Nevada Debt Relief

In a Nutshell

While Nevada residents struggle with the same type of debt as others across the United States, credit card debt proves to be the biggest challenge. The state faces high levels of poverty and relies on the tourism industry, which took a major hit during the pandemic. As a result, many Nevadans are in need of financial help. 

From Las Vegas to Henderson, TurboDebt offers Nevada debt relief programs that help you build a strategic plan to become debt-free in as little as 24 to 48 months. Read on to learn about debt and financial hardship resources, how debt relief works, and the most effective debt relief options available in the state. 

How Debt Relief in Nevada Works

Debt relief is a strategy to help you manage your debt or loans. The goal is to reduce interest rates, develop a lower payment plan, and help you gain control of your finances. 

A successful debt relief plan might help you save thousands in extra costs. There are many options for debt relief in Nevada, and the right one depends on your financial situation. A debt relief counselor can help you create a plan to make your payments less overwhelming. 

Debt in Nevada

Nevada residents carry debt in all forms, from medical bills, divorce debt, and student loans to credit card bills, auto loans, and mortgages. The following data and statistics will help you better understand the burden these types have debt have on people across the state. 

Average Consumer Debt

Average consumer debt is the total amount owed per person for auto and student loans, mortgages, and credit cards. Nevada residents have some of the highest consumer debt in the country, with an average of $110,695 in 2022, up 5.1% from 2021. 

Nevada's household debt-to-income ratio is 1.8, which indicates that household debt is significantly higher than household income in the state.   

Credit Card Debt

Nevada residents have an average credit card debt of $8,186. As credit card debt rises across the nation, more consumers struggle with large balances, getting trapped in a cycle of late or minimum payments just to stay ahead financially. 

Student Loan Debt

Nevada residents carry an average of $34,589 in student loan debt, though they are less likely to have debt than residents in other states. Of those with debt, about 45% are under 35, showing a significant burden on young Nevadans.

Bankruptcy

Nevada had a total of $7,992 bankruptcies in 2024, up from the previous year. Most consumers file either Chapter 7 or Chapter 13 bankruptcy to liquidate assets or reorganize payments through the court system.

Average Income and Employment

Nevada residents have a median annual household income of $75,561, working predominantly in hospitality, transportation, retail, and warehousing.

Compared to the national average, Nevada has one of the highest unemployment rates in the country at 5.7% in November of 2024. 

Poverty is a particular issue for Nevadans. About 14.1% of residents live in poverty, versus 11.6% of the national population, according to the latest Census. 

Credit Scores

A credit score is a rating that shows creditors or lenders how dependable you are as a borrower. It includes data from the amounts you owe, your payment history, the length of your credit history, and the types of credit you have. 

Nevada residents carry an average credit score of 691. This number is lower than many states but still considered "good," making it easier for consumers to secure loans at reasonable interest rates. 

How TurboDebt Can Help 

Ongoing debt can cause stress and have a negative impact on your financial future. However, there are ways to gain control. In 2023 alone, TurboDebt consulted with 3,205 people and enrolled 881 of those through our debt relief program in Nevada. 

Our clients had an average enrolled debt of $22,682, which led to $19,982,881 of total debt enrolled in our program in 2023.

We helped them build a strategy to pay down their debt amount and find a debt relief program based on their situation, and we’re committed to helping you, too.

Get Debt Relief From These Top Types of Debt in Nevada

Credit cards, personal loans, and mortgages create a substantial debt burden on your finances. Here are some of the main types of debt TurboDebt can help you relieve. 

Credit Card Debt Relief

About 11% of Nevadans have missed credit card payments for 90 days or more. Missed payments damage your credit score and lead to penalty fees and a collections risk. On top of that, high interest means your unpaid balances keep increasing. 

This cycle can be frustrating, but TurboDebt can help you develop a plan to pay off your credit card debt balances and find debt relief.  

Divorce Debt Relief

In Nevada, all property and debt accumulated throughout a marriage is considered community property and must be divided equally when the marriage ends. This means you may end up with new debt on top of the legal costs of a divorce. Working with a credit consultant may help you get your finances back together as you make a fresh start. 

