New Hampshire Debt Relief

In a Nutshell

Debt relief is crucial for many residents of New Hampshire who are struggling to manage their debts and improve their financial situation. Fortunately, there are a variety of debt relief options available in New Hampshire, including debt consolidation, debt settlement, and credit counseling. Learn more about the pros and cons of each approach, and let us help you make a thoughtful and informed decision about finding debt relief in NH.

New Hampshire's Economic Picture

New Hampshire is best known for its lead role in the American Revolution, beautiful scenery, and granite production. The state's tax system attracts retirees and investors with the promise of economic opportunity. Residents of The Granite State also enjoy a higher-than-average household income and low unemployment.

New Hampshire has a 72% owner-occupied housing rate, but a high median monthly mortgage rate of $2,305.

About 40% of Granite State residents hold a bachelor's degree or higher, making consumers more likely to carry student debt.

High costs of living can make things difficult for consumers struggling to pay back outstanding debts from things like credit card balances, medical bills, and personal loans. 

How Does New Hampshire Debt Relief Work?

New Hampshire debt relief allows residents of the Granite State to negotiate for reduced interest rates, lower monthly payments, waived penalty fees, extended repayment periods, and partial or total debt cancellation.

Enrolling in a debt relief program gives you personalized help managing and eliminating outstanding debts. Finding the right debt relief option depends on your financial situation and goals. Below, we share statistics of New Hampshire's debt burden and explore multiple debt relief options available to New Hampshire consumers. 

New Hampshire Debt and Finance Statistics

Credit Card Debt

Residents of New Hampshire have an average credit card debt of $8,217, surpassing the national average of $7,236. The increase in credit card debt is largely attributed to the increase in interest rates, which have led to the largest jump in credit card debt, even after pre-pandemic highs.

Student Loan Debt

New Hampshire's average student loan debt is $34,884, with more than half of those borrowers under the age of 35. This shows many young Granite State residents carry the financial burden of paying off large educational debts. 

Bankruptcy

The number of bankruptcy filings has been in a steep decline since the Great Recession. However, in 2024, a total of 857 New Hampshire residents filed for some form of bankruptcy. 

Individual consumers usually file either Chapter 7 or Chapter 13 bankruptcy to pay off debts under the direction of the court system. 

Average Income and Employment

The median household income in New Hampshire is $95,628. About 7% of the state’s residents live in poverty and may require assistance programs. The good news is this is much lower than the national average and among the states with the lowest poverty level. 

Historically low unemployment is also another benefit for New Hampshire consumers. In November of 2024, unemployment sat at 2.5% in the Granite State. 

Credit Scores

New Hampshire residents enjoy one of the highest credit scores in the country. With an average of 727, many residents will likely qualify for lower interest rates and find it easier to secure various loans and lines of credit. 

How TurboDebt Helped NH Residents With Debt Relief in 2023

TurboDebt is a debt relief company that offers New Hampshire residents a path toward financial freedom through its customized debt relief programs. In 2023, we helped 626 clients with debt management. Of those we assisted, 214 of them enrolled in our debt relief program. The total enrolled debt from our clients was $5,636,331, and the average client enrolled debt was $26,338.

Top Types of Debt to Get Relief from in New Hampshire

There are several types of debt that residents of New Hampshire commonly seek relief from. Read on below, or take advantage of our free consultation services to learn more about these top types of debt and how you can qualify for a debt relief option if you're struggling with any of them.

Credit Card Debt

Residents of New Hampshire may find it hard to clear credit card debt due to increased interest rates, which have led to high APRs of around 25% as of June 2023. This means that your interest fees amount to a quarter of what you owe on the card. 

These sky-high rates, coupled with an inflationary economy, have resulted in problems like past-due late fees as residents struggle to keep up with their monthly payments. Penalty fees and elevated APRs have left many residents seeking a solution for their debts.

At TurboDebt, we’re passionate about helping you tackle your credit card debt and work towards a debt-free life. Credit card debt is the most common type we enroll in our program, so we’re familiar with the best strategies to help you.

