Throughout history, citizens of the United States have been in a constant battle against debt. The cost of living is constantly going up while wages remain stagnant. Although Virginia remains a relatively affordable state to live in, it sits slightly above the national average in cost of living. In recent years, many Americans have moved to Virginia due to its family-friendly attributes, outstanding landscape, and high standard of education. Unsurprisingly, the more newcomers Virginia attracts, the more we see prices rise. Consequently, Virginia currently ranks in the top 5 highest states for credit card debt and mortgage loans.
In response to the growing debt crisis in Virginia, various debt relief programs have been put in place on a statewide and national scale. National Debt Relief is one of the leading debt relief programs in the United States and has provided pivotal financial assistance for many residents of Virginia. Rest assured, if you are struggling with debt in Virginia, there is a wide range of debt relief programs to meet your needs.
Are you finding it difficult to get on top of your debt? You deserve to be in control of your finances, which is why it is important to understand the financial programs at your disposal. Depending on your specific circumstances, some forms of assistance may be more suitable than others. Continue reading to learn everything you need to know about Virginia debt relief.
Virginia Debt Relief: Where to Start?
Virginia Debt Relief: What Are Your Options?
Let’s first take a look at the various debt relief options available to borrowers throughout the United States. One of the most frequently used strategies by Americans to lessen their debts is through a debt management plan. With this option, credit counseling agencies are responsible for negotiating with creditors on the client’s behalf, with the aim of achieving a reduced interest rate. Once negotiations are complete and a lower interest rate is established, the agency will then take on the client’s total debt and begin receiving monthly installments from the client as opposed to the borrower transferring payments directly to their creditors. If you are searching for a reputable credit counseling agency to handle your debt, National Debt Relief is the leader in this sector.
One of the other most popular strategies to tackle debt is called debt settlement. A representative negotiates with creditors to decrease the total amount of debt in this form of debt relief. Debt settlement companies and credit counseling agencies slightly differ in that credit counseling agencies are typically not-for-profit, while debt settlement companies always charge a fee for their services.
In many instances, debt becomes overwhelming to the point where borrowers are forced to claim bankruptcy. This is a legal process that was created by the United States government for the purpose of protecting borrowers who have no other option. Lenders may reclaim their funds by liquidating the borrower’s assets or establishing a repayment plan within the borrower’s means. Filing for bankruptcy is a serious decision that can destroy an individual’s ability to take out loans or obtain credit cards in the future.
Virginia Debt Relief: What Virginia State Programs Are Offered?
Although there are several excellent nationwide programs available, the state of Virginia has also implemented various strategies to address common financial problems within this region. The Virginia government has identified some of the main culprits of their local debt such as high utility bills, childcare expenses, and more. Below we have listed a few of the programs uniquely available to Virginia residents.
In Virginia, there are there are two programs designed to assist families in need. First, the Temporary Assistance for Needy Families program provides up to 60 months of financial aid calculated based on the size of the family. Another form of financial assistance available is called General Relief for Unattached Children. Primary caregivers of children with whom they are not related may qualify for this benefit.
The state of Virginia is also renowned for its programs which target high utilities and city service bills. The Virginia Beach Water Assistance Program is an example of this, offering eligible resident up to $300 per year as well as $250 for necessary plumbing services. Crisis Assistance similarly, provides emergency heating, fuel, and home repairs to families that can no longer afford to pay their heating bills. Programs such as this provide a respite for those who are struggling to pay down their debts.
The aforementioned programs are just a few examples of the many forms of financial aid available to Virginia residents. Eligible individuals may also capitalize on food stipends, COVID-19 relief, and more. If your current circumstances do not allow for adequate funds to meet your monthly repayment obligations, you may benefit from these types of programs.
Virginia Debt Relief: National Debt Relief & How they Can Help
National Debt Relief is a highly regarded credit counseling organization in the United States that offers support to individuals dealing with debt. Those struggling with unsecured debts like credit card balances, medical bills, personal loans, and certain student debts can seek assistance from this agency. National Debt Relief has been helping Americans manage their finances for over a decade, using creditor negotiations as their primary strategy. The organization advocates for borrowers by convincing creditors to lower interest rates and modify payment terms, making it easier for individuals to repay their debts.
National Debt Relief is a premier company that prioritizes customer service, offers realistic payment options, provides free initial consultations, and offers ongoing support during the debt repayment process. By working with National Debt Relief, your unsecured debts are consolidated, and payments are made to the company rather than to individual creditors. A National Debt Relief representative will work with you to create a payment plan that fits your budget, usually spanning 24 to 48 months. Once you’ve paid off the agreed-upon balance, the remaining sum is transferred to your creditors, effectively erasing your debt. With National Debt Relief’s assistance, you can attain a debt-free status.
Virginia Debt Relief: Do You Need Help with Student Debt Relief?
Studying in Virginia offers a range of benefits, including loan forgiveness for individuals entering specific fields. The Virginia State Loan Repayment Program for example, covers up to $140,000 in financial assistance to graduates that agree to work for a minimum of two years in the healthcare sector. Options such as the National Health Service Corps Loan Repayment Program and the Virginia Physician Loan Repayment Program offer further assistance to healthcare professionals pursuing these specific roles.
In addition to the healthcare industry, the state of Virginia also supports students enrolled in law school by offering a loan repayment assistance plan. If you are concerned about your student debt and do not fall into any of the aforementioned categories, National Debt Relief can help you get on top of your finances. Contact us today to learn more about debt relief in Virginia and how you can start living debt-free.
