Idaho Debt Relief

Learn about debt relief options in Idaho

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Rising Costs Hit Idaho

Idaho, while famous for its delicious potatoes, is also known for its beautiful landscape. The state is a nature-lovers paradise dominated by the Rocky Mountains, luscious rivers, and bountiful farmland. As a result, Idaho has long attracted retirees and families seeking a peaceful life.

Yet, peace has been hard to come by lately as Idahoans face rising expenses. Housing prices in Idaho have increased by more than 150% since 2015, and farmers are struggling with both drought and dramatically inflated production costs. High state and local tax rates, at an overall cost of 9.6%, don’t help, either. Many families are using credit cards to get by during these tough times.

The True Cost of Credit Card Debt

The average Idahoan owes $5,213 in credit card debt, and that number will most likely rise as families continue to suffer under high inflation and rising everyday costs, including food, electricity, and transportation. Unfortunately, once families are in a significant amount of credit card debt, it often takes years to get out.
To find out how long it will take to pay off your debt using only the minimum payments, use our calculator below. The calculator also indicates how much you’ll pay in interest — the number may surprise you.

Consider Idaho Debt Relief Programs

If you live in the picturesque state of Idaho and are struggling with credit card debt, we want to help. Consider your options for Idaho debt relief options:

Sources:
Idaho State Facts: History, State Symbols & More Fun Facts (visitidaho.org)
15 Interesting Facts About Idaho – The Fact Site
Idaho Tax Rates & Rankings | Idaho State Taxes | Tax Foundation
Cost of Living in Idaho, United States. Updated Feb 2022 – SalaryExpert 
Debt by State 2022 (worldpopulationreview.com)
Idaho incomes rise, but housing costs far outstrip them (boisedev.com)

Idaho Debt Relief Q&A

Get educated on your debt relief options in Idaho

Options for Debt Relief in Idaho

Debt relief in Idaho can come in a variety of forms.

Idahoans have several relief options for debt they might not be aware of. Which one to use will depend on your specific situation. Learn more about each debt relief solution in Idaho to see which one best suits your needs to become debt free.

Debt programs such as debt settlement, debt consolidation loans, debt counseling and bankruptcy are the top ways to become free from credit card debt in Idaho.

 

Debt Relief in Idaho: Debt Settlement

What is debt settlement as a debt relief option?

Debt settlement is when someone negotiates the total amount of debt owed to the creditors for less than the amount owed. 

Can I settle my debt on my own in Idaho?

Yes. You can work with each of your creditors yourself to settle your debts in the state of Idaho. 

Why would I use a debt settlement company for debt relief?

Debt settlement companies often have relationships with your creditors already, as they deal with them frequently. They also know what to say and how to say it. The average person does not unless they learn the techniques themselves. Creditors and debt collectors will do everything they can to intimidate you to recoup as much of the debt as possible.

This is why most people prefer using a company to negotiate on their behalf to settle their debts for less than what they can do on their own for effective debt relief in Idaho. 

Debt Relief in Idaho: Debt Consolidation Loans

What is a debt consolidation loan for a debt relief option in Idaho?

A debt consolidation loan refers to moving multiple high interest debts over to a lower interest loan. 

Does debt consolidation hurt my credit?

Generally, your credit will not be negatively affected by debt consolidation except for having your credit run to get the new loan. Just be sure not to continue using the credit cards you pay off, this is counterproductive to getting debt free and may affect your credit in the long run as you slowly run out of available credit.

Debt Relief in Idaho: Debt Management 

What is debt management as a debt relief option?

Debt management is a debt relief tactic in Idaho that uses credit counselors to negotiate lower interest rates on your debts. Oftentimes this is through non-profit organizations.

You will still back back the full amount of debt you owe but with lower interest rates you can pay it back faster having more money going towards the principal of the debt and not the interest.

Debt management debt relief is also known as debt counseling in many situations.

Debt Relief in Idaho: Bankruptcy

How do I file for bankruptcy debt relief in Idaho?

Filing for bankruptcy requires paying lawyers and legal fees. There are also different types of bankruptcy options such as Chapter 7 and Chapter 13. Bankruptcy should be seen as a last resort option. Most times it’s not even the best debt relief option for Idahoans. Be sure to explore less damaging debt relief solutions in Idaho before going down this road.

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