George Simons | October 19, 2022
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.
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:
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:
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.
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
Deadline in Years
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:
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:
SoloSuit makes it easy to fight debt collectors.
You can use SoloSuit to respond to a debt lawsuit, to send letters to collectors, and even to settle a debt.
SoloSuit's Answer service is a step-by-step web-app that asks you all the necessary questions to complete your Answer. Upon completion, we'll have an attorney review your document and we'll file it for you.
"First time getting sued by a debt collector and I was searching all over YouTube and ran across SoloSuit, so I decided to buy their services with their attorney reviewed documentation which cost extra but it was well worth it! SoloSuit sent the documentation to the parties and to the court which saved me time from having to go to court and in a few weeks the case got dismissed!" – James
You can ask your questions on the SoloSuit forum and the community will help you out. Whether you need help now or are just looking for support, we're here for you.
>>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.)
Here's a list of guides for other states.
Being sued by a different debt collector? Were making guides on how to beat each one.
Is your credit card company suing you? Learn how you can beat each one.
Going to Court for Credit Card Debt — Key Tips
How to Negotiate Credit Card Debts
How to Settle a Credit Card Debt Lawsuit — Ultimate Guide
Need more info on statutes of limitations? Read our 50-state guide.
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