Nevada Debt Relief: What You Need to Know + The Best Debt Consolidation Companies

If you’re a Nevada resident seeking debt relief, you’re not alone. The Battle Born State ranks as one of the highest in consumer debt. However, there are many ways to get a better handle on these debts and get back on track financially. The state offers local and federally-funded programs and resources, such as debt consolidation, nonprofit counseling, and bill repayment assistance. It also has various consumer protections in place to help those dealing with debt collectors.

Nevada Ranks #13 for Consumer Debt

Nevada is ranked number 13 for consumer debt nationwide with an average total debt burden of $105,281 per resident. This is a 3.5% increase from the previous year.

Consumer debts include:

  • High-interest credit card debt
  • Mortgage and auto loans
  • Student loans (private and federal)
  • Other consumer loans (ex. personal loans, installment loans, payday loans)

Other Nevada Debt Statistics

Here are some recent notable Nevada debt statistics:

  • Credit card delinquency rate: 13.32%
  • Credit card debt balance per person: $6,220
  • Average FICO credit score: 701
  • Average credit utilization ratio: 29%
  • Total outstanding student loan debt (federal & private): $11.6 billion
  • Average student loan debt per borrower: Around $33,000
  • Percentage of Nevada residents with debt (incl. medical debt) in collections: 41%

For most Nevada residents, the highest forms of consumer debt are mortgage loans, auto loans, and credit cards.

The Best Debt Consolidation Companies in Nevada

Debt consolidation is a way to combine multiple high-interest loans or credit card balances into one, convenient monthly payment. Depending on your credit score, you could save hundreds or thousands of dollars by doing this. You could also pay down debt more quickly than if you were to continue making payments on each account individually.

Here are some of the top debt consolidation companies in Nevada for those seeking debt relief.

Consumer Credit Counseling Service

Founded in 1997, Consumer Credit Counseling Service operates throughout the country providing debt relief and credit counseling to those in need. Its mission is to help you find ways to save money while keeping you on track with your financial goals.

The company primarily helps with credit card repayment, debt management, bankruptcy support, and home purchases. However, it also has customized debt management plans that can help people tackle high-interest consumer debt.

Peters and Associates

Peters and Associates, also known as Panda Law Firm, provides debt settlement services, bankruptcy support, and real estate services (ex. foreclosure support). It offers a free evaluation to determine your credit and debt situation, as well as to help find the best solution for you. Along with debt relief, it also assists with long-term credit repair.

DebtConsolidationCare

DebtConsolidationCare offers many financial resources and potential debt relief solutions, including free debt counseling. The process could help lower your credit card interest rates and make your monthly payments more affordable. When you work with them, you get paired with an expert financial coach who will work with you to set up a repayment plan and budget that works. They can also negotiate with your creditors to try to settle your debts for less than what you originally owed.

Credit Repair Solutions, LLC.

Credit Repair Solutions, LLC works with you, your creditors, and all three credit bureaus to challenge items on your credit report and help you repair your credit. The company has several different credit repair packages, as well as a free initial consultation.

Your Debt Under Construction, LLC

Your Debt Under Construction, LLC has 15 years of experience helping Nevadans find debt relief. It offers mortgage assistance, bankruptcy filing assistance, and debt consolidation. The company employs financial experts who can also help with credit repair and long-term debt relief.

  • 4558 E Tropicana Ave. Las Vegas, NV 89121
  • (702) 708-6961
  • yducllc.com/
  • Rating: 2.1/5

National Debt Relief

Based near Las Vegas, Nevada, National Debt Relief offers many debt relief services to those seeking financial help. It has a network of partners who can work with you on everything from debt consolidation loans to credit counseling to debt settlement. The debt settlement process is standard and begins with a free consultation.

Crediup

Like most debt consolidation companies, Crediup offers a free initial consultation to new or prospective clients. During this consultation, an expert will look over your credit report and help you figure out a strategy to repair your credit. From there, they’ll send dispute letters to your creditors. The company offers flexible payment plans.