Business Debt Relief

As of June 2022, Nevada business loans increased by 14% at credit unions alone following the pandemic. However, high interest and inflation, cooling real estate and gambling markets, and slow sales squeeze profits and make it difficult to pay off business debt. TurboDebt can help you create stability and confidence in the future of your business with a relief plan.

Medical Debt Relief

Crushing medical debt is a common issue for Americans and Nevadans alike. About 20% of U.S. citizens carry medical debt, accounting for 58% of the bills in collections.  

New Nevada laws require collection agencies to provide notice before collections start, giving you a chance to take action. A debt relief company like TurboDebt can help you negotiate fees with creditors and manage your payments to help alleviate your medical debt. 

Homeowner Debt Relief

Interest rates have soared since the pandemic, affecting home buyers and homeowners, especially those with variable interest rate mortgages. With this type of mortgage, more of your payment goes to your principal when interest rates are low. But as interest goes up, you face higher interest fees on your monthly payment. 

Homeowners can also accrue debt from unsecured sources like personal loans for renovations or credit card debt from emergency home repairs. TurboDebt offers plans to help relieve unsecured homeowner debts to free up more money for mortgage expenses. 

Retirement Debt Relief

Changes to your financial situation, whether it's an emergency situation or losing a job, can burn through your savings and make it hard to save for retirement. You might resort to credit cards or loans to pay for your basic needs. A debt relief company like TurboDebt can help you reorganize your debt and find financial resources to get back on track. 

Options for Debt Relief in Nevada

When debt weighs on your mind, managing your finances for everyday living can be difficult. Discovering options to relieve your debt can help you change your financial situation. Below are the most common debt relief programs to pursue.

If you’re struggling to understand which option is right for you, take advantage of our free debt relief consultation so we can help.

Debt Management Programs

A debt management program is an agreement between you, a debt relief organization, and your creditor to lower your debt or change repayment terms. 

Under a debt management plan, a debt relief professional helps set your terms and interest rates with creditors, assisting you in securing smaller monthly payments. You then agree to pay the organization, which distributes your money to creditors for you.

Debt Consolidation Loans

A debt consolidation loan is when you roll all your debt balances into one monthly payment. By taking out a loan for the total debt amount, you can pay off your outstanding balances in a lump sum. This strategy is often effective for lowering your interest rate if you have good credit.

Debt consolidation loans are a popular option among Nevada residents with multiple credit card balances. Note that some credit card and financial loan companies offering zero or low interest rates may only do so for a limited time. 

Debt Settlement

Debt settlement occurs when you or a professional negotiate your debt amount with your creditor or a debt collector. You can hire a debt settlement company to settle for you. Alternatively, you can talk to your creditors yourself and explain your situation to get a payment plan you can afford. 

Debt settlement companies are often able to reduce your debt by up to 50%. By setting up a payment plan through their organization, you agree to put funds into a savings account the organization uses to pay your creditors. You then pay fees to the company for managing your settlement. 

Not all credit card or loan companies will agree to debt negotiation, but it can be an effective option. If you feel stuck making payments and have more than $10,000 in credit card debt, this may be your best option.  

Credit Counseling

In this form of debt relief, a credit counselor advises you on how to manage your money and debt. This is a good option if you don’t have a lot of debt but are looking for professional tips on how to your finances back on track and improve your credit.

Most credit counseling organizations are nonprofit and usually offer services for free. Counselors are often certified in money management, consumer credit, and budgeting and can help you access your credit report, create a budget, and offer money management tips to help you stay out of debt. 

Bankruptcy

Bankruptcy is one way to get rid of or reorganize debt, though it’s a last resort. It’s a legal protection that prevents creditors from collecting on debts and a final tool to erase your debt. Once you file, creditors must wait until the court or bankruptcy trustee takes control. 

A trustee helps negotiate an affordable payment plan and collects and distributes the payments on your behalf. Your debt isn’t discharged until you meet the terms and finish paying it off.

