It seems like there are a lot of people in debt across the nation. However, Virginia is not at the top of this list. While this may be unfortunate for Virginia, there are solutions that can help you eliminate debt. In fact, if you get on your feet quickly, you could be on your way to a debt-free life in as little as a year. One of the best forms of debt relief for Virginia is debt settlement. Debt settlement is when you work with a professional settlement company to settle your current debts. With a great deal of negotiation, many people have had to eliminate up to fifty percent of their original balance with this process. In addition, the bad news isn’t exactly good either. Virginia has among the highest credit card balances in the nation, with $5,327 per borrower. So, what is so attractive about a debt management plan? For one, you’ll never have to pay property tax again. This comes as no surprise for anyone in high risk debt. Virginia’s tax rates are among the highest in the nation, and this is especially bad news for many Virginia debt relief and debt management plan individuals. The good news though, is that the delinquency rates are actually much lower than the national average, with just 0.53% being over ninety days delinquent. This is certainly a plus, especially since many people can’t realistically expect to keep up with such high rates.

Forms Of Debt Relief In Virginia

Another form of Virginia debt relief consists of debt consolidation, or refinancing. If you have a lot of high interest credit cards or loans, it may make sense to refinance your debt into one loan with a lower interest rate. This way, you will be paying only one installment, and it will be a lot easier to pay down the balance in a reasonable amount of time. While there are certainly disadvantages to this process, like with any other type of debt management, you may find it well worth it down the road. One of the best forms of relief comes in the form of debt settlement, which not only eliminates the debt itself, but also gives you the opportunity to pay back some, if not all, of your debt over a ten year period. If you have enough cash, this can be a very lucrative option, but it should be kept in mind that this option doesn’t give you a lot of time to get out of debt. As stated earlier, it will settle your debt for a smaller sum, but the reduction in principal is usually not that significant, which means that you could still end up paying back forty to sixty percent of what you originally owe.

With so many people struggling each month to try and keep their heads above water, it is easy to understand why seeking professional help from a reputable debt settlement firm makes so much sense. There are many people who are looking to save money, and take advantage of the current economic climate by using settlement and consolidation loans to reduce their current debt load. While there are certainly disadvantages to this strategy, like anything else, there are many benefits as well. If you have been thinking about consolidating or settlement, but aren’t sure how you should proceed, don’t be afraid to ask questions about your options with a qualified debt settlement firm.