New York State Ranks Second Highest in Outstanding Debt Nationwide At the end of State Fiscal Year (SFY) 2018-19, the State reported the following debt levels: $2.3 billion of constitutionally-authorized, voter-approved general obligation debt, a decrease of 23 percent since SFY 2014-15. New York City Municipal Water Finance Authority Debt Outstanding by Bond Type Total Outstanding: $30,798,943,103 11.2% 16.1% 72.7% Variable Rate Tax-Exempt Bonds $4,966,025,000 Fixed Rate Taxable Bonds - Build America Bonds $3,437,695,000 Fixed Rate Tax- Exempt Bonds $22,395,223,103 : New York is a Sinkhole State without enough assets to cover its debt. Cuomo and James said the Office of the Attorney General will also accept applications for suspension of all other types of debt owed to the State of New York and referred to the OAG for collection. Andrew Cuomo and New York Attorney General Letitia James announced Tuesday that the state is suspending debt collections amid the coronavirus pandemic. New Yorkers with non-medical or non-student debt owed to the state of New York and referred to the OAG may also apply to temporarily halt the collection of state debt. New York State also ranked fifth among all states in debt per person. According to the New York state government website, the suspension aims to help workers and families who have been impacted by coronavirus, including people who are losing wages due to event cancellations, businesses shutting down and restaurants closing dining rooms. If you are still having trouble, you can file a complaint or contact us for further assistance: The Department of Financial Services supervises many different types of institutions. At the end of SFY 2015-16, State-Funded debt outstanding per capita was $3,183, which was equal to 5.5 percent of Personal Income. New Yorkers with non-medical or non-student debt owed to the State of New York and referred to the OAG, may also apply to temporarily halt the collection of state debt. State budgets are complex and fluid, as they depend on anticipated revenues and planned expenditures, which may alter over the course of a fiscal year. Claim: About New York state: \"We have the highest debt per capita.\" How State Laws Affect Debt Relief Programs in New York New York State Debt: The Basics. New Yorkers with Student and Medical Debt Referred to AG’s Office Will Have Payments Automatically Frozen Through February 28, 2021. Politicians from New York want states to get a big bailout from Uncle Sam. In a report released in September 2017 by the nonprofit Truth in Accounting (TIA), states were ranked by taxpayer burden, a term that reflects "the amount each taxpayer would have to send to their state's treasury in order for the state to be debt-free" as of 2016. Individuals seeking to apply for this temporary relief can fill out an application online or visit the OAG’s coronavirus website to learn more about the suspension of payments. Call you at times they know, or should know, are inconvenient, including before 8 am and after 9 pm (unless you give permission otherwise). On the city level, New York’s credit scores are consistently above average, and credit scores in individual cities are all fairly close to one another. California is the most indebted state with an outstanding debt of $152.80 billion during the 2019 fiscal year. I explained earlier this month that this would be a bad idea.Simply stated, the Empire State is .03/05/2021 22:20:03PM EST. Debt collectors cannot contact you at times they know are inconvenient, so you can tell collectors when they should and shouldn’t contact you. New York comes second with an outstanding debt of $139.20 billion. © 2021 Advance Local Media LLC. If you are unable to find the answer to your questions here, check our FAQs. Sources: Federal Reserve Bank of New York, U.S. Census Bureau. Respond to a notice. New York ranked 42nd, with a taxpayer burde… With an average score of 675, New York state consumers rank better than average. New York State Laws on Consumer Debt. New York's total assets are around $106.61 billion, giving the state a debt ratio of 273.8%. Sending a written request for Substantiation of a Debt is the best way to request this information, because it provides a record of the request. If you make this request in writing to the debt collector, they must stop most communication. In order to assist debt collectors in complying with these rules, DFS provides some answers to frequently asked questions in our FAQs: Regulation of debt collection by third-party debt collectors and debt buyers (23 NYCRR 1). Registration on or use of this site constitutes acceptance of our User Agreement, Privacy Policy and Cookie Statement, and Your California Privacy Rights (each updated 1/1/21). Community Rules apply to all content you upload or otherwise submit to this site. For example, this could be a defaulted