When you're having financial difficulties in Nevada, you have several options to help you pay your bills and avoid creditor/collection agency harassment. One option is Nevada debt consolidation where multiple bill payments are replaced with a single monthly repayment that's easy to manage.
Nevada debt consolidation program and loan
Whether you're in Las Vegas or any other city in Nevada, you'll come across 2 options to consolidate multiple bills. Below is a brief outline of how each option works:
Option 1: Enroll in a consolidation program
Consolidation companies negotiate with your creditors to lower interest rates on credit cards, payday loans, medical bills, and other debts. These companies negotiate lower interest rates with creditors and collection agencies so you can pay off your bills in easy monthly installments. All you have to do is pay a fixed monthly payment to the Nevada debt consolidation company and the company will distribute your payments to the individual creditors. Learn more about a consolidation program.
Option 2: Applying for a consolidation loan
If you'd like to pay your bills with a lump sum payment, you should apply for a personal consolidation loan offered by financial institutions in Las Vegas and other cities in Nevada. Consolidation loans help you pay down your bills in one big installment. After you pay off your bills, you're left with the Nevada debt consolidation loan that requires you to make low monthly payments. Use the calculator below and find out when you'll be able to pay off your bills and how much you'll save by consolidating your bills with a Nevada consolidation loan.
Benefits of consolidation in Las Vegas, Nevada
Consolidation programs and loans offer a number of benefits to those who use them to pay down their bills.
Benefits of consolidation program:
- You can lower interest rates on your bills
- Monthly payments become manageable
- Penalty charges and over-limit fees may be reduced/waived off
- You can eliminate creditor and CA harassment
- You can avoid filing bankruptcy
As you pay off your accounts, your credit score will increase. Learn more about the benefits of consolidation program.
Advantages of a consolidation loan:
- Pay off past due accounts with lump sum cash
- Replace multiple bills with a small monthly repayment
However, one disadvantage of a consolidation loan is that you'll end up paying more in interest over the life of the loan.
How to avoid tricks and traps of Las Vegas, Nevada consolidation
It's essential to learn all the tricks and traps a consolidation firm can use to scam you.
- Do not borrow more than you need: When you take out a Nevada debt consolidation loan, make sure you don't borrow more than you need. There are lenders who may offer lower interest rates depending on how much you borrow. However, this could lead to problems if your financial situation worsens.
- Watch out for prepayment penalties: You may come across loans that require you to pay a penalty if you prepay on your consolidation loan. To avoid this, look out for loans that do not have this clause in the agreement.
- Avoid buying credit protection insurance: Lenders offering Nevada debt consolidation loans may require you to purchase credit insurance. With this kind of loan, you pay an insurance premium in addition to the loan interest.
However, most lenders don't tell you that credit insurance doesn't cover you for the entire life of the loan. In most cases, the insurance will only cover the first 3-5 years of the loan. So, even though you pay the premium for the entire life of the loan, it only protects you for a short time.
- Watch out for consolidation fees and loan costs: Watch out for consolidation fees and loan costs: Whether you go for Nevada debt consolidation program or loan, verify the fees involved to ensure you aren't scammed.
FAQ on Las Vegas, Nevada debt consolidation
Q) I have 5 credit cards totaling around $30,000. It's getting tough for me to manage these accounts. I'd like to consolidate them into one easy payment. How do I find the right consolidation company in Las Vegas?
Ans: You need to shop around for the best Las Vegas consolidation company that can help you get relief from your debt without charging high fees. Check out various companies' accreditations and online reputation. Attend a free counseling session with the debt consolidation Las Vegas company and get an idea of the programs they offer and the fees they charge.
Q)I've fallen behind on several internet payday loans after I made a few monthly payments. Since I've got behind, the late fees have started accruing and some of my creditors have been threatening to sue me. Can they do so? What should I do now? I'm in Nevada.
Ans: You need to check if the SOL has expired in the state of Nevada. The SOL for promissory notes is 3 years. If the SOL has expired, creditors cannot sue you for payment, but you will still owe the money. You should get enrolled in a Nevada debt consolidation program and get their help repaying your debt. Learn more on payday loan consolidation.
Q)I'd like to file a complaint against a debt consolidation Las Vegas company. How do I contact the Nevada State Attorney General?
Ans: You can contact the Office of the Nevada State Attorney General in Las Vegas at:
Las Vegas Office
555 E. Washington Ave Suite 3900
Las Vegas, Nevada 89101
Phone - (702) 486-3420
Fax - (702) 486-3768
Nevada debt settlement - An alternative to consolidating bills
If you don't think you can pay your bills with a Nevada debt consolidation program or loan, you can try to settle your debt. If you don't feel like you can negotiate with them on your own, get help from a Nevada debt settlement company to work out a fair deal with your creditors and CAs. Learn how a settlement program works, before you choose a company to negotiate on your behalf.