Debt Relief in Nevada: Facts, Programs, and Solutions

Key takeaways:

• The average credit card debt of Nevada residents is above the national average. 

• Options for debt relief in Nevada include debt consolidation and debt settlement. 

• Talk to a debt expert about which debt solution best fits your needs and situation. 

Debt can accumulate while you're just living life, especially if you call a more expensive state home. And Nevada's cost of living is nearly 10% higher than the U.S. average. Between housing, groceries, and gas, it all adds up fast. Plenty of people in the Silver State use credit cards for basic needs or emergencies. 

No matter how you got into debt, you’re doing the right thing by looking into how you can get out of it. The good news is that you've got options for debt relief in Nevada to help you take control of your situation. 

Average credit card debt in California - debt relief seekers

Credit card debt in Nevada impacts many across all age groups. We looked at a sample of data from Freedom Debt Relief of people seeking debt relief during November 2024. Here are the key statistics:

Copyright© $2025. Freedom Debt Relief, LLC.
 www.freedomdebtrelief.com

This snapshot shows that the average credit card debt for people in Nevada seeking debt relief rose slightly month-over-month (MoM), with the percentage of debt holders and the average debt for balance carriers experiencing a modest increase.

Breakdown of average credit card debt by age group

This breakdown shows how credit card debt affects each age group in Nevada, with older adults generally carrying higher balances and a greater proportion holding debt.

Copyright© $2025. Freedom Debt Relief, LLC.
 www.freedomdebtrelief.com

Debt Settlement: A Powerful Solution in Nevada

Debt relief in Nevada takes different forms, and debt settlement is one possibility you might consider. When a debt is settled, part of what you owe is forgiven. Sounds good, but how does it work? 

Here's how debts are settled through a professional debt relief company:

• The debt relief company establishes a Dedicated Account on your behalf. You control it and always have access to it.

• You make affordable monthly deposits into this account. 

• The debt relief company negotiates with your creditors to get them to agree to accept less than what you owe.

• Once an agreement is reached and you approve it, the debt relief company uses funds in your Dedicated Account to pay your creditor. Their fee is paid from the same account.

Debt settlement could help you get rid of debt for less than what you owe, typically in two to four years. 

You might consider this option if you:

• Mostly owe unsecured debts, like credit cards or medical bills

• Can afford to pay something toward your debts every month

• Want to get rid of debt faster.

A debt expert can walk you through how debt settlement works, and what you can expect. 

Call Freedom Debt Relief at 800-910-0065 to speak with one of our Certified Debt Consultants. They’ll give you a hassle-free evaluation after asking you some basic questions. If our specialists feel you would be better served with a debt solution from another company, they’ll even suggest that.

Is Debt Consolidation the Right Choice?

Debt consolidation might be a good fit if you:

• Can afford to pay off all your debt, but want a more streamlined way to do it

• Have a good or excellent credit score that would help you qualify for a low rate on a debt consolidation loan

• Want to potentially reduce your monthly debt payment amount or interest rate.

When you consolidate debt, you get a new loan and use it to pay off more than one smaller debt. Those could be credit cards, medical bills, or other debts. You then make one payment to the loan until it's paid off. 

You could get a personal loan for debt consolidation, or use your home equity. For example, a home equity loan can often give you access to cash at low fixed rates with flexible repayment terms. 

Debt consolidation and debt settlement can both help you pay off debt, but they work differently. The main takeaway is that debt settlement could reduce the total amount of money you repay. It’s for people who genuinely can’t afford to fully repay their debts. 

Debt consolidation could help you streamline your finances and possibly get a lower monthly payment, a lower interest rate, or both. Debt consolidation could make repaying what you owe easier. 

The best way to figure out if debt consolidation is the answer for you is to get in touch with Freedom Debt Relief. Call 800-910-0065 today and get started on the path to financial freedom.

Other Debt Relief Alternatives in Nevada

Debt relief in Nevada isn't limited to debt settlement or debt consolidation. Here are a few other options you might weigh. 

• Hardship programs. Hardship programs for debt can give you some room to breathe if you're in the midst of a financial downturn. For example, if you lose your job, you might be able to enroll in your credit card hardship program to get fees waived or your payment temporarily reduced. 

• Income-driven repayment plans. Income-driven repayment (IDR) is associated with student loans, specifically federal loans. If you have student debt, an IDR plan could bring your payment down to a level that fits your budget. 

• Credit counseling. A credit counselor can help you evaluate different strategies to manage debt. They can look at your expenses, budget, and debt to suggest options that fit your situation. That might include a debt management plan (DMP), consolidation, or debt settlement. 

• Bankruptcy. Bankruptcy gets a bad reputation, but it's sometimes the best way to deal with debt. Chapter 7 bankruptcy can help you discharge certain debts in full, while Chapter 13 allows you to repay what you owe over three to five years. Bankruptcy also shields you from collection actions, including debt lawsuits. 

Understanding the Statute of Limitations (SOL) on Debt in Nevada

The statute of limitations (or SOL) outlines how long a creditor or debt collector has to sue you if a debt goes unpaid. Each state sets its own statute of limitations for credit card debt and other types of debt. 

Here's how the SOL works for different categories of debt in Nevada:

• Written contracts: 6 years 

• Oral contracts: 4 years for debts created through verbal agreement

• Open-ended accounts: 4 years (applies to credit cards and retail store cards)

• Promissory notes: 6 years.

In Nevada, the statute of limitations clock starts ticking on the date of the last payment, credit, or transaction associated with the account. Once the statute of limitations expires, a debt becomes “time-barred.” That means you can't be sued for the debt. The debt itself doesn't go away but you can't be taken to court over it. And a creditor or debt collector can't try to garnish your wages or bank account to collect it. 

If you get a summons for a debt lawsuit in Nevada, it's important to answer it right away. Otherwise, you risk a default judgment being entered against you. 

And know your rights. For instance, you have the right to request verification of the debt. You can also dispute the debt if you think it doesn't belong to you, or that the debt is time-barred and you can't be sued for it. 

Taking the Next Steps in Nevada

People all over Nevada, and indeed all over the U.S., struggle with debt. That's nothing to be ashamed of. The important thing is that you take action to get your debt under control. 

Take charge of your tomorrow today. Explore solutions to your debt burden. Start your next chapter now by speaking with a Certified Debt Consultant from Freedom Debt Relief.