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      July 21, 2018

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Debt Consolidation in Nevada

Nevada MapWhen 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 oneís 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.


States Should "ėTake the Long View' on Sin Taxes, Report Says

One solution, Murphy said, is for states to do what Nevada has done with taxes on a newly legal substance, recreational marijuana. The Silver State, which approved legal recreational marijuana use in ...

Published:  Thu, 19 Jul 2018 08:13:00 GMT

Northern Nevada companies approved for $1.3M in tax abatements

Three companies expanding in or locating to Northern Nevada received approval for tax abatements from the Governor's Office of Economic Development Wednesday. A total of $1.3 million in abatements wer...

Published:  Wed, 11 Jul 2018 16:50:00 GMT

Nevada Sees Rise in Tax Revenue from Sales, Marijuana

Nevada's tax income is on a hot streak, with increases in tax revenue from traditional sources, like sales tax, as well as from less traditional ones, like marijuana. Nevada Department of Taxation Dir...

Published:  Fri, 13 Jul 2018 18:22:00 GMT

Nevada TV ad cherry-picks tax cut benefits to top 1%

A new ad on the air in Nevada against the Republican tax law features a cheerful grandmother doling out brightly wrapped candy to her grandchildren. To the girl, she gives heaping handfuls. To the boy ...

Published:  Tue, 10 Jul 2018 06:14:00 GMT

Why Californians snapping up Arizona luxury homes could signal tax exodus

when asked about the rising tax burden for Bay Area residents following the new federal tax law. "They can move to Nevada or other places with a lower cost of living. That's really important if you're ...

Published:  Tue, 17 Jul 2018 11:20:00 GMT

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