Vermont ranks 35th in the US in credit card debt. It has an estimated average credit card debt of $5,992 per person. It has a credit score of 677, with 10% population with declining credit.
The Green Mountain State is not flying high. The state has more debt than assets. It had a tax payer burden of $17,100, as of 2016. It received a “D” rating in an analysis of financial health and tax payer burden. This grade will probably not improve either as this state continues to be anti-business.
The median household income in Vermont in 2016 was $57,677.
The cost of living in Vermont is very high. Utilities are very expensive, followed by housing, groceries, and transportation. This is a state that does not want to increase its value based on the policies it has passed.
Personal Loans for Weddings
Weddings are joyous occasions. Arranging for finance for the wedding shopping can be a massive exercise.
Personal loans can lend you a hand there. Since weddings are planned expenses, you can have a discussion with a few lenders, before you choose one. You may also have time to do some interesting shopping.
You can negotiate the interest rate and term with the lender. You may get a good interest rate if your credit score is good. Once approved, you can get the loan within 24 hours.
Repaying the loan may be easy as personal loans come with fixed interest rate and term.
Personal Loans for Medical Bills
Health insurance may cover maximum health-related expenses. However, out-of-network doctor consultation, ER services, special care, etc. may not be covered under the regular insurance. This may end up causing you to have to deal with a mighty medical bill.
Your insurance provider may not cover the out-of-network expenses. You may have to pay for them from your pocket. In such cases, instead of borrowing credit from various cards, with different interest rates, you may choose a personal loan.
A personal loan is available easily. The interest rate and term are fixed. You can get a good interest rate if you have a decent credit score.
Since repayment means fixed payments every month, budgeting it and repaying it may be easier.
Non-Payment of Personal Loans
Vermont has a statute of limitations of 6 years on contracts and 3 years on open accounts and verbal contracts.
If you do not repay your unsecured personal loan during this designated time, a creditor can sue you. If it is a secured loan, then the creditor can possess the collateral.
The creditor cannot sue you for the amount owed after the statute of limitations. However, the negative comment will remain on your credit report until the credit reporting time limit has been exhausted.