Las Vegas Debt Elimination
Las Vegas is a popular tourist destination but locals know that living here isn’t always glamorous or posh. Las Vegas debt elimination is top of mind for nearly everybody which will become clear a little later in this article. Since the pandemic, rents have skyrocketed, gasoline remains expensive and inflation is fueling higher prices for everything. The price of eggs is perhaps the most glaring example of this. It’s easy to understand why so many residents of Sin City are struggling with credit card debt.
If you’re struggling to pay all your bills, your Las Vegas financial coach will help you with a very do-able action plan to win your financial freedom thanks to Las Vegas debt elimination.
Las Vegas Debt Statistics
Nevada has the dubious distinction of ranking #1 in the United States when it comes to credit card debt (source), By extension due to the population density of southern Nevada, Las Vegas debt is sky high. Las Vegas unemployment was also the highest of any state in America, pre-pandemic, at just over 9%.
Common Debt Relief Options in Las Vegas, Nevada
I’m a big believer in giving my financial coaching clients an array of lateral options instead of a simple “either/or” choice. Here are some of the most popular Las Vegas debt elimination options.
Balance Transfer via Credit Cards
Balance transfer cards offer low-interest rates and often have no transfer fees. These cards act as a springboard allowing the borrower to consolidate debt into a single lower payment assuming the interest rate is lower. These cards might be difficult to get approved for and one late payment can sink the whole deal sending your APR to the moon. This is not an option I recommend because as is often been heard on The Dave Ramsey show over the years…
When you play with snakes you’re gonna get bit. – Dave Ramsey
Las Vegas Debt Consolidation Loans
In principle this is a very similar arrangement to a balance transfer.
Las Vegas Debt Management or Credit Counseling Programs
These programs are a method that usually involves working with a counseling agency to get in front of debt collectors with tactics like negotiating lower rates, reduction of debt owed, etc. These strategies are also known as debt settlement or debt negotiation. Many debt management plans are expensive as the operators charge you a percentage of the money they save you. If you’re flat out dead broke this is probably not an option for you. Even if you can afford the fees, your credit rating will crater.
Filing for Bankruptcy in Las Vegas
Bankruptcy usually stops the debt collections process as a function of law but it also destroys your FICO score for years to come. What’s maybe worse is that depending upon the type of bankruptcy you file, you may be powerless in the proceedings as you watch the legal system shuffle your assets and your debts around giving you no say in the matter, Too many people make the mistake of assuming their financial situation is hopeless and going bankrupt is the only thing they can do. Your Las Vegas financial coach will empower you with the knowledge you need to avoid filing for bankruptcy using The Ramsey method; Las Vegas debt elimination.
How Las Vegas Debt Elimination Works
Debt elimination is very old school; you simply pay what you owe and you maintain total control of your financial situation. As your financial coach, I’ll introduce you to an array of tools and tactics that will give you breathing room from your bill collectors as you pay off your debts yourself. Las Vegas debt elimination is a sure thing backed up with math. I’ll coach you on how to get all of the numbers on your side and help you score financial victories moving forward.
Debt Elimination Strategies
Highest interest rate method
This approach focuses on your debts like credit card and student loan debts with the highest rate of interest. The goal is to pay off the highest interest rate debt as quickly as possible, because it’s costing you the most. While it may not feel like you’re making progress, this method will help you eliminate your costliest debts first—which can save you money in the long run.
Snowball method
This approach focuses on your smallest debt. The goal is to get rid it as soon as possible. You keep on making the minimum payments on all of your debts, and you put any extra funds you have toward paying off the smallest debt. This will help you pay it off sooner.
Once you’ve paid one smaller debt in full, dedicate that freed up money to the next smallest debt. This way, you create a “snowball” of payments as you eliminate each debt. Unlike the higher interest rate method, you’ll see progress quickly as you pay off smaller debts. However, you may end up paying more in the long run, as you won’t be focusing on the larger or more costly debts.
Full Spread Method
You increase the amounts paid on all your debt payments evenly and with increasing intensity. This method of debt elimination is effective and emotionally satisfying but inefficient.
I’ll guide you competently on which method is best and how best to maximize the impact on your debt load.
Las Vegas Debt Relief is Reality
As your financial coach I’ll give you all of your possible debt relief solutions and guide you to making the right decision for you and your unique situation. There’s no such thing as a “one size fits all” Las Vega debt elimination solution. Whatever ends up being right for you will also be at the right price; just my standard financial coaching fees. I never charge any hefty fees or percentages.
It doesn’t matter if you live in Las Vegas, Los Angeles, by Laguardia Airport, anywhere in Louisiana, Lima Peru, Leeds, England or Sierra Leone; I help clients all over the world. Our debt relief solutions can help you get your finances back on track. By on track I mean that I will coach you on staying debt free the rest of your life. What do you do with all that money you’re NOT paying out on debt payments? Your financial coach will guide you to building wealth with all that money staying in your bank account. Let’s get to work.
