Debt Settlement in Nevada
Consider Your Options
Below are 5 methods of debt relief that are commonly utilized in Nevada.
1. Continue Making Minimum Monthly Payments
Making minimum monthly payments can seem like a viable idea for putting off the repayment of a debt, but it is often the worst strategy for your financial health. This strategy for relieving debt keeps you in for longer and costs more in interest in the long run.
2. Debt Management or Credit Counseling Plans
Debt management programs such as credit counseling are often offered for free. These programs involve working with a counseling firm to organize debt and plan out how to repay it. Typically, a single monthly payment is made to the debt management company and in turn, that agency distributes the payments to your creditors on your behalf. Ideally, the interest rates can be lowered in the process so the debt can be paid off more quickly, but this is not always the case. You should also be wary of any debt management program trying to charge you for this type of service, as a majority of them are offered for free. With debt management, you still end up paying back the entire debt principal and any interest that has accrued. These programs are also designed to take 3 to 5 years to complete and have low rates of completion in the state of Nevada.
3. Debt Consolidation Loans or Cards
Debt consolidation is a form of debt relief that involves taking out a large loan with a low-interest rate loan and then using that extra capital to pay off other unsecured loans that have higher interest rates. In theory, this can leave you with a lower monthly payment total than what you were shelling out before, but these types of loans can be hard to qualify for and their interest rates can rebound to higher levels if the debt is not repaid within the promotional window.
4. Debt Settlement in Nevada
Debt settlement differs from the first two options in the sense that it can reduce the principal debt in addition to the interest rate, and because you can end up owing significantly less, a settlement is generally a quicker and less costly option for relieving debt than either consolidation or counseling.
5. Declaring Bankruptcy
For consumers who continually find themselves buried in debt, bankruptcy may be an inevitable outcome. A formal declaration of bankruptcy puts a halt to creditor collections and the debtor is cleared of some or all of their responsibility of repaying the debt, but bankruptcy causes significant damage to your credit for years to come.
How Does Nevada Debt Settlement Work?
Debt Settlement relieves debt through negotiation with creditors. A settlement deal is worked out for less than the balance owed (principal) on your unsecured personal debt accounts and interest rates are reduced in the process of negotiating the debt. This is far different from simply reducing the interest rate with Debt Consolidation or Credit Counseling which do not reduce the total balance of the debt. Through the negotiation of the balance, Debt Settlement can provide a much faster means of handling your debt in Nevada.
Creditors are willing to negotiate reduced payments because this is a better alternative for them than losing the entire amount in a bankruptcy proceeding.
New Era negotiators have decades of experience landing excellent settlement deals in Nevada, but the offers don’t last forever. In our experiences, it’s the clients who are ready and willing to respond immediately who are the most successful in their settlement efforts.
You can include the following types of debt in a New Era Debt Settlement Program:
- Personal lines of credit
- Old repossessions
- Signature loans
- Credit cards
- Department store cards
- Other unsecured debts
- Old judgments
- Private student loans in default
The following types of debt do not qualify:
- Medical / Hospital bills
- Car loans
- Home mortgages
- Federal student loans
- Other secured debts
- Credit Union debts
Nevada Debt Settlement Services
- Las Vegas Debt Settlement
- Henderson Debt Settlement
- Reno Debt Settlement
- North Las Vegas Debt Settlement
- Sparks Debt Settlement
- Carson City Debt Settlement
- Fernley Debt Settlement
- Elko Debt Settlement
- Mesquite Debt Settlement
- Boulder City Debt Settlement
This is not an exhaustive list. Be sure to check with your Nevada debt counselor for more information.
Figure Out Where Your Finances Stand
Do you have a legitimate financial hardship condition?
Most consumers in Nevada find themselves in debt trouble because of a loss in income, medical costs, or divorce/separation. Each of these hardships can happen to anyone through no fault of their own and can wreak serious havoc on your household budget.
If you are in over your head due to a hardship circumstance and you’d prefer to negotiate with your creditors rather than file for bankruptcy, then Nevada Debt Settlement could provide an honest & ethical alternative for relieving debt.
Are you committed to getting out from under your debt?
Debt Settlement is not a “free lunch” for those who don’t want to pay their bills. It is an aggressive approach to debt relief; and, as such, it can present an occasional challenge. Your ability to stay the course, even when the road gets a little bumpy, is often the most important factor in determining how successful your program is. For those who are able to stick to the plan, debt settlement can get you out of financial trouble faster than nearly any other debt relief method in Nevada.
Are your debts primarily from credit cards?
Most types of unsecured debt can be negotiated through settlement such as personal lines of credit, financing contracts, signature loans, department store cards, miscellaneous bills, repossession deficiencies, and more. However, the biggest discounts tend to come from credit card debts; so, if a majority of your debt is from credit card accounts, then you can often anticipate good results from debt settlement.
Can I Trust New Era to Handle my Settlement?
By asking 14 important questions, you can easily pick the good settlement companies from the bad ones. We also always recommend checking into the company’s profile with Better Business Bureau (BBB) to see what their average rating and complaint history with Nevada consumers looks like.
New Era Debt Solutions maintains an A+ rating with the BBB and has been helping consumers across the country become debt free since 1999. Our team of debt negotiators has settled more than $250,000,000 in debt for our thousands of clients. But don’t just take our word for it – Visit our Testimonials page to see what other customers have had to say about our settlement programs.
What Makes New Era Different?
No Upfront Fees. A Debt Settlement company cannot legally charge you any fees unless or until they settle your debt. Period. This is not only the most ethical way to do business as a settlement firm, but as per an FTC ruling effective October 27, 2010, it’s also the only legal way to charge for this service.
- No “additional” fees. Many debt settlement agencies try to get around this law by charging extraneous fees for administration, signing, or consultation. Good guy debt settlement companies, such as New Era, only charge a settlement fee which is not paid for until the debt has been settled.
- End-to-end service. Some “debt settlement” companies out there are actually only sales groups who find settlement clients and then pass them off to a third party to handle the settlement itself. This is an issue because it means your sensitive financial data is being passed around between multiple parties and the salesperson who you originally consulted with has no control over or interest in how your debt is settled in the end. Try to look for a settlement company that will handle your program from beginning to end, such as New Era.
- Decades of Experience. When the sub-prime mortgage industry crashed in the 2000s, many new debt settlement companies headed by prior mortgage professionals suddenly began to sprang up. These companies do not have the experience or the relationships that land you the best settlement deals. Look for a firm that has been around long enough to create a solid track record of successful settlements. For example, New Era has been settling debts for over 20 years and has settled more than $250,000,000 in debt during this time.
Consumers in Nevada can get a FREE analysis of their debt. We will show you how much time and money you can save. Contact New Era Debt Solutions to get started.