Best Debt Consolidation in Las Vegas, NV

Most people qualify for some type of debt relief, but the form you're eligible for depends on your situation. There are multiple types of debt relief in Las Vegas, but the main types are debt settlement, debt consolidation, credit counseling and bankruptcy. The qualifications for each are different and vary depending on the debt relief company. Here are some general requirements:

• Debt settlement is negotiating a lump sum payoff of debt with a creditor for less than the total owed. You pay a small amount into an account each month, and once there’s enough money, the debt relief company contacts the creditor to ask for a debt settlement. To qualify for debt settlement in Las Vegas, you must be able to make monthly payments into the debt settlement account and owe a specific amount of unsecured debt — usually $10,000 or more.
• Debt consolidation is taking out a single loan, called a debt consolidation loan, to pay off your existing debts. A debt consolidation loan often has a lower monthly payment and interest rate than your current debt, and the terms are usually for three to five years. Debt consolidation requires good credit and a stable, sufficient source of income.
• Credit counseling is a service that assists consumers with money and debt management. Credit counseling organizations, which are often nonprofit organizations, view your credit report and help you set a budget or debt management plan. Most credit counseling services have no eligibility requirements.
• Bankruptcy is a legal proceeding where a federal court may decide to discharge, or cancel, your debt or set up an alternative payment plan. Bankruptcy is generally considered a last-resort option for debt relief because of its long-term financial and legal consequences. The U.S. government strongly recommends hiring an attorney before filing for bankruptcy. There are certain requirements, including credit counseling and completion of a debtor education course.

The cost of debt relief in Las Vegas depends mainly on the type of debt relief.

• Debt settlement companies typically charge a percentage of your total debt or a percentage of the difference between the debt you start with and the settled amount. This percentage usually ranges between 15% and 25%. You should never pay any upfront fees for debt settlement — reputable companies do not charge until the debt is settled.
• Debt consolidation costs depend on the amount of the loan, the interest rate of the loan, the loan term and any associated fees.
• Bankruptcy costs include filing fees and attorney costs. Attorney fees range from less than $1,000 to $4,000 or more, depending on the complexity of the case.
• Credit counseling may be free or include fees, depending on the organization and the services you receive.

Many debt relief companies in Las Vegas offer free consultations to go over your financial situation, explain different services, recommend a strategy and answer your questions, including those about debt relief costs.