Areas Served by TurboDebt
16 MIN READ
Published March 24, 2023 | Updated November 14, 2023
Are you feeling overwhelmed with all of your credit card bills? Are they piling up month after month, making it impossible for you to get ahead? Thankfully, there may be a way out, and you don’t need another loan for it.
As the fastest-growing debt relief company in the nation, TurboDebt tailors its services to fit your needs. By working with you to understand your financial situation and struggles, we provide an affordable solution that works for you.
With already over $15 billion in settled debt, thousands are checking in daily to see if they qualify for this program.
In fact, over 500,000 Americans have already enrolled in our program, and many of them have already settled their debt for less than what they originally owed, shaving off years in payments.
Checking if you qualify does NOT affect your credit score.
So why not see if you qualify today? Imagine what you could do with the money saved. You can pay down your mortgage, build your wealth, or go on that vacation you deserve.
Find Debt Relief Near You with Help from TurboDebt
Finding trusted debt relief near you is easy. TurboDebt is a certified debt relief agency serving nearly every state, as well as the following territories:
With over 10,000 five-star reviews of TurboDebt across Trustpilot and Google, we are a trusted source for debt relief in the U.S. In the past year, TurboDebt helped over 36,000 clients in almost every state and territory find solutions for outstanding debt.
Customers enrolled an average of $23,026 to pay off what they owed on credit cards, medical bills, loans, and other unsecured debts. This amounted to over $800 million in total debt enrolled.
Our programs saved customers an average of 54% before fees in 2022, helping individuals across the country pay off debt at a lower cost. Read on to learn more about why debt relief matters and the top types of debt you can start relieving today.
TurboDebt Provides Debt Relief Help in Your State
What Is Debt Relief?
Debt relief is the process of paying off your outstanding debts with the help of a qualified agency. Debt relief offers multiple solutions to the same problem, using different approaches to minimize and eliminate your debt based on your unique financial situation.
Debt relief offers a solution for outstanding balances that seem too big to tackle. Through specific planning and debt relief counseling, you can begin to reclaim your financial footing. Our debt relief programs help clients with thousands of dollars in debt work towards a debt-free life through affordable and timely methods, saving you money in the process of paying off what you owe.
Why You Should Seek Debt Relief
The average American carried $101,915 in consumer debt in 2022. Total consumer debt includes mortgages, student loans, auto loans, personal loans, and credit card balances. Consumer debt doesn’t even factor in millions of Americans’ medical bills, which certainly adds to many people’s repayment amounts.
Paying off all this secured and unsecured debt is even more challenging in an inflationary economy with rising interest rates and soaring prices for basic commodities. Working with a local debt relief company can help save you from outcomes like foreclosure or bankruptcy and get you back on track to start saving again.
How to Identify and Assess Your Debts
To understand your debts, look at your statements from outstanding accounts. Identify the total amount you owe in principal plus any interest fees accrued each month. Keep a paper or digital file with statements from the past year to track your payments and balances.
The next step to understanding your debt is to calculate your debt-to-income ratio (DTI). Creditors, lenders, and debt relief organizations use this figure to determine your ability to pay off a debt. Your total DTI should be less than 36% to match what most lenders look for when deciding to loan funds.
Finding your DTI involves calculating what you owe each month for expenses like credit card bills, mortgages, and car payments. Next, you’ll need to determine your gross monthly income, which means your salary or hourly wages before taxes, for a period of a single month.
Here’s a formula to calculate your DTI:
Total Monthly Debts Divided by Gross Monthly Income x 100 = Debt-to-Income Ratio
Let’s look at a sample DTI calculation:
$2,500 (total monthly debts) Divided by $4,000 (gross monthly income) x 100 = a 62.5% Debt-to-Income Ratio
If you come up with a number as high as 62%, that’s a clear indication it’s time to seriously consider getting help with your debt.
Top Six Types of Debt to Get Relief from in Your State
The following six types of debt are the most common reasons for enrolling in our debt relief program:
1. Credit Card Debt
Total credit card debt in the U.S. topped $1 trillion in Quarter 2 of 2023, and this figure continues to trend upward. The average American owed $5,910 in credit card debt, up 13.2% from 2021.
