Debt

From school and vehicle loans to credit card debt, the average American owes money in one way or another. According to data from an Experian consumer debt research, which assessed credit report information for a statistically meaningful sampling from its database, outstanding consumer debt in the United States reached $14.88 trillion in 2020. How much […]

According to the latest figures from credit agency Experian, Americans have an average credit card debt of $5,315 each. Although this may appear to be a large amount, consumers are becoming more conscious of their spending habits and improving their ability to pay off their debts. Most individuals believe it will take them roughly two

Thriller (which was released 34 years and two days ago!) is the best-selling album of all time, with over 65 million copies sold. Despite the large sums of money he proceeded to make from such records, Michael Jackson died penniless. How is it possible? The answer to this question reveals some key insights for anyone

At the end of President Bush’s last budget in 2009, President Obama added $8.6 trillion to the national debt, a 74 percent increase. FY 2009: $253 billion (the Economic Stimulus Act, which spent $253 billion, was passed by Congress). What was the national debt in 2016? GDP is a measure of the economy’s entire size

Unpaid accounts, such as a charged-off credit card or installment loan balance, can appear on your credit report for up to seven years after the obligation was charged off. A charge-off occurs when your debt is officially written off as a loss on the creditor’s books. Remember that just because a creditor writes off an

Limitation Act is the legislation in British Columbia that sets forth the rules for limitation periods; limitation periods limit the amount of time people have to suit for a debt owed and clarify when liability begins and ends. The debtor’s most recent demonstrable acknowledgement of the debt (person who owes the money). The creditor who

In mid-2016, Ohio’s average credit card balance was similar to the rest of the country. Transunion, one of the nation’s three major personal credit rating agencies, said that the average consumer card balance in the state was $4,933 at the end of the second quarter, compared to $5,247 nationally. All card accounts, not simply those

The debt statute of limitations in Oregon is six years. This means that a creditor has up to six years to sue to collect a debt. Medical debt, credit card debt, auto loan debt, and other types of debt are all subject to the six-year statute of limitations. Many individuals believe that as soon as

A statute of limitations is a legislation that specifies the time period during which a creditor or collector may sue debtors to collect debts in each jurisdiction. They usually endure between four and six years after the last payment on the obligation was made in most jurisdictions. This means that if you’ve made a payment

The statute of limitations is a law that establishes a time restriction for debt collectors to prosecute consumers for unpaid debt. The statute of limitations for debt varies by state and type of obligation, and can last anywhere from three to twenty years. To get you started, here’s a list of each state’s debt statute