 With the struggling economy, many people are finding themselves deep in credit card debt. Therefore, consumers are forced to turn to debt consolidation in order to get control of their finances. However, before a person decides to consolidate their credit card debt, they need to be aware of the credit... |
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Living with debt is by no means easy. There’s the constant concern of living paycheck to paycheck and the never ending issue of covering monthly bills and living expenses. While most of us pride ourselves on being self-sufficient, it’s hard to ignore that we all sometimes live well beyond our means.... |
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| Wyoming |
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Difficult economic times have caused many in Wyoming to unexpectedly fall into credit card debt and searching for solutions. Certainly those looking for answers have found debt consolidation companies and consumer credit counseling agencies offering to help. Unfortunately, far too few understand what these programs actually entail, and even less know how to find the best companies. PayingPaul.Com is here to help consumers understand and find the solutions and the companies who provide them. Two types of consumer debt management being offered today: credit counseling and debt settlement. Although both offer one monthly payment, they differ greatly in terms of how they get you out of debt. Debt settlement tends to be a much faster way to pay off credit cards, but it will most likely come at the expense of your credit. In a settlement plan the consumer stops paying their credit cards and starts saving money into a separate account each month. Once sufficient funds have accumulated, the company will offer a lump sum for substantially less than what is owed to completely satisfy the debt. Since you are technically past due during the course of the program, however, creditors may call you and may even initiate legal action against you. Credit counseling does not save you as much money, but it is a far less risky approach to debt resolution. These programs, which are usually offered by non-profit debt management organizations, aim to reduce your interest rates and restructure your debt on more favorable payment terms. It should be noted that although these companies are non-profit, they do charge fees and it is no guarantee that you will be able to afford their services. Want a free consultation with an expert? Submit a form now! Wyoming Debt Management Laws Wyoming prohibits anyone “doing business in… debt management” from operating in the state. The law was instituted originally in 1957 and intended to protect consumers from unscrupulous “debt adjusters”, which is an old-fashioned term for “debt consolidators.” Definition Wyoming defines debt adjusting as “doing business in debt adjustments, budget counseling, debt management, or debt pooling service or holding oneself out, by words of similar import, as providing services to debtors in the management of their debts and contracting with a debtor for a fee to: (A) Effect the adjustment, compromise, or discharge of any account, note, or other indebtedness, of the debtor; or (B) Receive from the debtor and disburse to his creditors any money or other thing of value. Fees Since debt management is illegal in the state, there is no cap on fees. Exemptions The regulations exempts attorneys who engage in debt adjustment that are licensed in Wyoming. For more information about consumer credit counseling and debt consolidation, feel free to follow this link: Title 33, Chapter 14 – Debt Adjusting Other Resources Filing Bankruptcy in Wyoming Bankruptcy Laws in Wyoming Debt Collection in Wyoming |
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