Divorce Debt

Divorce laws in New Hampshire require that debts are divided equitably between spouses. This implies that debt is divided depending on the judgment of the divorce court, which will consider the following factors when dividing marital debt:

• Duration of the marriage
• The needs of the custodial parent to rent, furnish and provide for a home in the case of children
• Your age, economic status, employment, individual property, and sources of income

Debts that you took together with your spouse may be divided equally, and you could end up with divorce debt if the court decides to divide your partner’s personal loans or debts you've incurred together.

Consult with a law firm for legal advice to understand the factors involved in dividing marital debt.

Luckily, you can regain control of your divorce debt by enrolling in our debt settlement plan. This debt relief option offers borrowers an average savings of up to 50% of total debt before fees.

Business Debt

New Hampshire is a business-friendly state with no state and local sales tax rate, an incentive attracting new businesses to incorporate in the state.

While the costs of operating a business may be positive when it comes to taxes, expenses for small business owners can still add up. Many owners take out loans to pay for operational costs, racking up debt in the process. 

At TurboDebt, we’re committed to helping you with your business debt through our counseling and strategic planning services to see which debt relief option will help you and your business thrive.

Medical Debt

The average Granite State resident owes roughly $1,200 in medical debt, with 7.97% in collections. 

Another factor that can easily lead to medical debt is a lack of insurance. With 6.2% of the population without medical insurance, medical bills can quickly exceed your monthly income, even for routine healthcare. 

With TurboDebt's assistance, you can start your journey toward debt-free living by enrolling in a customized program. Our experts will help match you with a program to pay down your medical debt with affordable monthly payments.

Homeowner Debt

The housing market in the Granite State was greatly impacted by the pandemic, leading to a drop in issuing building permits which affected supply and demand. Home values also skyrocketed during the post-pandemic era thanks to the high cost of building materials and increased interest rates for mortgages.

Such a financial situation has left many mortgage borrowers with homeowner debt as they catch up with their monthly mortgage payments or even struggle to afford necessary repairs.

Thankfully, debt relief options like those offered at TurboDebt can aid you in getting out of unsecured homeowner debt from items like renovations or emergency fixes, freeing up more money for mortgage payments. 

Retirement Debt

New Hampshire has witnessed an increased inbound migration trend by retirees as the state doesn’t impose a tax rate on retirement income and benefits. This makes the state look attractive for retirement life. However, many residents tell a different story.

Despite positive gains in the retirement system, only 43% of residents aged 60+ have access to an average retirement income of $24,784. Such an income won’t last a retiree through the year if personal care and medical services cost around $4,855 per month, making them prone to retirement debt.

TurboDebt offers solutions for New Hampshire residents living with debt on a fixed income. Contact us today to learn more about your debt relief options. 

New Hampshire Debt Relief Options

It is important to note that each individual's financial situation is unique, and the best debt relief option will vary depending on the specific circumstances. Before pursuing any debt relief option, it is important to carefully consider the pros and cons and to seek the advice of a financial professional.

We recommend the following effective options for debt relief if you’re a resident of New Hampshire and have fallen behind or are struggling with loan repayment:

Debt Management Programs

Debt management programs are offered by various organizations that can negotiate for reduced interest rates on your unsecured debts. DMPs work best on high-interest credit card debts by lowering interest rates and creating a single monthly payment for residents with multiple credit cards.

With a DMP, you're usually required to close your existing credit cards to avoid accruing new debt. You're also expected to commit to making consistent monthly payments to a savings account for a repayment plan lasting between 3 to 5 years.

Debt Consolidation Loans

In debt consolidation, you take out a large loan to pay off your existing debts in a single lump sum payment, leaving you with one debt to clear. Consolidating your debts into one and clearing them in advance saves you multiple interest fees, lowers monthly payments, and reduces interest rates making it an ideal debt relief option.

Residents pursuing debt consolidation loans should have a good credit score to take advantage of the lower interest rates. Also, you must choose a repayment plan that won’t result in high-interest fees as a result of an extended repayment period.

Debt consolidation loans work best if you have a good credit score. Otherwise, you may have difficulty securing a low interest rate and may end up paying more to eliminate your debts. 

Debt Settlement

Debt settlements involve a debt reduction on your existing balances. This debt relief option is great for residents facing tight financial situations who carry a large credit card balance.