credit card debt that was sold by your credit card company to another company to collect. Even if the collector advises that the alleged debt is not “charged-off”, you can still ask a debt collector for additional information. While this will stop attempts to collect your debt, it does not cancel the debt or prevent the collector from trying to collect by other means, including by a lawsuit. Individuals seeking to apply for this temporary relief can fill out an application online or visit the OAG's coronavirus website to learn more about the suspension of payments. Unfortunately, many borrowers struggle to pay back their student loans. In other states, median income outweighs total debt per capita — meaning that, in theory, residents there have a lighter overall debt burden. Extraordinary journalism for extraordinary times. If you are not sure whether the debt you’ve been contacted about is the kind of “charged-off” debt for which you are entitled to Substantiation, you may still make a request for Substantiation of the Debt. Don’t be victimized by this scam. Respond to your notice “NYers with student debt, medical debt & other state-referred debt will have payments frozen for at least 30 days.”, “We’re doing all we can to support those suffering financially due to #COVID19.”. “In this time of crisis, my office will not add undue stress or saddle New Yorkers with unnecessary financial burden,” AG James added in a statement. New York's Taxpayer Burden™ is -$17,200, and it received a "D" from TIA. New York’s Surrogate’s Court Procedure Act provides for the priority of debts of the estate. If revenues do not keep pace with expenditures, states gener… Make repeated phone calls made with the intent to annoy, abuse, or harass you. The debt collector has 60 days to comply after receiving the request. You can tell a debt collector the best time to contact you. Set out below is more information on your rights when dealing with debt collectors, and tools and tips you can use to protect yourself from being defrauded into paying a debt you do not owe. These fraudsters will try to collect money from consumers who already paid off their loans or debts to the legitimate creditor, or consumers who merely started an application for a loan, including a payday loan, but who never actually took out a loan. Gov. “New Yorkers need to focus on keeping themselves safe and healthy from the coronavirus, and therefore can rest assured that state medical and student debt referred to my office will not be collected against them for at least 30 days. Under federal law, if you request information on a debt collector within 30 days of the first contact, the debt collector must provide you verification of the debt, including information about the original creditor. How to quickly apply for unemployment benefits, CNY restaurant owner on laying workers off due to coronavirus: ‘It’s heart-wrenching’, Coronavirus to peak in NY in 45 days; Thousands more hospital beds needed, Cuomo says, Onondaga County activates emergency operations center, first time in 2 decades, President Trump wants quick checks sent to Americans in coronavirus response, Drive-thrus, no-contact delivery: How CNY restaurants are adapting to NY restaurant eat-in ban. If you disagree with a notice or bill, you can respond to us online. Then, debts given preference by the United States or New York State governments and estate taxes are to be paid. West Virginia is the state with the lowest debt, according to New York Federal Reserve data, with a total debt per capita of $28,790. Note to readers: if you purchase something through one of our affiliate links we may earn a commission. You have the right to demand, at any time, that a debt collector stop contacting you. Whether you make the request by phone or in writing, you should keep records of when you asked for information from the debt collector and when you heard back. The first debts to be paid are reasonable funeral expenses and expenses of administration. This includes generating revenues (money coming into the state from various sources) and approving expenditures (the money spent on governmental functions and servicing state debt). Fraudulent debt collectors use various tactics to scare the consumer into paying, including threatening arrest, legal action, garnishment of wages, and seizure of the consumer’s assets. All rights reserved (About Us). Find out more at the New York State Unified Court System’s website. This is the time when New Yorkers need to rally around each other and pick each other up, which is why I am committed to doing everything in my power to support our state’s residents.”, Out of work because of the coronavirus? Though the state’s median income remains high, New York’s unemployment rate sits about a few percentage points above the national average.
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