North Carolina passes debt laws

If you are desperately in debt and live in North Carolina, a recent move by the North Carolina Legislature might give you a little relief.

Responding to the weak economy, in September North Carolina loosened its foreclosure law, giving the courts the power to delay a foreclosure for 60 days with a reasonable chance for the debtor making the payments.

The law also tightened consumer rules regarding debt collection. Debt Collectors who knowingly try to cash in on loans that are past the statute of limitations can be sued and also fined up to $4,000. 

The rules went into effect Oct. 1.