There are lots of easy ways to get into debt — medical bills, student loans and overzealous credit card swiping. Getting out of debt is trickier. One option is to consolidate your debt. This moves you from multiple debts and due dates to one easier-to-tackle payment, usually at a lower interest rate. Our partners at ConsumerAffairs researched the best debt consolidation in Las Vegas to put you on a path to financial stability.
Most Americans need debt relief. The average U.S. household has approximately $5,700 of credit card debt. Nevadans overall are above average at $7,871. Las Vegans fare better than the rest of the state, but still carry credit card debt near the national average.
If you have similar amounts due and make only the minimum payments on those credit cards, it would take years to pay off and cost thousands more in interest. If you fall behind on payments, you could get hit with additional fees and an even higher penalty annual percentage rate, or APR, that will make getting out of debt even more difficult.
Debt consolidation can help you turn the tables in your favor. Reputable debt consolidation companies can settle your debt or turn multiple debts into one. This means you only have one payment with one due date to remember. The new, consolidated interest rate is typically lower than the average of the multiple debts you had, which makes your payment lower.
Keep in mind, debt consolidation is not debt forgiveness. You will still owe every principal dollar you charged or accepted in a loan. But for people who want to gain a sense of control over their debts, consolidation can bring relief.
Debt consolidation is also a preferable alternative to bankruptcy, which can stay on your credit report for years. In 2017, almost 7,000 people filed for bankruptcy in Las Vegas, according to statistics from the U.S. Bankruptcy Court for the District of Nevada. Filing for bankruptcy is a serious measure with yearslong consequences. Before jumping to such an extreme, people in debt may want to look for debt relief through debt settlement from debt consolidation companies.
PandA Law Firm
PandA Law Firm (Peters and Associates, LLP) is a local Las Vegas debt relief law firm experienced in both debt settlement and bankruptcy. Rated the number one bankruptcy law firm and debt settlement civil litigation lawyers in Las Vegas, PandA Law has helped more than 10,000 Nevada residents get out of debt. Their process starts with a free consultation and debt analysis with a local attorney. Then they work to lower the amount you owe through a 12 to 24 month debt settlement program. If debt settlement isn’t practical in your situation, PandA can also discuss your other debt relief options, like bankruptcy. Most PandA clients have 700+ credit scores within two years of becoming debt free.
One of the best-known businesses in the industry, National Debt Relief is debt settlement company ideal for people closest to bankruptcy. Vegas customers report transparent, positive experiences during whcih they were walked through the process step-by-step by friendly staff who understand how confusing consumer debt can be.
A proprietary electronic debt settlement system combined with expert debt consultants makes Credit Associates an effective choice for debt relief. Reviews say that customer service is helpful and communicates well throughout the process, which lasts between two and three years. You can get a free consult with no obligation by contacting the company.
Not sure what debt relief strategy is right for you? Accredited Debt Relief offers a variety of services, all the way from debt consolidation and debt management to bankruptcy. Customers in Las Vegas say their debt counselors are polite and will not make you feel embarrassed about whatever financial troubles you’ve landed in.
Freedom Debt Relief calls itself the “largest negotiator of debt in the nation.” Debt settlement is their specialty but they do offer a wide range of options, including credit counseling and refinancing options for homeowners. Customers in Las Vegas love Freedom Debt Relief’s online platform, which makes tracking progress easy.
An experienced debt relief company, Debt Rx helps those with $7,500 or more in credit card debt. Being smaller than its competitors allows the company to tailor solutions to your situation. Online reviews praise the customer service team for being good communicators while helping to reduce their debt.