  • 2468 Ram Crossing Way, Henderson, NV 89074
  • (702) 745-5865
  • www.crediup.com/
  • Rating: 5/5

Debt Consolidation Las Vegas

Debt Consolidation Las Vegas is a boutique credit repair and debt consolidation agency located in Las Vegas, Nevada. It can help with debt management counseling, debt repayment, and more.

Multiple locations along the Las Vegas Strip.

creditrepairvegas.business.site/

How Can I Get Help Paying My Bills in Nevada

Nevada has quite a few programs designed to help those struggling financially. Some are federally funded, while others are run by state or local organizations. Most of these programs are meant as short-term solutions, but some can last for months or even longer. They can help with things like:

  • Food and nutrition
  • Medical bills
  • Dealing with debt collectors
  • Legal aid
  • Utility bills (ex. energy or water)
  • Child care
  • Job training and education

If you need help paying your bills in Nevada, reach out to one of these organizations.

Department of Welfare – Social Services: The Division of Welfare and Supportive Services’ main mission is to provide public assistance benefits for individual adults and children. This specific department offers cash assistance, medical help, SNAP and WIC benefits, and other financial aid. It also works with those who have been a victim of a violent crime.

Nevada Energy Connection: NVEnergy helps low-income families by increasing their home’s efficiency and lowering their energy bills. It offers energy assistance to vulnerable and elderly Nevadans throughout the state. It can also help those who have been impacted by COVID-19 with bill repayment. Overall, NVEnergy is committed to finding and developing energy-related resources to help lower expenses.

The United States Department of Housing and Urban Development: This federal agency’s main purpose is to provide policy information, programs, and financial assistance to individual homeowners and their communities. It also helps with utility bills, rental assistance, housing, and more.

Governor’s Office for Consumer Health Assistance (CHA): The office offers programs for those seeking help with medical bills, insurance disputes, workers’ compensation claims, and more. It has several funding opportunities for children and adults with disabilities, as well as their caregivers. Plus, it offers free health-related advice and advocacy. Contact them here: (702) 486-3587.

Nevada Check Up: This government health insurance program provides affordable health care coverage to low-income children ages 18 and younger. The low-cost quarterly premiums are partially determined by household income. For more information, call (877) 543-7669.

Nevada Senior RX and Disability RX Program: Low-income seniors and those with a qualifying disability may be eligible for monthly subsidies that go towards their medical bills, prescription medication, and more. It can cover up to 100% of prescription costs not covered by Medicare Part D. Call them at (866) 303-6323.

Supplemental Nutrition Assistance Program (SNAP): This program can help low-income households receive the food they need for a nutritional diet. Call them at (800) 992-0900.

Nevada Child Care Development Fund: Nevada offers child care, job training, and education subsidies to families in need.

Nevada Legal Services:  Whether you’re currently dealing with a legal issue or think you might need help later, there are various free and low-cost legal services available. Many of these services are geared towards state residents, but there are also those designed to help immigrants and migrants.

Temporary Assistance for Needy Families (TANF): TANF offers financial aid in the form of child care, transportation, cash assistance, and more to low-income families with children. It also provides job training.

Immigrants and Migrant Assistance: Nevada has a variety of legal programs for immigrants and migrants to the state. These programs are available in both English and Spanish.

Nevada Food Banks

There are quite a few food banks and food pantries throughout the state of Nevada to help families and individuals access nutritious food and fight hunger. Here are some of the main ones.

