Does Georgia have a debt relief program?

Georgia residents can find plenty of opportunities to enroll in a debt relief program. Atlanta debt relief options include debt settlement, debt consolidation, debt management plans, credit counseling, and in some cases, debt forgiveness.

How much does it cost to use a debt relief program?

Depending on the debt relief program Atlanta residents choose, they may have to pay fees to the organization managing their services. These fees can range from a small amount to about 25% of your total enrolled debt. Some credit counseling agencies offer free or reduced service fees to low-income consumers.

Is debt settlement right for you?

If you have high balances on one or more high-interest accounts, such as credit card balances, debt settlement can be an effective way to reduce and eliminate your unsecured debt. Partner with a trusted organization to ensure you receive legitimate help and pay no upfront fees for your settlement program.

Debt Relief Programs Available in Atlanta, GA

7 MIN READ

Published January 29, 2024 | Updated March 07, 2024

Expert Verified

Written by Christie Hudon

Edited by Wes Silver

Reviewed by Brad Reichert

With one of the fastest-growing populations in the South, Atlanta also carries a median credit card debt of nearly $4,000 per resident.
Atlanta residents earned a “good” median credit score of 680, making it easier to secure loans at lower interest rates.
Top debt relief programs in Atlanta include debt consolidation, credit counseling, and debt settlement.
TurboDebt enrolled $4,633,799 in debt from Atlanta residents in 2023.

Debt Landscape in Atlanta

A bustling southern metropolis with a storied history, Atlanta is also one of the fastest-growing cities in the nation. With a 7% spike in population after the pandemic, Atlanta’s debt is also increasing in rapid numbers.

Since the state of Georgia carries some of the highest credit card balances in the U.S., it’s no surprise that Atlanta residents carry their share of high debts. The median credit card debt in Atlanta is $3,980, with plenty of citizens facing even larger financial burdens.

Student loan debt in Atlanta is also high, with a median of $28,907 per graduate. With unsecured debts like credit cards and student loans affecting much of the population, ATL residents need solutions to pay off high balances. Read on to learn more about Atlanta debt relief programs and how they help consumers change their financial lives for the better.

TurboDebt Helps Atlanta Residents Get Out of Debt

You’re not alone if you’re carrying high amounts of unsecured debt from credit cards, medical bills, or student loans. TurboDebt helped plenty of Atlanta residents by enrolling an average of $22,715 in debt in 2023 alone. Our total debt enrollment for Hotlanta was over $4.6 million in the same year.

To date, we’ve served thousands of consumers across the Peach State through our Georgia debt relief programs, enrolling over $73 million in 2023.

Signs You May Need Debt Relief

If you’re struggling in any of the following areas, it may be a sign you need debt relief services:

Your debt-to-income (DTI) ratio is high (30% or more)
You lack an emergency fund
You carry several high balances on your credit cards
You max out multiple bank and credit card accounts each month to pay your bills
Your interest is so high you have trouble paying down the principal on your debt

Best Ways To Get Debt Relief in Atlanta

Here are the top debt relief solutions for residents of the Dogwood City:

Debt Settlement

When large balances make it seem almost impossible to ever pay off your debt, a settlement agreement could help you reduce the total amount you have to pay. This works when you or a trusted debt settlement organization negotiates with creditors for a reduced lump-sum payment to end your debts.

After enrolling with an organization, you’ll start making monthly payments into a savings account until you collect enough to pay the negotiated amount to your creditors. You’ll also pay fees to the debt settlement company for managing your account and utilizing their expertise to settle your outstanding balances. While your credit may take a slight dip, settlement can make your debt payments more manageable and help you get back to debt-free living faster than you could on your own.

Credit Counseling

Sometimes, debt relief starts by reexamining your financial situation with the help of certified credit counselors. Both private and nonprofit credit counseling programs often involve financial education classes to increase your understanding of budgeting, saving, and investing.

