George Simons | October 19, 2022
Summary: If you're struggling with debt in New York, SoloSuit can help you find the relief you need.
The Coronavirus pandemic hit New Yorkers especially hard since it basically decimated some key sectors of the Big Apple's economy (e.g., finance, real estate, tourism, etc.). This is largely why millions of people in New York continue to struggle with financial challenges. For example, the average New York resident is carrying more than $5,400 in credit card debt (the 14th-most in the entire country). In addition to credit card debt, the average New York resident is carrying an average mortgage debt of $240,795, which ranks as the 10th-largest amount in the United States.
If you live in the New York area and are encountering difficulties making timely debt service payments (e.g., credit card payments, student loan payments, auto loan payments, etc.), then you should research strategies on how to get debt relief in New York.
New Yorkers struggling with debt may qualify for financial assistance through a variety of federal and/or state programs. As a New York resident, check out these New York debt relief programs to see if you qualify:
With the debt snowball strategy, you pay 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.
With the debt avalanche strategy, you begin by paying off 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.
Apply 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%-25% you may be able to get a loan at a much lower interest rate (ranging between 10%-15%). 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.
If you need assistance implementing one or more of the debt relief strategies listed above, it may make sense to consider a debt management program administered by a professional nonprofit credit counseling company.
Debt management programs can be extremely effective, but they're not for everyone. For example, someone who was fairly adept at managing their finances, but suddenly got saddled with thousands of dollars in medical debt, may not need a debt management program. However, you may want to choose a debt management program if:
As a New Yorkers, it's important for you to know the state's debt collection laws so you can be aware of your rights and better protect yourself from unfair debt collection practices. Along with the Federal Debt Collection Practices Act (FDCPA), New York has debt collection laws in place to stop abusive debt collectors in their tracks.
One of the most important New York debt collections laws is the statute of limitations on debt. This is the time period that a debt collector has to take someone to court over a debt they supposedly owe. Here are New York's statutes of limitations on different types of debts:
New York Statute of Limitations
Deadline in Years
Debt on Account
In other words, if you haven't taken responsibility for a debt or made payments on it for over six years (20 years for judgments), debt collectors and creditors cannot sue you for that debt. If they try, you can bring this information before the court and get your case dismissed.
If you reside in New York and are struggling with a significant amount of debt (whether that be credit card debt, student loan debt, medical debt, etc.), don't give up.. There are options available to help you get the debt relief you need.. Those options may include:
No matter the option you choose, SoloSuit is here to help. And if you've been sued for a debt you owe, you can use SoloSuit's free Answer form to respond and win in court.
To learn more about how to respond to a debt lawsuit, check out 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.
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Need more info on statutes of limitations? Read our 50-state guide.
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