Obtain the Nevada Debt Help You Need
Nevada is known as the home of Sin City: Las Vegas. Las Vegas is the gambling capital of the world and the residence of numerous famous hotels, casinos, and headlining shows.
The variety of things to do in Las Vegas never seems to end. It’s possible to start with a visit to the Mob Museum, dine out at numerous hotspots, shop until you drop, and get married at The Little Wedding Chapel — all in one day!
While no one can argue that Las Vegas is the main highlight of visiting the state of Nevada, there are numerous other options throughout the state for people seeking adventure. Nevada is home to over 600 ghost towns. These small cities, which sprung up as mining boomtowns, withered away as the prospects for finding gold disappeared.
Many people expect Nevada to be built-up and metropolitan, but over 80% of its land is publicly owned. There are more opportunities here for outdoor adventures than you’ll find in any state across the nation. Whether it’s a trip to the desert or a night spent stargazing on a mountain slope, you’ll find it in Nevada.
Despite all that the state has to offer, residents of Nevada understand the pain of financial hardship. Like most other places in the world, people feel the agony of inflation, rising gas prices, and increasing rents. As a result, it has become much more challenging for Nevada residents to find the funds to pay down credit card debt.
If you are wondering how long it will take to pay off your credit card debt in Nevada, use the handy calculator provided here. You will also find out how much interest you will pay your creditors.
Credit Card Debt in Nevada
The most common type of debt in Nevada is due to credit cards. Credit cards are an unsecured debt type and as such they have a high-interest rate. You can buy whatever you want with your credit card but at the end of the month, you have to pay it back.
Banks ask credit card holders to pay at least the minimum monthly payment and many people cap their payments to that limit. Unfortunately, minimum monthly payments can become a trap.
Minimum payments can spiral into debt
Banks earn by charging interest on the money they lend. Car loans, student loans, personal loans, mortgages, and credit cards are charged interest rates, with credit cards having the highest rates of all.
A bank determines your credit card’s minimum monthly payment based on your overall balance: higher balances entail larger minimum monthly payments, but in general, the minimum payment hovers around 2% of the balance.
The bank doesn’t tell you that the largest part of the minimum payment is interest. Therefore, the minimum payment is not really paying off your credit card debt — you are just refinancing your credit card. It can take a while, often years, for a consumer to repay the full balance of their credit card just by making the minimum payments. And that is under the condition they don’t use the card for further purchases.
Minimum monthly payments can easily spiral into debt because the interest compounds. If you keep using your credit card, more interest is charged to the card which becomes a debt trap.
Credit card delinquency levels in Nevada
Many people fail to make even the minimum monthly payment because they are struggling to pay for necessities. If they have to choose between paying for groceries and paying off their credit card, the choice is pretty simple.
This is where Americor debt specialists can provide credit card debt relief programs and debt reduction services that can help you pay off your loans before you need to face debt collectors.
What causes debt in the state of Nevada?
It is very easy to fall into debt when incomes are stagnating and inflation is flying.
When incomes can’t cover everyday expenses, there is a gap that must be filled. Most people use their credit cards to pay for their living expenses like groceries and gas.
Low income coupled with high prices for necessities means that families often struggle month after month. When faced with difficult financial decisions, they use their credit cards to keep food on the table and gas in the car.
However, when income falls short of expenses over long periods of time, credit cards can quickly max out. When you reach the limit of your credit card, you find yourself deeply in debt. Then, you can’t use your card until you have repaid a significant part of it. But if your income is anyway insufficient, how are you going to repay your credit card debt?
Lack of an emergency fund
Today it is often difficult to put aside money in a savings account toward an emergency fund. That is money you can use during an emergency when something breaks down or an unforeseen expense hits your door. It can be anything from a broken garage door to an expensive car repair.
If you don’t have an emergency fund, you will naturally turn to your credit card to pay for the expense and try to repay it later. Again, if you only pay the minimum monthly payments, the debt will be charged interest every month and you will end up paying much more than the money you borrowed.
Medical emergencies are unpredictable. Health insurance usually covers most of the medical bills but people might not be insured or they might have high deductibles which they need to pay out of their pocket.
Medical debt can easily reach $10,000 in one single emergency. If charged on a credit card, this amount of money can turn into a debt quickly.
Debt Relief Solutions in Nevada
Thankfully, you can find debt relief services to help you recover your financial freedom and regain your footing.
Credit counseling and credit management
Credit counseling can help you evaluate your finances, how you are spending money, and how you can manage your income through a solid budget that will allow you to pay off your debt.
Credit management helps you lower your overall debt by negotiating with your creditors better repayment terms and a more extended repayment period. By creating a debt management plan, you can pay off your debt in a structured, effective way. Then you can move on with new projects free of debt.
Debt consolidation loan
When you have several loans and debts across credit cards and other types of unsecured credit such as a personal loan, a student loan, or a medical debt, your best option for credit relief is to consolidate them all into one single loan.
A debt consolidation loan in Nevada offers a lower interest rate compared to credit cards and longer repayment terms to help you incorporate the debt payment schedule into your monthly finances.
Instead of keeping track of several debt payments, a debt consolidation loan has one single monthly payment. It is a debt relief solution that can strengthen your financial situation.
Americor can negotiate on your behalf a debt settlement with your bank or creditors. In this case, our debt specialists take your debt to your creditors and discuss how much they can reduce your debt level by reducing your interest rates, waiving late fees, etc. The amount of your debt, your income, and other parameters are taken into account to estimate if you qualify for debt reduction.
Americor debt specialists are professionals and trusted and they have experience in debt settlement. Our goal is to reduce your debt level by up to 50%, which is a significant relief. With the professional support of Americor in Nevada, your debt can be more manageable and you can achieve financial stability and recover from a debt trap.
Contact us for more information on how a consolidation loan can reduce interest rates for you and help you pay off your credit card debt.
If no other debt relief option can help you, you can file for bankruptcy. Bankruptcy is a legal process where your attorney supports your case to a Nevada court, asking for your debt to be partially or fully discharged. The process is lengthy and it aims at proving that you are financially unable to repay your debt. The court decides how much debt is forgiven and whether you have to sell any of your personal assets to cover parts of your debt.
Filing for bankruptcy must come as a solution of last resort because it can take time and you risk losing part of your assets if you have any. Also, your credit score will be impacted and the bankruptcy can stay on your credit report for up to 10 years. With a bad credit score, you might find it difficult to secure a mortgage, personal loan, or car loan.
Americor Offers Nevada Debt Help
Aside from credit card debt, Americor can help people in Nevada with their personal loans, payday loans, and medical debt, as well as personal business debts and private student loan debt.
Those seeking Nevada debt help don’t have to resign themselves to a never-ending cycle of making minimum payments. Americor offers debt relief options to those seeking to break free from their credit card debt for good. To learn more, check out the links and resources provided below:
Our Clients Say...
“In 2020, I was drowning in debt. I enrolled in Americor for my 10 creditors for $110,000… and today (three years later) I have cleared my entire balance. It was not an easy process, but Americor guided me through and I am debt free!”
“I was down $80k in business debt, and I remember hearing Americor radio advertising. My credit score was down to 570 from 810. I’ve been in the program for over 3 years. It works, just be patient. And my credit score is currently back up to 710!”