Debt Consolidation: Las Vegas

Key takeaways:

• Las Vegas is an expensive city to live in. That can mean challenging debt issues for many residents.

• Debt consolidation allows you to combine multiple debts into one loan. 

• Debt settlement, or debt resolution, means negotiating with your creditors to reduce the amount of debt you owe. 

Las Vegas has been called the City of Second Chances. That designation might apply to those seeking debt consolidation in Las Vegas. Debt consolidation gives you the opportunity to pay off multiple debts with one new loan.   

Today, about 2 million people live in the Las Vegas metropolitan area. The population skews younger, with a median resident age of 36.8 years. 

As of 2021, the median household income in Las Vegas was $61,356, which is lower than the national median. In February 2023, unemployment in Las Vegas was 6 percent, or nearly double the national unemployment rate. The city also has a higher than average rate of foreclosure. 

These statistics show that making ends meet in Las Vegas is often challenging. If debt is weighing you down, learn more about your options for debt relief in Las Vegas.

Debt relief options in Las Vegas

In Las Vegas, debt relief options aren't one-size-fits-all. 

The right option depends on your specific situation. That includes the amount of debt owed, your credit rating, and whether you are a homeowner. There's a Las Vegas debt relief option that best serves your financial future.

Debt consolidation, for instance, allows you to roll credit card or other unsecured debt into one loan. 

Home equity loans

If you’re a Las Vegas homeowner, a home equity loan can help you consolidate your debts. Home equity is the difference between your home’s current value and the amount you owe on your mortgage.

Balance transfer credit cards 

In some cases, you can do a DIY debt consolidation via a balance transfer credit card. For a balance transfer, you make a payment against one credit card using another. Some credit cards accept balance transfers all the time. But it’s usually something people do when the second card has a low-interest or zero percent interest offer. The low-interest offer doesn’t last forever, but you might save money during the promotional period. 

Here’s an example. Let’s say you have a $10,000 credit card balance on a card with a 24.99% APR. Also, you have very good credit and can qualify for an 18-month zero percent balance transfer card. Last, let’s say you're committed to getting rid of this debt in 18 months.

On Card A, you’ll pay $672 per month, and you’ll pay more than $2,000 in interest.

On Card B, you’ll only pay $556 per month, and you’ll pay zero interest. Or if you can keep paying $672 per month, you’ll be out of debt three months faster.

Balance transfer fees are typically 3–5% of the amount transferred. The hard inquiry performed by the credit card issuer on your credit score might ding your score by a few points temporarily. 

Is bankruptcy an option?

Bankruptcy is an option. The two programs for individuals are Chapter 7 and Chapter 13. The court will tell you which one you qualify for. 

If you can afford a monthly payment, you’ll be placed in Chapter 13 and given a 3–5 year plan to repay your debts in full. If the court decides that you don’t have enough money for a monthly payment after necessary expenses, you might qualify for Chapter 7. That’s the type of bankruptcy that allows you to walk away from your enrolled debts (not all debts can be enrolled). In Chapter 13 you can keep your assets. In Chapter 7 you might lose some assets. 

Filing for bankruptcy stops the debt collection process. A Chapter 7 bankruptcy stays on your credit report for up to 10 years, while a Chapter 13 bankruptcy remains on your credit report for seven years. The effect on your credit diminishes over that time.

Debt consolidation loans in Las Vegas

Debt consolidation doesn't get rid of your debt, but it does simplify payments. Some people are able to lower the overall cost of their debt, too, since loans tend to have lower interest rates than credit cards. Debt consolidation loans have a fixed payment amount and a 2–5 year payoff period.

Debt Settlement in Las Vegas 

When your debt load is more than you can feasibly pay, debt settlement may be an option to consider. Also known as debt resolution, this strategy involves negotiating with your creditors to reduce the amount of debt you owe. 

Want to know more about debt resolution? Freedom Debt Relief has settled more than $9 billion for consumers, and offers a free evaluation to figure out if debt resolution may be a good fit for you.

Request a free debt evaluation to find out how we could help you:

• Resolve your debt faster
• Significantly reduce what you owe
• Make one low monthly program payment

Solve Your Debt Problem

Debt consolidation and more in Las Vegas

You don’t want to roll the dice on debt. Freedom Debt Relief is the leader in debt relief in the U.S. To date, we’ve helped more than 850,000 people with a customized debt relief solution. If you’re a Las Vegas resident trying to figure out how to get out of the red, start by speaking with a Certified Debt Consultant at 800-910-0065.

Frequently asked questions

How does debt consolidation in Las Vegas work?

Debt consolidation allows you to combine multiple debts into one loan with a single monthly payment. Debt consolidation doesn't reduce the amount you owe. Debt consolidation can make your life in Las Vegas less stressful. 

What is debt settlement in Las Vegas?

Debt settlement is when your creditor agrees to accept less than the full amount you owe, but consider it full and final payment for the debt. Most people who try to resolve their debts are already delinquent on at least one account. 

To negotiate with the creditor, you’ll need to be ready to offer a one-time payment to satisfy the debt. You will need to create a fund for settlement offers. If you want professional help through the process, or you’re not comfortable negotiating, you can hire a professional debt resolution company to help you. They’ll start by setting up a dedicated account where you can build up funds to make offers. If the company successfully negotiates a debt, they’ll take their fee from the same account.  

How do I choose a reputable debt consolidation company in Las Vegas?

Look for a debt consolidation company with a good track record that serves residents of Las Vegas. Check out the company’s Better Business Bureau profile, and their reviews on TrustPilot. 

A good debt consolidation company offers a free debt evaluation, personalized assessment, and transparent terms, so you aren’t subject to any surprises.