Although known as “The Garden State”, New Jersey was one of the original 13 colonies and became a state in 1787. Its strategic location bumping into the Atlantic Ocean has long proved a strategic port of entry for goods coming into the States and being exported from industrial states like Pennsylvania and New York. Still, New Jersey has one of the highest debt rankings in the country with many residents desperate to get out of debt.
New Jersey is a technological hub for industry and is the headquarters of Verizon in Newark. But perhaps New Jersey’s greatest export has been the Hall of Fame musicians that were born in Jersey like “The Boss”, Bruce Springsteen, the late Frank Sinatra and Whitney Houston along with pop master Jon Bon Jovi. The state and its biggest cities that include Newark, Jersey City, Paterson and Elizabeth are New Jersey’s largest cities and also boast some of the largest biotech and pharmaceutical companies in the world such as Johnson and Johnson, Merck and Honeywell.
Tourism is also a cash cow for New Jersey with the famous Jersey Shore and gmabling mecca Atlantic City serving hundreds of thousands of visitors every year.
Is New Jersey Debt Free?
New Jersey posts the 4th highest debt rankings in the U.S. behind only California, New York and Massachusetts at nearly $70 billion. Individuals also carry more debt than other Americans. Having said that, New Jersey residents also can lay claim to higher credit scores than most states.
New Jersey does have higher than average credit card debt, medical debt and private student loan debt. Student loan debt accounts for $37.6 billion and New Jersey citizens have the second highest average credit card debt in the nation behind only Arkansas.
New Jersey Debt Fast Facts
- Population: 9.1
- Median Household Income: $81,740
- Average Credit Score: 686 (national average is 669)
- Average Credit Card Debt: $7,151
- State Debt Total: $65.9 billion
Debt Relief Laws That Aid New Jersey Citizens
Disclaimer: The information shared herein is intended to be a free resource for New Jersey consumers looking to dismiss debt and does not constitute legal advice.
Whether battling credit card debt, medical debt or private student loan debt, New Jersey has long been known for passing laws that aggressively protect its citizens and seek to dismiss debt.
If you are embroiled in a deepening debt situation in New Jersey, Resolvly can help find an expert team of seasoned debt resolution lawyers to help eliminate debt or at least dismiss debt as soon as possible.
The Fair Debt Collection Practices Act
There are many ways to get debt resolution and fight harassing debt collectors and avoid or defend a debt lawsuit. In one case, every consumer has specific rights invoking the federal laws outlined in the Fair Debt Collection Practices Act (FDCPA).
The FDCPA as it relates to New Jersey residents specifies exactly what a third-party debt collection service can and cannot do. For example, a collector can only call an individual between the local hours of 8am and 9pm. In addition, collectors cannot harass individuals or threaten a citizen with bodily harm or the potential of arrest.
Whether battling credit card debt or medical debt, New Jersey residents in debt also have the ability to stop collectors from repeat callings by sending a physical letter to the agency requesting a cease and desist from the pestering calls. If the FDCPA is violated, you can sometimes dismiss debt with the aid of a debt defense attorney who can help you get out of debt and also seek damages and attorney fees.
The Fair Credit Reporting Act
Another consumer protection law designed to get out of debt in New Jersey is the Fair Credit Reporting Act (FCRA). The FCRA protects the privacy and accuracy of your personal credit history. If an entity violates your rights outlined in the FCRA, there are legal actions that could not only dismiss debt, but earn monetary damages in addition to the recoupment of attorneys’ fees.
Let Resolvly Find The Right Debt Relief Lawyer
When it comes to dealing with debt – whether medical debt or credit card debt – ignoring the problem won’t make you suddenly debt free. Utilizing the legal referral service of Resolvly, can help you hire a lawyer to get out of debt by helping you understand your specific circumstances, and clear the path to debt relief and dismissing debt.
We work with consumer protection lawyers trained in debt relief to protect your rights, fight harassing debt collectors and hopefully eliminate debt completely.
Resolvly helps you hire a lawyer to hopefully dismiss debt and avoid debt collectors so that you can live debt free. Our goal is to help you attain true financial freedom and debt resolution. We offer a free consultation designed to refer you to a consumer defense attorney who will work to eliminate your debt. Simply call 844-479-3457 to speak with a debt freedom specialist who will help advise about statute of limitations in New Jersey for swift debt resolution so you can once again be debt free.