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Oregon

Oregonians clearly do well when it comes to credit card debt and credit scores. They have an average credit card debt of just $4773 per borrower versus the US average credit card debt per borrower of $5235. And the state has an average credit score of 750, which puts its residents well into the range of “very good to excellent” credit. If Oregon were a person it would be able to borrow money at the lowest possible interest rates.

The median household income in Oregon is $48,457. This makes it about $2500 lower than the US median household income of $51,017. And home ownership is also a bit on the low side at 66.3%.

Oregon consists of 98,380 square miles. This makes it America’s ninth largest state. It has 2383 square miles of water and 296 miles of coastline. It became our 33rd state when it was granted statehood on Feb. 14, 1859.

Famous Oregonians include chemist Linus Pauling, actress Sally Struthers, food expert James Beard and cartoonist Matt Groening (“The Simpsons”).

Oregon’s Crater Lake is the deepest lake in the United States and was formed in the remains of an ancient volcano.

The state’s population is 3,831,074. This ranks it the 27th largest in the US. Its total labor force is 1,609,900. Of this, Office and Administrative Support Occupations has 257,070 workers. Oregon’s second-largest labor segment is Sales and Related Occupations with 162,860 workers. The third largest is Food Preparation and Serving Related Occupations with 147,800 workers.

Oregon’s largest city is Portland. It has a population of 583,776. The second largest is Eugene with a population of 156,025 and third is Salem whose population is 154,637.

The overall unemployment rate in Oregon is 7%. This compares favorably with the US unemployment rate, which currently stands at 7.3%. The state’s capital, Portland, has an unemployment rate of 7%. Eugene’s unemployment rate is currently 7.5% or a bit higher than the national average, while Salem’s unemployment rate is higher still at 8.5%.

Debt Settlement Programs & Services in Oregon

Oregon Credit Card Debt Settlement Laws

There may be help available for those Oregon residents struggling with unsecured debts if you qualify. A good option is a credit counseling company. You can search for one here.

Credit card debt settlement is a way to reduce your debts with the creditor or collection agency to only pay back a fraction of the original amount owed. This method works because you pay less yet the creditor still recovers some of their loss.

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.

Debt Collection

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

Oregon follows the set of laws 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).

Oregon Debt Law

Maximum Interest Rate a Collection Agency Can Charge in Oregon: 9%

Oregon Wage Protection: 75% of disposable weekly earnings (after tax income) or $170 per week, whichever is greater.

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 Oregon, 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

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