be of 1,307,402.
Third biggest population in a city is San Francisco with a population of 805,235 people.
The debt reduction in California would come in handy because its total labor force is 18,590,400. Apparently, the non farm jobs are the ones leading the line.
California is known for its diversity and endless possibilities in film, dance and music. It is home to the famous Hollywood stars and sign and it serves the people well to know that their individual debts are being taken seriously.
California also is the home of almost all of America’s Vegetables and fruits. It also grows Almonds, which is the biggest export. They even grow Cotton, table grapes and wine. You would be surprised that this sunny state is home to rice irrigation and export.
The debt situation
The average credit score for the average Californian is 687. This is because the average Californian has about 4927 dollars in credit card debt.
According to FICA, this score is below the line that determines good or bad credit, since 723 is the approved score for good credit going upwards. Looking for solutions for debt reduction in California would not be such a bad idea.
There is an alarming unemployment rate in California whereby in November of last year, it showed that it was at 8.5%. L.A has the highest percentage of people who are unemployed, while all the other cities like San Francisco, San Jose and San Diego are all rated above the 6 percent bracket.
It was even higher than that of the whole of the U.S which was at 6.7%.
At Last, Good News!
Finally, there is a way that debt reduction in California can be minimized.
Debt relief services have been set up in California to aid those that are overwhelmed with unsecured debts.
How it works
If your statute of Limitations is up and you no longer owe anyone, then this isn’t for you. You are debt free and you don’t have to worry about paying your creditors back. But for those of you who still have to pay their creditors, the debt reduction in California will work like this; they will provide debt settlement to reduce debts from the collection agencies or your original creditors. This will help tremendously because you only have to pay a little sum of the money you originally owe. It works for both parties; the lender and the creditor are both happy and satisfied.
California has federal Laws that deal with collection agencies which are called FDCPA (Fair debt Collection Practices Act)
The creditors must follow the rules and regulations of the FDCPA.
Expanding on the Statute of Limitations in California
Debt reduction in California is a task that many are willing to engage in due to the current situation of household incomes. People are trying to stay above water as they try to figure out how they can feed their families while trying to battle the debts they have accumulated over the years. With the never ending increase of gas prices and food stuffs, it is not easy to take care of a family and at the same time, pay for debts. The average household income countrywide is sustainable, but it is never enough. Debt reduction in California would help families with low income and supply relief to their bank accounts.
The statute of Limitations is a life saver because it helps in debt reduction in California. This law states that there is a maximum amount of time in which creditors and collection agencies can run after you for their money. After this period of time expires, you no longer owe your creditors.
Keep in mind though, that the statute of limitation applies to consumers that have become delinquent in their monthly payments. They consider you delinquent not from the date of last payment, but on the day you went past due. Your debt reduction in California is not considered until then.
However, this law varies in every state. If you were to move and go to another state and you had taken the loan in California, they will consider it and apply the law for your previous residential state.
Most of these contracts that consumers sign are mostly designed to last for 4 years, so if you have a delinquent account, you should be able to reduce and do away with it altogether in that duration of time.