In a debt settlement, you or a third party negotiates with creditors to reduce the total amount you owe, sometimes cutting your debt in half. If you go through a debt settlement company, they can help you make a payment plan through an internal account while managing your debt with creditors. 

Debt settlement companies do charge a fee for their services based on the total debt you enroll. However, these programs can help you eliminate debt in as little as 24 months. 

Credit Counseling

The goal of credit counseling is for borrowers to get guidance on credit reports, money and debt management, and budgeting. The idea is once they understand these financial concepts, they’ll make wise consumer choices and feel confident choosing an effective debt management plan.

Credit counseling agencies will also help you understand your credit history. Debtors get a free credit report while involved in the counseling process. These services are typically offered through nonprofit organizations or government agencies. 

Bankruptcy

Debtors dread filing for bankruptcies as they impact their credit report for 7 to 10 years, thus limiting their eligibility for loans. However, the advantage of filing for bankruptcy is that it can either wipe off your debts or create a structured repayment plan.

Chapter 7 bankruptcies settle unsecured debt by liquidating your nonexempt properties and paying off any debt balances. Meanwhile, Chapter 11 bankruptcy is used for businesses deep in debt. Chapter 11 restructures your repayment plan without affecting your business operations.

Chapter 13 bankruptcies are for businesses and individuals who can manage debt payments since they have a consistent monthly income. Their assets and nonexempt properties aren’t liquidated as long as they complete the repayment plan.

Debt Forgiveness

Debt forgiveness involves debt cancellation once you’re eligible for a debt forgiveness program. These programs are typically offered by federal and state governments as an option for debt relief. Available debt forgiveness programs include the following:

• Federal student loan forgiveness
• Teacher loan forgiveness
• Public service loan forgiveness

Debt and Financial Hardship Resources

Residents of New Hampshire going through a tough financial situation that could lead to homelessness, lack of medical coverage or access to nutritious foods, can benefit from the following debt and financial hardship assistance programs available in the state:

Temporary Assistance Programs

The TANF program provides cash assistance to low-income families for a maximum of 60 months. The program was created to help families establish a conducive environment for children in need of parental support.

The Emergency Assistance fund helps eligible households avoid homelessness due to rent arrears or lack of utility bills. This fund pays out once a year.

State Health and Human Services

MEAD and MOAD are medical assistance programs that benefit working residents with disabilities who have the income levels to sustain Medicaid.

Disease Prevention is medical assistance program aimed at controlling and preventing the spread of diseases, either chronic or infectious.

Medicaid is a medical assistance program funded by the federal and state government to provide health care to families and residents meeting the required eligibility standards.

Child Care

Child Protection and Juvenile Justice is a state-run program that seeks to stop child abuse and offers supervision and rehabilitation services to needy children.

WIC Nutrition Program is a nutritious food campaign set up to provide new mothers, infants, pregnant women, and young children with healthy foods and education on healthy living.

Services for Children with Special Health Care Needs offers medical and social assistance to children under the age of 21 years who are facing chronic medical conditions, are disabled, or need special health care.

Maternal and Child Health is a program that provides premium preventive and primary health services to children and raises awareness of the reproductive health of women and their spouses.

New Hampshire's Child Care and Developmental Fund improves the accessibility of affordable, quality health care and out-of-school programs to children of low-income working families.

Shelters for the Homeless

Recovery Support Services offers housing solutions to residents suffering from mental illnesses or who have experienced substance abuse. They offer a place and community to support them in making a recovery, thus avoiding homelessness.

Housing Services works to direct residents and families facing homelessness or at risk of homelessness to access housing solutions and shelters.

Free Transportation Services

NHCarePath is New Hampshire’s transportation program that may cover the transportation costs of eligible residents accessing medical care. It also offers carpooling options and covers other mobility requirements within the state.

Stimulus Check

New Hampshire doesn't offer any stimulus checks for its residents.

TurboDebt Offers Debt Relief in New Hampshire

Whether you're struggling with credit cards, payday loans, or medical debt, know that there are several effective debt relief options for New Hampshire residents. Before you make any final decisions, seek help from a reputable company like TurboDebt that can help you identify the best option for your financial situation.

Take advantage of our free debt relief consultation now to learn more about TurboDebt's services and how much we can save you!