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How to Get Debt Relief in Montana

George Simons | June 04, 2024

George Simons
Co-Founder of SoloSuit
George Simons, JD/MBA

George Simons is the co-founder and CEO of SoloSuit. He has helped Americans protect over $1 billion from predatory debt lawsuits. George graduated from BYU Law school in 2020 with a JD-MBA. In his spare time, George likes to cook, because he likes to eat.

Edited by Hannah Locklear

Hannah Locklear
Editor at SoloSuit
Hannah Locklear, BA

Hannah Locklear is SoloSuit’s Marketing and Impact Manager. With an educational background in Linguistics, Spanish, and International Development from Brigham Young University, Hannah has also worked as a legal support specialist for several years.

Summary: If you're struggling with debt in Montana, SoloSuit can help you find the relief you need.

The Coronavirus pandemic adversely impacted the economies of every state, including Montana. The number of tourists and visitors to “Big Sky Country” declined by roughly 10%, and consumer spending dropped by 7% in 2020. As a result of the economic hardship, many Montana residents saw their overall debt load increase.

For example, the average mortgage balance for a Montana resident increased from $180,711 in 2019 to $189,021 in 2020. This increase was actually the ninth largest in the entire country. Similarly, the amount of auto loan debt for Montana residents increased from $20,046 in 2019 to $21,135 in 2020. This was the eighth largest increase in the entire country.

If you live in Montana and are having a hard time paying down your debt, then it may make sense to explore how to get debt relief in Montana.

Utilize these debt relief programs in Montana

Montana residents having a hard time landing employment, securing housing, or paying off their bills each month could meet eligibility standards for financial assistance through a variety of federal and state programs. Check out these Montana debt relief programs to see if you qualify:

  • Assets for Independence or Family Economic Security (AFI): The AFI program focuses on assisting residents who are in poverty and taking steps to get them to achieve self-sufficiency. AFI offers matched savings accounts, a plan referred to as the Individual Development Accounts, to teach the impoverished the impact that saving money can have on their self-sufficiency.
  • Home Investment Partnerships Program (HOME): The HOME program is focused on helping create affordable housing for low-income residents of Montana.
  • Low-Income Home Energy Assistance Program (LIHEAP): This state program offers assistance to low-income residents in covering the cost of utility expenses (e.g., heating and cooling bills, water bills, etc).
  • The Volunteer Income Tax Assistance program (VITA): Offers free tax help to residents with household incomes less than $54,000. Volunteers are in place to help Montanans with basic federal and state income tax returns. There is a free electronic filing service in place for most 1040 Forms.
  • Wheels for Work Program: This program is available to residents living in Yellowstone County. It is designed to help remove barriers to transportation that often prevent low-income individuals from securing employment. Please be advised that, in order to qualify for this program, residents of Yellowstone County must have an income below 125 percent of Federal Poverty Guidelines and are required to show 30 days of income verification.
  • Montana Subsidized Employment Program: This program is administered through the Montana Department of Labor and Industry. The program offers assistance to residents who are having difficulty obtaining or retaining employment. The Department of Labor also provides similar training programs that might help someone secure employment that will ultimately ensure they are self-sufficient and can pay their monthly bills.
  • Private Student Loan Relief: Provides a network of financial counselors who link troubled families with trustworthy agencies for financial assistance with private student loans.

Recognized Strategies for Paying Down Debt

There are two effective strategies many people have used to steadily pay down their debt. These strategies are commonly referred to as a “snowball” strategy and the “avalanche” strategy. Let's take a look at each:

  • Snowball strategy: With the debt snowball strategy, you begin by paying your smallest debt first and continue to make minimum payments on other debts to ensure you do not go into default. After you pay off the smallest balance, you then take that payment and roll it into the amount being applied toward your next balance. Once that balance is paid, you roll both payment amounts to the next highest balance and so on.
  • Avalanche strategy: With the debt avalanche strategy, you begin by paying down the balance with the highest interest rate while continuing to pay the minimum payments on all of your other debts. When that balance is paid, you redirect that same payment towards another balance with the second highest interest rate, and so on.

Consider applying for a debt consolidation loan

In addition to the debt paydown methods described above, you may want to consider applying for a debt consolidation loan. This can be an effective strategy for managing and paying down your debt load. Why should you consider a consolidation loan? Well, this type of loan affords you the opportunity to combine your debt from different creditors so you only have to worry about making one payment toward one loan. For many people, this is preferred over paying multiple creditors each charging separate fees and interest rates on revolving balances.

In addition to simplifying your monthly debt payments, a consolidation loan could save you money on interest and fees. For example, if you are carrying balances on multiple high-interest credit cards charging anywhere between 18 percent and 25 percent, you may be able to get a loan at a much lower interest rate (ranging between 10 percent and 15 percent). If you can lock in a reduced interest rate, it can result in significant savings in the amount you shell out to service the debt and a lower monthly payment.

Know your rights under Montana debt collection laws

Along with the Federal Debt Collection Practices Act (FDCPA), Montana has debt collection laws in place to protect consumers, like you, from unfair debt collection tactics.

The statute of limitations on debt in Montana prevents debt collectors or creditors from suing people for old debts. In order for a debt to be suable, it must fall within the deadline of the statute of limitations. If no payments have been made on the debt since before the statute of limitations passed, and no responsibility has been taken for it, then no legal action can be pursued.

Know the statutes of limitations on different types of debts in Montana so you can protect yourself:


Montana Statute of Limitations
on Debt

Debt Type

Deadline in Years

Written

8

Oral

5

Open Accounts

5

Judgments

10

Summary of How to Achieve Debt Relief in Montana

If you reside in Montana and are struggling with a significant amount of debt (whether that be credit card debt, student loan debt, medical debt, etc.), do not throw your hands up in despair and embrace a life where you are perpetually dragged down by debt service payments. There are options available to show you how to get debt relief in Montana. Those options usually include:

  • Utilize Montana debt relief programs
  • Use the snowball or avalanche strategies to pay off your debt
  • Apply for a debt consolidation loan
  • Know about Montana debt collection laws

No matter the option you choose, SoloSuit is here to help. If you have been sued for debt, you can use SoloSuit's free Answer form to respond and win in court.

Learn more about how to respond to a debt lawsuit from SoloSuit's CEO, George Simons, in this video:

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>>Read the FastCompany article: Debt Lawsuits Are Complicated: This Website Makes Them Simpler To Navigate

>>Read the NPR story on SoloSuit. (We can help you in all 50 states.)

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