Credit counselors can also help ATL residents find relief from debt by guiding them toward smarter monetary choices. These low-cost financial services may be just what you need to get back on track with your spending.

Debt Management Programs

Some Atlanta consumers may benefit from enrolling in a debt management program through a credit counseling agency or other financial relief organization. Though these programs don’t reduce your debt, they do help you organize and make monthly payments to lenders on time and in the proper amount(s).

First, you and a credit counselor will create a repayment plan that your creditors accept. You’ll then pay your monthly amount to the organization, which in turn pays your creditors. In some cases, credit counselors may negotiate for reduced interest on your account or petition for waived late fees. However, you’re expected to continue payments while on this plan, as missing even one month can negate any benefits.

Debt Consolidation Loans

Consolidating high balances through a lower-interest loan is another solution for debt relief in Atlanta. If you have “fair” to “good” credit and want to reduce multiple accounts to a single monthly payment, consider taking out a debt consolidation loan at a reasonably low interest rate.

After you qualify for the loan, you’ll pay off all your existing debts with the proceeds from your new debt consolidation loan, then start making only one monthly payment to the lending institution, eliminating payments to multiple accounts. However, it’s important to read the terms carefully before accepting the loan, especially if low-interest rates only come with a short introductory period. If you’re not careful, you may wind up paying more than your original debt by the time you pay off the new loan.

Debt Forgiveness

While this form of debt relief is less common, if you meet certain qualifications, you may benefit from a program that forgives your debt entirely. Atlanta residents who work in public service jobs, such as education or positions within the federal government, can apply for student loan or personal loan forgiveness programs. Low-income residents may also qualify for programs like mortgage forgiveness through the Department of Housing and Urban Development.

Bankruptcy

As a final solution for debt relief, Atlanta residents can file for either Chapter 7 or Chapter 13 bankruptcy. Chapter 7 bankruptcy allows you to discharge payments after the court reviews and potentially sells some of your assets. Chapter 13 involves restructuring debt payments without selling assets, but may cost more and take longer (usually 3-5 years of on-time repayments) to resolve.

Before choosing this solution to pay off your debts, it’s important to consult with a bankruptcy attorney at a reputable law firm to learn more about your options.

Choosing the Right Debt Relief Option

“As an Atlanta resident, it’s important for you to know that the state of Georgia has particularly strong laws regarding the activities of debt relief and debt adjustment firms that operate in the state,” explains Brad Reichert, debt expert and founder and managing director of Reichert Asset Management LLC.

“Provosions outlined in Georgia’s Debt Adjustment Act and the Georgia Fair Business Practices Act mean these companies are strictly regulated and held accountable when they violate Georgia state law by failing to act in the public’s best interests,” Reichert adds.

Why Choose TurboDebt?

Atlanta debt relief programs offer you the chance to rebuild your finances. Here at TurboDebt, our mission is to fix lives by empowering you to make smart choices with your money and rebuild wealth for the future.

Here are some of the reasons we think you’d benefit from working with us:

Pay off debt for less. Through negotiations with creditors, our debt settlement programs allow you to reduce the amount you pay, sometimes by as much as 50-60% before fees. Imagine cutting your credit card debt nearly in half and paying it off faster. In 2023, we saved Georgia residents an average of 57% of their total debt.
Get trusted and personalized service. At TurboDebt, we’ve amassed a collection of 5-star TurboDebt reviews from clients who’ve worked with us to eliminate large amounts of debt. To date, thousands of consumers have enrolled millions of dollars in outstanding balances from unsecured debt like credit cards, student loans, and medical bills. Our team of experts is always available for transparent conversations about your financial situation and how we can work together to fix it.
Create a plan that works for you. Debt isn’t a one-size-fits-all situation. When you’re carrying a heavy debt burden, you need to find an effective way to manage and eliminate it. That’s why we take the time to learn about your financial needs and get you started on the best path to living debt-free once again.