One way you can eliminate your unsecured debt is to file for Chapter 7 bankruptcy. This type of bankruptcy is sometimes called liquidation bankruptcy because you turn over certain types of assets to the trustee, who will sell them to pay your creditors. 

Unsecured debt includes any money you owe that doesn’t have an asset attached to it as collateral, like:

• Credit card debt
• Unpaid utility bills
• Medical bills

You can also file for Chapter 13 bankruptcy, which involves reorganizing your debt to save your home or car from foreclosure or repossession. You must earn regular, sufficient income to qualify. To learn which option is best, consult with a law firm for legal advice.

Debt Forgiveness

Debt forgiveness is when a creditor eliminates part or all of your debt so you’re no longer responsible for repaying it. While it sounds promising, be wary of organizations claiming that you'll get your entire credit card debt forgiven. Credit card companies rarely forgive all your debt, though they sometimes accept a smaller lump sum to settle it. 

However, the government offers debt forgiveness programs for some debts, such as student loans. Certain healthcare workers in Nevada can access the Pennington Rural Health Services Loan Repayment Program from the state. Nevada will eliminate student loans when you commit to working two or three years in a rural healthcare setting. Teachers may be eligible for loan forgiveness from the federal Department of Education. 

Debt and Financial Hardship Resources

Many things can lead to debt, including emergencies, payday loans, medical bills, and job loss. Nevada unemployment debt relief is available and can help you with your basic needs. Whether you live in a city like Las Vegas or a rural area, you can access cash payments, food programs, affordable or low-cost medical care, child care, and other financial assistance programs. 

Temporary Assistance Programs

You can find emergency debt relief in Nevada from the Temporary Assistance for Needy Families (TANF) program. The State provides cash payments to help working families or relative caregivers with food, shelter, child care, and basic needs. 

The Temporary (TEMP) Program is also available during emergencies such as fires or earthquakes. With this program, you can apply and receive cash payments for up to four months to help with your basic needs. 

Nevada State also offers the Self-Sufficiency Grant (SSG) to families or individuals who are not receiving TANF funds but need temporary assistance. The goal is to give you a lump-sum cash payment upfront so you can get ahead but also maintain independence without constant state support.

Note: There are no stimulus checks for Nevada, and probably they won't be in the future.

State Health and Human Services 

The Nevada State Health and Human Services Department has several programs to help during financial hardship, including food, cash, and medical assistance. 

Nevada food assistance programs include:

• Supplement Nutrition Assistance Program (SNAP)
• Women, Infants & Children (WIC)
• Three Square
• Food Bank of Northern Nevada

The State of Nevada also offers several financial programs and medical assistance programs, like:

• Energy Assistance to help heat your home
• Child Support Enforcement
• Senior Rx and Disability Rx for medication coverage
• Nevada Health Centers or Community Health Alliance for affordable health care
• Nevada Check-Up for low-cost health care for children

Child Care

A child care subsidy in Nevada is also available while you’re on social assistance or transitioning off of it. The goal is to help you provide safe and healthy learning and child care environments for your children while you work. 

Shelters for the Homeless

Nevada provides emergency shelters, housing support, and rent assistance programs so that adults, teens, and families can access shelters for homelessness, daytime lodging, family crisis shelters, and assisted living. You can also access low-income housing, rent subsidies, emergency rent or mortgage payments, and other support.

Free Transportation Services

Nevada offers free transportation for seniors and people with disabilities and non-emergency medical transit to a hospital or clinic. Government funding may even cover your gas money for trips to medical or social services. 

Find Nevada Debt Relief With TurboDebt

Debt can feel like a vicious cycle, but working with experts can help you gain control. Do your due diligence to avoid scams or risky agreements that might worsen your debt. Read Nevada debt relief reviews and check with the FTC or Better Business Bureau (BBB) to make sure there are no legal proceedings, bans, or major complaints against any debt relief companies or organizations you're considering. 

For real debt solutions and reputable help, talk to the team of experts at TurboDebt, an A+ rated debt relief company accredited by the BBB. Start a free debt relief consultation and get connected with a consultant today. It's never too late to take control of your debt!