Food Bank of Northern Nevada

Food Bank of Northern Nevada

  • 550 Italy Drive Sparks, Nevada 89437
  • (775) 331-3663

Reno in Northern Nevada

St. Vincent’s Food Pantry

  • 500 E. Fourth Street Reno, Nevada 89512
  • (775) 786-5266

Las Vegas in Southern Nevada

Three Square

  • 4190 N. Pecos Road Las Vegas, Nevada 89115
  • (702) 664-3663

Henderson in Southern Nevada

St. Thomas More Catholic Community

  • 130 North Pecos Road Henderson, Nevada 89074
  • (702) 361-3022 (Parish Office)

Sun Valley

First Tongan United Methodist Church

  • 5705 Biller Lane Sun Valley, Nevada 89433
  • (755) 971-9446

Debt Collection in Nevada

The Federal Fair Debt Collection Practices Act (FDCPA) monitors and regulates debt collection practices throughout the country, including in Nevada. The state also has its debt collection laws and regulations.

State Protections

Under both federal (FDCPA) and state law, consumers are protected against unfair or illegal debt collection practices. This includes:

  • Predatory, manipulative, or abusive debt collection attempts by a third-party agency or debt collector
  • Harassment at home or work outside of standard business hours, unless given permission
  • Threats of violence or other criminal action if the debtor doesn’t pay
  • Vague or falsely represented information about the debt collector themselves, or the account(s) owed

Along with this, Nevada has a statute — NRS 353C.195 — that requires agencies, boards, and commissions to assign all past-due debts (60+ days) to the State Controller’s Office (SCO). This statute lets the state better regulate debt collection services for all agencies.

Under state law, debt collectors are also prohibited from certain actions, including:

  • Contacting the debtor’s employer to try to collect on their debts
  • Operating without a license or under an unlisted address
  • Acting as a government or legal authority when they’re not one
  • Intentionally misrepresenting themselves or falsifying information to collect money

Besides this, the SCO uses different methods to maximize debt collection for the state, such as private collection agencies and the Debt Offset program. These methods are primarily geared towards those holding an occupational or professional license.

What is the Statute of Limitations on Debt in Nevada?

The statute of limitations is the period in which a debt collector can take legal action to try to collect on outstanding debt. Once it expires, the debt collector can no longer pursue the debt.

In Nevada, the statute of limitations are:

  • Mortgage debt: 6 years
  • Credit card debt: 4 years
  • Auto loan debt: 4 years
  • Medical debt: 6 years
  • State tax debt: 10 years

If You’re Being Harassed by Debt Collectors

If you’re being harassed by debt collectors, file a complaint with the:

  • Nevada Attorney General’s office
  • Federal Trade Commission (FTC)
  • Consumer Financial Protection Bureau (CFPB)

Filing for Bankruptcy in Nevada

Across the country, just over 413,000 personal bankruptcies were filed in 2021. If you’re truly suffering financial hardship and need a fresh start, bankruptcy could be the solution.

Chapter 7 bankruptcy is the most common type of personal bankruptcy. When you file, most of your assets are liquidated, or sold, to repay your creditors. Afterward, most remaining unsecured debts are wiped out.

Chapter 13 bankruptcy lets you keep your property, though you will have to set up a repayment plan with your creditors. This plan usually lasts three to five years. Once it’s done, any remaining debts will be discharged.

Usually, people don’t get to choose which type of bankruptcy they file. Eligibility depends on various factors, such as a Means Test. For filing requirements, check out:

  • Chapter 13 filing requirements: https://www.nvb.uscourts.gov/filing/filing-requirements/chapter-13/
  • Chapter 7 filing requirements: https://www.nvb.uscourts.gov/filing/filing-requirements/chapter-7/

For more information on filing for bankruptcy in Nevada, here are some other resources to visit:

Before filing, consult a bankruptcy attorney to make sure it’s the best solution for you.

