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New York

New York City is often called the world’s global commerce center. It is America’s biggest regional economy and the world’s second largest after Tokyo. In 2005 there were 602 stand-alone headquarter operations for major companies in the city. It is the home of the New York Stock exchange and NASDAQ, which are the world’s largest stock exchanges by trading activity and market capitalization. And more Fortune 500 companies are headquartered in New York City than any other city in the world.

You may already know a lot about New York City but what you probably don’t know is that New York State is home to 58 species of wild orchids. The state’s Adirondack Park is larger than Yosemite, Grand Canyon, Yellowstone, Glacier and Olympic Parks combined. The state has more than 70,000 miles of rivers and streams. And this may also surprise you – but New York’s most important farming activity is dairying with more than 18,000 cattle and or calves farms.

New York’s unemployment rate as of late last year was 7.1% or slightly lower than the U.S. average unemployment rate of 7.3%.

New Yorkers have an average credit card debt of $6792. This makes it about $1500 higher than the US average credit card debt of $5235 per borrower. However, the state’s average credit score is 728, which if the state were a person would have “very good to excellent” credit.

The state’s median household income is $54,559. This puts it somewhat higher than the U.S. median household income of $51,017. Homeownership in New York is just 54.5%. However, this may be due to the fact that so many people in New York City’s five-borough area are renters but not necessarily out of choice.

New York is our 27th largest state with 54,556 square miles. Its population as of last count was 19,378,102 – or our third most populous state. Its largest city is, of course, New York City, with a population of 8,175,133. Second largest is Brooklyn whose population numbers 2,300,664. The borough of Queens comes in third with a population of 1,487,536.

While the state of New York’s unemployment rate is currently around 7.1%, New York City’s unemployment rate is higher at 8.9%. Brooklyn is even higher at 9.6%. But the Borough of Queens is lower at 7.7%.

New York State’s total work force is 8,542,280. The largest portion of this is in Office and Administrative Support Occupations with 1,536,010 workers. The second largest segment of its labor force is Sales and Related Occupations with 880,100 employees. And the state’s third largest segment is Food Preparation and Serving Related Occupations with 658,560 workers.

Credit Card Debt Reduction & Debt Negotiation in New York

New York Debt Reduction and Debt Management Laws

Debt negotiation and debt reduction is available in New York! Our debt consultants are always ready to speak with you and give you a free consultation – you can call now:

(888) 703-4948

We provide debt negotiation and debt management services in the state of New York. 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 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.

Debt Collection

(This is intended to be a helpful and informational debt resource for New York consumers and does not constitute legal advice.)

New York 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).

Original creditor or creditor collecting own debt must comply with all the provisions of the FDCPA, except those provisions dealing with required disclosures. (For example, the original creditor does not have to verify the debt’s validity).

New York City (NYC)

Original creditor and debt collector cannot contact a third party more than once when trying to locate a debtor

Maximum Interest Rate a Collection Agency Can Charge in New York: 6%

New York Wage Protection: 90%; 100% of pay of noncommissioned officer, private, musician in U.S. or NY state armed forces.

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 York, 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

get debt relief helpWhether 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.

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