For many people around the globe, Las Vegas, Nevada is a popular vacation destination. After all, it is considered by many to be “The Entertainment Capital of the World.” These revelers come from out of town to enjoy the eating, drinking, shopping, gambling and nightlife this iconic desert city has to offer. But for more than 600,000 people within the city proper—and more than 2 million in the metropolitan area—Las Vegas is home. Residents of this bustling metropolis get to enjoy the consistent sunshine, outdoor recreation and culture year-round.
But here’s one sure bet: The cost of living in Las Vegas can be quite high. This so called “Sin City” was also hit hard by the housing bust, meaning it’s just now starting to recover. Unemployment is higher than the national average, and many available positions are in the service industry. The average wage for Clark County is $970, compared to an U.S. average of $1,152.
Needless to say, it can be a serious challenge to make ends meet while living in or around Las Vegas. Rest assured struggling with debt is not uncommon here. If you’re ready to do something about it, learn more about options for debt relief like debt consolidation, settlement and bankruptcy.
It’s Time to Consider Your Debt Relief Options
How you tackle your debt depends on a number of factors, like the amount and nature you owe. The best strategy for your exact financial situation also depends on factors like your income and credit score. This is why it’s so important to consider different debt solutions before you choose. Here are a few debt elimination options available to Las Vegas residents.
Debt Consolidation for Las Vegas Residents
If you have multiple debts, you know how hard it can be to keep them organized. It’s easy for things to slip through the cracks when you’re trying to manage numerous payments to different creditors. Debt consolidation for Las Vegas denizens aims to simplify the process. While it doesn’t reduce the amount you owe, it does allow you to focus on repaying a single consolidation loan to a bank or company rather than a handful of pesky debts to an array of creditors.
A major advantage of debt consolidation is that it can destress debt repayment for Las Vegas-area residents. The interest rate on a debt consolidation loan also tends to be lower than on certain types of debt, like credit card balances. One disadvantage is that repayment can take a long time because you will still be paying back every penny you owe. If you offer up your home or vehicle as collateral, you can also lose these items if you fail to repay your loan in full according to the agreed-upon terms.
Debt Settlement Tips
Are you facing a debt load that seems larger than you can feasibly pay? Debt settlement—also known as debt resolution—may be the answer for Las Vegans in this situation. This strategy involves partnering with a debt relief company who will reach out to negotiate with creditors after you have saved up a sum of money in a special account. The aim of these negotiations is to reduce the amount of money you have to pay to zero out your debts. Creditors are often willing to accept lesser settlements if they will receive this reduced payment in a timely manner.
Want to know more about debt resolution? Freedom Debt Relief has settled more than $9 billion for consumers, and even offers a free evaluation to figure out if it’s a good fit for you.
Bankruptcy gives consumers a “fresh start” in some respects, but it carries with it significant consequences. Depending on which type of bankruptcy you file for, you may have to liquidate your assets. Furthermore, bankruptcy will affect your credit score for years to come. Thus, it should be considered a last resort rather than a first step towards financial freedom.
Debt Consolidation and More in Las Vegas
Debt is one thing you don’t want to roll the dice on. If you’re living in Las Vegas and trying to figure out how to get out of the red, start by speaking with a Certified Debt Consultant at 800-910-0065 .
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
You may ultimately decide to go with debt settlement, debt consolidation, bankruptcy or another option altogether. But your financial future will be firmly in your own hands, so you can get back to enjoying what you love about the City of Lights.