Payday Lending Status in Nevada: Legal

  • Maximum loan amount: 25% of monthly gross income
  • Maximum interest rate (APR): None, but 521% is the average
  • Minimum loan term: N/A
  • Maximum loan term: 35 days
  • Number of rollovers allowed: N/A
  • Number of outstanding loans allowed: One per lender
  • Cooling-off period: N/A
  • Installment option: Yes
  • Finance charges: No limit
  • Collection fees: Two instances of $25 non-sufficient funds (NSF) fees. Ninety days of interest at the prime rate plus 10% on balances after default.
  • Criminal action: Prohibited

The Nevada Financial Institutions Division is also the best place for consumers to register their complaints about any payday lenders they have trouble with in the state. Here’s the contact information: 

  • Regulator: Nevada Financial Institutions Division
  • Address: 3300 W. Sahara Ave., Suite 250, Las Vegas, Nevada 89102
  • Phone: (702) 486-4120
  • Link to website: https://hal.nv.gov/form/FID_ADA_Forms/Complaint_Form

Consumers can also submit a complaint to the Consumer Financial Protection Bureau (CFPB). The CFPB is a federal organization whose mission is to ensure that financial institutions treat consumers fairly, including payday lenders.

How to File for Unemployment in Nevada

Nevada’s unemployment office is open Monday through Friday from 8 a.m. to 5 p.m. It is closed on all federal and state holidays. Visit https://ui.nv.gov/css.html to learn how to file.

The Bottom Line

Nevada debt relief is available to residents struggling with high-interest debts and bills. The state has many programs designed to help low-income households get back on their feet financially. These programs are available to children, working adults, seniors, immigrants, and those with disabilities.

If you’re trying to pay down debt, compare your options. And, if you’re being harassed by debt collectors, take some time to educate yourself on your rights as a consumer. Like any state, Nevada has consumer protections in place that can help.

Nevada Debt Statistics

Total Debt$3,248,814
Debt Per Capita$1,035
Debt Per Capita Rank48

Source: World Population Review

Nevada Credit Card Debt Statistics

Average Credit Card Balance$5,630
Average Credit Score701
Avg Credit Card Balance Rank (1 = Highest Balance)42
Avg Credit Score Rank (1=Highest Score)8

Source: Experian

Mortgage Debt in Nevada

Mortgage Debt Per Capita$225,095
Average 30 year Mortgage Rate6.3%
Average 15 year Mortgage Rate5.3%
Median Home Value$291,800
Avg Outstanding Mortgage Debt$226,812
Difference Between Value and Mortgage Debt$64,988
Avg Homeowner FICO Score686

Source: Federal Reserve, Value Penguin, Experian

Payday Loan Debt in Nevada

Payday Loan Legal StatusLegal
Max Payday Loan Amount25% of monthly gross income
Max Payday Loan Term35 days
Max Payday Loan APRNo limit

Source: Nevada Government Website

Unemployment and the Economy of Nevada

Poverty Rate – Population15.60%
Poverty Rate – Population – Rank24
Poverty Rate – Family11.50%
Poverty Rate – Family – Rank21
Unemployment Rate (March 2020)6.3
Unemployment Rank50
GDP Growth4.0
GDP Growth Rank5

Source: US Census, Bureau of Labor Statistics

Student Loan Debt in Nevada

Percent of Population with Student Loans49%
Average Student Loan debt$22,064
Average Debt of New Graduates (2017-18)$22,600
Average Debt Ranknan
Percent of Graduates with Debt (2017-18)51%
Percent with Debt Ranknan
Usable Institutions (BA-Granting)1
Percent of Graduates at Schools with Usable Data42%
Nonfederal debt of graduates, as percent of total debt15%
Fall enrollment – Undergraduate total (IPEDS)109,157
Tuition and Fees (in-district/in-state)$6,407
Total Cost of Attendance (on-campus)$23,886
Percent of Institutional Grants that are Need-Based82%

Source: Value Penguin, TICAS

Cost of Living in Nevada

Annual Mean Wage (All Occupations)$46,170
Median Monthly Rent$1,423
Value of a Dollar$1.03
Cost of Living108.5
Cost of Living Rank36
Grocery Cost Index108.3
Housing Cost Index121.8
Utilities Cost Index89.0
Transportation Cost Index123.5
Miscellaneous Cost Index105.7

Source: World Population Review

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