In New York, they say if you “can make it there, you can make it anywhere,” the same holds true with wealth and debt. There are plenty of very rich people living in New York alongside people who have found themselves on the downside desperately trying to get out of debt.
Millions of immigrants came to New York in mass from the late 1800s to the middle of the next century creating the landing spot for people around the world. Today, there are nearly 40 million people living in New York, and the state remains the hub business, industry, fashion and finance.
Tourism remains a large part of the New York economy, but of course the epicenter is finance as Wall Street and the New York Stock Exchange oversees much of the country’s financial investments.
New York City itself encompasses five boroughs: The Bronx, Brooklyn, Manhattan, Queens, and Staten Island. Outlying cities are also well-populated including the capitol in Albany, Buffalo, Syracuse and Rochester just to name a few.
The Overall Debt Situation in New York
New York residents have high levels of consumer debt, which can include medical debt or student loan debt. On the opposite end of the spectrum, New Yorkers have lower credit card debt than the national average. In fact, in 2010, New Yorkers had $6,600 in personal credit card debt compared to $7,300 for the nation as a whole.
Private student loan debt, however, is a bigger issue that accounts for nearly 10 percent of debt in the state. It’s the highest form of debt in the state totalling $85.3 billion. That figure is over 11 percent higher than the national average for student loans. With the recent outbreak of the COVID-19 virus, New York actually froze medical debt and student loan debt
New York Debt Fast Facts
- Population: 39.6 million
- Median Household Income: $75,277
- Average Credit Score: 692 (national average is 669)
- Average Credit Card Debt: $5,960
- Average Student Loan Debt: $26,000
- State Debt Total: $139.2 billion
Debt Relief Laws That Protect New Yorkers
Disclaimer: The information shared herein is intended to be a free resource for New York consumers looking to dismiss debt and does not constitute legal advice.
Whether battling credit card debt, medical debt or private student loan debt, New York has long been known for passing laws that aggressively protect its citizens.
If you are embroiled in a deepening debt situation in New York, 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 find debt relief 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 York 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.
New Yorkers 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, a debt resolution company can find you debt defense attorneys 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 assist New York residents from false or misleading credit information 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 it go away. 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 debt resolution.
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 help dismiss debt 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 guide you on the path toward debt resolution so you can once again be debt free.