If you had a credit score of 686, lenders would see you as having an “okay or average” score. You would be granted credit but would be charged a higher interest rate than if you had a score of 680 or higher. The reason for citing this number is because that’s the average credit score of all Mississippians. They also have average credit card debt of $4594. This is much better than the U.S. average of $5325 per borrower. And home ownership is excellent as 75.2% of all Mississippians own their own homes.
Mississippi’s population is 2,991,207 making it one of our least populous states. Further evidence of this is the population of its largest city, Jackson with a population of just 173,514.
One of the most interesting facts about Mississippi is that when on a hunting expedition in 1902, President Theodore (Teddy) Roosevelt refused to shoot a bear that had been captured. This led to the creation of the world-famous teddy bear.
If you’re an Elvis Presley fan, you might remember that “The King” was born in Tupelo, Mississippi. In addition, Burnita Shelton Mathews of Hazelton, Mississippi was America’s first federal judge and served in Washington, DC. Another famous resident of Hazelton, was Dr. Emmette F. Izard who developed the first rayon fibers. These became known as the first real synthetics. And while our first nuclear submarine was named for a town in Massachusetts, it was actually built in Mississippi.
Mississippi has a high unemployment rate of 8.5%. Its total labor force numbers 1,080,420 of which 163,590 are employed in the Office and Administrative Support Occupations sector. Mississippi’s second largest labor segment is Sales and Related Occupations with 114,060 workers. Finally, Production Occupations is third with 105,750 workers.
As noted above, the state’s largest city is Jackson. Its second largest is Gulfport with 67,793 residents and third is the city of Southaven with a population of 48,982.
While Mississippi has an overall unemployment rate of 8.5%, its largest city, Jackson, is slightly better with an unemployment rate of 8%. Southaven is doing even better with an unemployment rate of 6.1%, while Gulfport is worse with an unemployment rate of 9.5%.
Debt Reduction and Debt Negotiation in Mississippi
Mississippi Credit Card Debt Arbitration and Debt Reduction Laws
Looking for debt relief in Mississippi? 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 Mississippi is with debt settlement. Debt settlement is a way to reduce your debts with your creditors into one low monthly program payment. This method is amazing for people who are experiencing the financial hit from the economy. Ideal participants in such programs are those who are seeing less income, have medical issues or are simply overwhelmed by debt.
However, you may not have to even apply for 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 Mississippi consumers and does not constitute legal advice.)
Mississippi 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 Mississippi: 8%
Wage Protection: 100% protection for 30 days; thereafter, 75% of disposable weekly earnings (after tax income) or 30 times federal hourly minimum wage, 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 Mississippi, the applicable statutes of limitations would be California’s).
Oral Agreements: 3 years
Written Contracts: 3 years
Promissory Notes: 3 years
Open Accounts (credit cards): 3 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.