The state of New Jersey is known for a lot of things – some good, not so good. On the plus side, it’s the site of the new billion-dollar MetLife football stadium, where the 48th (XLVIII) Super Bowl was played. It is also where you will find Atlantic City, which you may not have realized is an island. If you ever played the game of Monopoly you know the names of streets such as Ventura, Kentucky and Baltic. These are actually street names in Atlantic City, most of which can still be found today some 80 years after the game was created.
New Jersey holds the distinction of having more diners than any other city in the nation and North Jersey has more shopping malls in one area of the world with seven major malls in a 25 square mile radius.
On a darker note, North Jersey is the car theft capital of the world, with more cars stolen in Newark then any other city – including America’s two largest cities, NYC and LA, put together.
New Jersey’s population is 8,791,894. This makes it American’s 11th most populous state. But this leads to another distinction. The state has the highest population density in the U.S with an average of 1,030 people per square mile, which is 13 times the national average. It consists of just 8721square miles, making it America’s 47th largest state – or fourth smallest.
New Jerseyites have an average credit card debt of $7608. That is much higher than the national average of $5235 per borrower. The state’s residents have an average credit score of 676, which would put them on the high side of a “good” or “average” score.
The median household income in New Jersey is $68,342. This puts it a good deal higher than the national average of $51,017 a year (as of 2012). In other words, New Jersey’s population as a whole is relatively affluent and uses their credit cards accordingly. However, home ownership in New Jersey has decreased just as it has in many states. It is currently at 66.5%, which is down from 77.3% in 2007.
The state’s total labor force is 3,793,720. The two largest segments of this are Office and Administrative Support Occupations with 669,000 workers, followed by Sales and Related Occupations with 408,390 employees. The third largest segment of New Jersey’s labor force is Education, Training, and Library Occupations with 296,190 workers.
New Jersey’s three largest cities are Newark (population 277,140), Jersey City (population 247,597) and Patterson (population 146,199).
The state’s unemployment rate is 28th in the nation at 7.3%. It’s three largest cities fare even worse. As of August of last year, Newark’s unemployment rate was 14.2%, while Jersey City’s was something better at 9.8% but Patterson’s was a dismal 14.9%
Debt Negotiation & Debt Reduction Services in New Jersey
New Jersey Debt Relief and Settlement Laws
Looking for debt relief in New Jersey? Our debt consultants are always ready to speak with you and give you a free consultation – you can call now to see if you qualify:
One way to reduce your debt in New Jersey is with debt settlement. Debt settlement is program which can reduce your debts with your creditors giving you the opportunity to only pay back a fraction of the original amount owed. This is amazing for both you and your creditor because you get to pay less than your total balance owed while your creditor actually receives something back as compared to if you’d have gone bankrupt.
However, you may not have to even apply for credit card debt settlement 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 New Jersey consumers and does not constitute legal advice.)
New Jersey follows the set of federal laws dealing with collection agencies (and law firms that collect debts) that are collectively known as the Fair Debt Collection Practices Act (FDCPA).
Maximum Interest Rate a Collection Agency Can Charge in New Jersey: 6%
New Jersey Wage Protection: decided by judge (90% protection if earning less than $7500 per year)
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 California but currently live in New Jersey, the applicable statutes of limitations would be California’s).
Oral Agreements: 6 years
Written Contracts: 6 years
Promissory Notes: 6 years
Open Accounts (credit cards): 6 years
Whether you have unsecured credit cards, medical bills, personal loans or collection accounts, there’s help for you. The National Debt Relief Group offers a free consultation. You can fill out our Short Application and one of our debt specialists will contact you within minutes, or you can call now – (888) 703-4948.