Colorado’s nickname is the Centennial State because it was granted statehood exactly 100 years after our country was born. It ranks number eight in terms of land mass but is only the 22nd most populous of the 50 United States. Coloradans carry a higher average credit card debt then the national average. It is $5625 per person versus the national average of $4927 per borrower, which puts it in the high side.
The average credit score of Coloradans is 692. If this were your FICO score, lenders would see you as having “good” credit.
Two interesting facts about the state of Colorado. First, it’s the only state in history to turn down the Olympics. It was scheduled to hold the Winter Olympics in Colorado in 1976. However, at almost the last minute, 62% of the state’s voters voted to turn it down. Second, the United States government owns more than 1/3 of the land in Colorado.
Colorado’s unemployment rate is now the lowest since 2008 at 6.5%. Its population is 5,187,582 as of the 2012 census. Of this, 123,500 Coloradans are involved in construction, 135,300 in manufacturing and 375,200 in professional and business services.
The state’s largest cities are Denver, Colorado Springs and Pueblo. The Denver-Aurora-Broomfield Metropolitan Statistical Area has an estimated population of 2,600,000. Colorado Springs’s population is roughly 432,000, while Pueblo comes in at 108,000. As of this writing, Denver’s unemployment rate was 6% and Colorado Springs 7.5%. The worst of the three was Pueblo with an unemployment rate of 10.7%. However, it is the only city in America that has four living recipients of the Medal of Honor.
It is believed that the seven-county Metro Denver region achieved full economic recovery in 2013. This means that it has regained all of the jobs lost during the recent recession and can now begin a new growth path.
Debt Management Plans in Colorado
Colorado Debt Management Laws
Good news! Our debt relief services are now available in the state of Colorado.
Credit Card Debt Negotiation is a great program for reducing your debts with your creditors into one low monthly program payment. This method works because you pay less yet the creditor still recovers some of their loss had you gone bankrupt.
However, you may not have to even apply for credit card debt negotiation if the statute of limitations is up in your state and the debt no longer appears on your credit report. Legally, credit companies must recover the debt in a period of time specified by the state or the debt is no longer recoverable after this time period. Read on to find out if the statute of limitations is up for you.
(This is intended to be a helpful and informational debt resource for Colorado consumers and does not constitute legal advice.)
Colorado follows the set of laws that are collectively known as the Fair Debt Collection Practices Act (FDCPA).
- Debt collector must identify him or herself within the first 60 seconds after the person answering the phone telephone identifies him or herself as the debtor.
- Debt collector must provide the debtor with receipts for cash payments or any other means which does not provide evidence of payment (checks, money orders, etc).
- If the debtor requests in writing for an account statement, the collection agency must provide the debtor with said statements free of cost within 10 days of the request. Statements must include the debtor’s name, creditor’s name, amounts paid, date payments were received, and a breakdown of payment allocation (what portion went to interest, principal, fees, etc).
- In its initial written communication to a consumer, a collection agency shall include the following statement: “FOR INFORMATION ABOUT THE COLORADO FAIR DEBT COLLECTION PRACTICES ACT, SEE WWW.AGO.STATE.CO.US/CADC/CADCMAIN.CFM”.
- Complains about the collection practices of creditors collecting their own debts to the Uniform Consumer Credit Code, 1525 Sherman Street, 7th Floor, Denver, CO 80203 (303) 866-4494.
- Send complaints about debt collectors and collection agencies to the Colorado Collection Agency Board, 1525 Sherman Street, 7th Floor, Denver, CO 80203, (303) 866-5304.
Maximum Interest Rate a Collection Agency Can Charge in Colorado: 8%
Colorado Wage Protection: 75% of weekly net earnings or 30 times the federal minimum wage, whichever is greater, including pension and insurance payments
Statute of Limitations
A statute of limitations is a law that sets forth the maximum period of time, after certain events, that legal proceedings based on those events may be initiated. For debt, the statutes of limitation apply to the maximum period of time after a consumer has become delinquent on their payments. The key point to remember is that you are considered delinquent not from the date of your last payment, but rather the day after you have gone past due. In other words, if you made your last payment on 3/3/03 and your next payment was due the same day of the next month, the statute of limitations on the debt would not start running until 4/4/04. The statutes of limitations vary from state to state and depend on the type of debt and where the original transaction took place (i.e. if you took the loan out in Texas but live in Colorado, the applicable statutes of limitations would be Texas’).
Oral Agreements: 6 years
Written Contracts: 6 years
Promissory Notes: 6 years
Open Accounts (credit cards): 6 years