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Rhode Island

As you may already know Rhode Island is our smallest state as it consists of just 1545 square miles. Its population totals 1,052,267, which ranks the state as our 43rd most populous. Its median household income is $54,119. This puts it somewhat higher than the US median household income of $51,017.

Rhode Island’s labor force is comprised of 453,020 workers. Of this, the largest segment is Office and Administrative Support Occupations with 74,760 employees. The state’s second largest employment segment is Sales and Related Occupations with 45,390 workers. Food Preparation and Serving Related Occupations comes in third with 45,380 employees.

The state currently has an unemployment rate of 9.1%, which is almost 2 points higher than the US unemployment rate, which currently stands at 7.3%. Its homeownership rate of 62.8% is lower than the national average of 65%.

Famous Rhode Islanders include actors Harry Anderson and George M. Cohen, painter Gilbert Stuart, author H. P. Lovecraft and naval officer Matthew C. Perry.

Rhode Island was the last of our original thirteen colonies to become a state. However, Rhode Islanders were the first to take military action against England when they sank one of her ships in the Narragansett Bay located between Newport and Providence.

The state was home to the first National Lawn Tennis Championship in 1899. And it’s unique in that it has no county governments. Instead, it’s divided into 39 municipalities with each having its own form of local government.

Rhode Islanders have an average credit debt of $5102 and an average credit score of 700. This score puts it below the US average VantageScore of 736. Its homeownership rate is 62.8% or several points below the US homeownership rate of 65%.

The state’s three largest cities are Providence, Warwick and Cranston. Providence’s population is 178,042. The population of Warwick is 82,672. Cranston’s population is 80,387.

The unemployment rate in Rhode Island is currently on the high side at 9.1%. Providence has an even higher unemployment rate of 11.5% as does Cranston at 9.5%. But Warwick’s unemployment rate is better at 8.7%.

Credit Card Debt Arbitration & Debt Reduction in Rhode Island

Rhode Island Debt Reduction and Debt Arbitration Laws

Looking for debt relief in Rhode Island? 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:

(888) 703-4948

One way to reduce your debt in Rhode Island 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.

Debt Collection

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

Rhode Island 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 Rhode Island: 12%

Rhode Island Wage Protection: 100% protection for military service member on active duty, seaman, spouse and minor children, anyone who has been receiving public assistance for 1 year after going off of relief, wages paid by charitable organization or funds providing relief for the poor; FEDERAL LAW STIPULATES THAT AT LEAST 75% IS PROTECTED – OVERRIDES STATE LAW.

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 Rhode Island, the applicable statutes of limitations would be California’s).

Oral Agreements: 10 years
Written Contracts: 10 years
Promissory Notes: 10 years
Open Accounts (credit cards): 10 years

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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.

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