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When considering consumer debt in the state of Nevada, statistics vary widely across a number of dimensions. For example, Nevada ranks absolutely last when looking at the proportion of college graduates with debt. Only 43% of students receive their diplomas with any remaining student loans. And, for those who do have loans, the average amount of that debt is $21,666, placing them 48th out of 50 states.
However, foreclosure rates in Nevada are some of the worst in the nation, with an average of one in every 495 homes in the state in foreclosure. These rates may correlate with the median sales price of $184,500 for single-family homes. Foreclosure can sometimes be avoided with the help of a debt consolidation agency, to develop a plan before one's debt becomes unmanageable.
Credit card debt in Nevada is the fifth-highest in America, with the average citizen carrying a credit card balance of $9,107.19. However, Nevada is one of four states experiencing the greatest drop in per capita debt, going from $88,500 to $49,350 in a five-year period.
Bankruptcy rates are also high, with over 10,500 Nevadans filing for individual bankruptcy in an average year, representing a rate of 4.28 filings out of every 1000 people. This puts Nevada in 7th place in the country. Debt consolidation is one strategy available to residents seeking to avoid filing for bankruptcy.
Nevada residents should be aware of the laws governing debt collection in the state - especially that for most debts, there is a six-year statute of limitations. This statute of limitations does apply to medical debt in the state of Nevada. State law does allow for wage garnishment for the collection of most kinds of debt. Additionally, debt collection agencies are required to be licensed by the State Commissioner.
Debt Consolidation In The News
BRUSSELS (Reuters) - Euro zone creditors are expected to disburse new loans to Greece this month and are working on debt relief measures, the head of the bloc's finance ministers said on Monday, steps that should help underpin its economic recovery.
Published: Mon, 12 Mar 2018 13:40:00 GMT
The code has been copied to your clipboard. The URL has been copied to your clipboard A group of past students at the former Corinthian Colleges are taking legal action against the United States Department of Education. In early March, the former students ...
Published: Sun, 25 Mar 2018 03:02:00 GMT
As Economy Picks Up Speed, Americans Pick Up Pace of Unloading Personal Debt LOS ANGELES, CA, March 05, 2018 /24-7PressRelease/ -- Debt consolidation and credit card debt relief programs have become increasingly sought after and used by more Americans as ...
Published: Mon, 05 Mar 2018 00:07:00 GMT
Legislators turn their attention to problems facing student borrowers, backing bills that would keep them from being overwhelmed by loan repayments New Jersey lawmakers, who were disturbed in the last legislative session by the practices of the agency that ...
Published: Thu, 12 Apr 2018 05:00:00 GMT
The joint IMF-World Bank comprehensive approach to debt reduction is designed to ensure that no poor country faces a debt burden it cannot manage. To date, debt reduction packages under the HIPC Initiative have been approved for 36 countries, 30 of them ...
Published: Wed, 07 Mar 2018 16:00:00 GMT
The federal government and 11 states have joined together to accuse 30 purported debt relief operations of using deception and false promises to swindle more than $95 million from student loan borrowers. "Operation Game of Loans" - the eyeroll-worthy ...
Published: Fri, 13 Oct 2017 10:44:00 GMT
GCredit card consolidation refers to merging all your existing debt into one loan, which is different than restructuring your debt, which refers to renegotiating the terms or amounts of your debt. Using credit card debt consolidation as a debt management ...
Published: Sat, 30 Dec 2017 20:00:00 GMT
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