There are two distinct types of debt consolidation programs: some involve loans, some don’t. In each case, you need to have a stable source of income. A qualified debt consolidation expert can help you decide which alternative is ideal for you.
There are as many as 226,360 people in Nevada looking for debt consolidation, and most would benefit from a debt management plan above all else.
Debt management in Nevada has many merits:
- One Single Monthly Payment
- Reduced Interest
- Waived Penalty Fees
Furthermore, this is one of the most affordable ways to consolidate debt in Nevada, only $25-40 a month.
Nevada Debt Consolidation Loans
Should you take out a debt consolidation loan in NV, you will use the money to pay back your active credit cards. Obviously, the loan still has to be paid back.
The benefits of debt consolidation loans in Nevada mirror those of debt management plans, which include consolidated monthly payments, hardly any calls from collections companies, and more affordable rates of interest.
Lots of folks look to repay they debts they’ve accrued using home equity loans, because there are tax advantages to this strategy. Then again, as this kind of loan is secured against your home, the bank or lender could end up with your home if you miss your payments.
Wondering if a debt consolidation loan is best for you?
NV Debt Loads
Any Nevada debt consolidation consultant you speak to will want to know how much debt you owe that’s no secured. That means it is not protected by a property of some sort or other. The most common sources of credit card debt are:
- Credit Cards
- Rent or Mortgage Payments
- Other Unsecured Credit Lines
If at all possible, your monthly debt payments will account for about 33% of your wages. These debts include credit card bills, loans, and rent or home loan payments. Here’s what this means for the average person in Nevada:
- Income Per Annum: $42,149
- Income Each Month: $3,512
- Ideal Debt Load: $1,264
- Excessive Debt Load: $1,756
If your debt load is higher than 50%, it is time to consult a debt consolidation consultant near you.
Nevada Debt Statistics
- Income Yearly: $42,149
- Debt Per Capita: $1,485
- National Debt Rank: 26
- Bankruptcy Rate: 0.90%
- Bankruptcies: 24,251