With essential items costing more in the wake of an inflationary economy, it’s easier to let outstanding balances spiral out of control. Even paying the minimum towards your balance each month isn’t a guarantee to keep you out of debt, as high-interest rates make it harder to pay down your principal.
At TurboDebt, we enrolled an average of $23,026 in debt from our clients in 2022, a majority of which were in need of financial relief from credit card debt. Let us help you manage your outstanding balances through our debt relief services.
2. Divorce Debt
Divorce can wreak havoc on your personal finances. Splitting debts and accounts can leave you owing more to creditors than you did before your divorce. You can also get stuck paying high legal fees if your proceedings get complicated. In most states, the average divorce proceedings cost at least $10,000.
If you find yourself strapped with more debt than you can handle after a divorce, let TurboDebt help you manage it. After a free initial consultation, we can set up a plan to pay off your debts and get you back to saving for a new future.
3. Business Debt
It’s not unusual for small business owners to carry at least $25,000 in outstanding debts. In fact, business owners increasingly rely on personal assets to fund their companies, digging into their own savings or getting help from family and friends to maintain operations. During 2022, 40% of small businesses were over $100 thousand in debt, according to the FED’s Small Business Credit Survey.
Paying off business debts can quickly drain your personal assets, making it difficult to manage both financial situations. Don’t let your business debt limit you. Instead, take control of your finances with a targeted debt management plan from TurboDebt.
4. Medical Debt
Some 20% of Americans have medical debt, juggling fees from medical providers and insurance companies. In 2021, over 50% of all accounts in collections were from outstanding medical debts, with the COVID-19 pandemic accelerating costs for patients seeking health care.
As medical debt continues to affect many households, it’s important to find a solution to unpaid healthcare balances. TurboDebt can help you manage your medical debt with a debt relief plan tailored to fit your financial needs.
5. Homeowner Debt
Mortgages account for the largest portion of consumer debt. With home prices outpacing incomes and interest rates continuing to climb, it’s a difficult time for homeowners. First-time homebuyers are finding it tough to get into a new home, with many struggling to save for a down payment while paying off student loan debt or other bills.
Catastrophic storms have also caused millions of dollars in damage to properties across the U.S., with repair costs higher because of inflation.
If you’re struggling to maintain your mortgage and avoid racking up more debt from home-related expenses, consider using our debt relief services to manage your outstanding balances.
6. Retirement Debt
Living on a fixed income makes it hard to avoid debt from unexpected costs like medical procedures or auto repairs. Where you live can also impact your retirement debt, with states like Hawaii, California, and New York ranking among the hardest to afford due to the high cost of living expenses.
Let TurboDebt help you pay down your outstanding balances so you can live debt-free in your retirement years. We work with you to determine the best debt solutions to tackle debts on a fixed income.
Top Debt Relief Options Available Across the U.S.
Consider the following best solutions to start managing your debt if you’ve maxed out your credit cards, are dealing with debt collection, or are feeling stuck making your minimum payments.
One option for effectively eliminating your debt is to settle with your creditors. In a settlement, you or at debt settlement company will negotiate with your credit card company or other bill collectors to reduce the total amount you owe. Debt relief organizations like TurboDebt can often negotiate to reduce what you owe by half (before fees), saving you money and helping you tackle debt faster than any other option.
For example, if you owe $20,000 in medical bills, a debt relief organization may negotiate a reduced total of $10,000. After creating a payment plan together, you’ll set up a savings account which the debt relief agency uses to send your monthly payments directly to the creditor. You’ll typically also pay a small fee per month to the agency for maintaining your account and processing your payment.
Another way to reduce and eliminate your debt is through a debt consolidation loan. This is an option to consider if you owe money on multiple accounts with high interest rates. To start the debt consolidation process, you’ll take out a loan worth enough to pay off all your debts at once. After eliminating multiple outstanding balances, you’re left with a single monthly payment on the loan, often at a much lower interest rate.
Imagine you owe a total of $15,000 in credit card debt on multiple cards. Let’s say you owe $5,000 on a vacation rewards card and pay 19% interest every month. On another card, you owe $7,000 at 22% interest, and on a cash-back card, you owe $3,000 at 14% interest. That’s a weighted average interest rate of 19.4% per year, which you’d have to pay on the total $15,000 principal! If you consolidate those credit card accounts with a $15,000 loan at 8%, you’re drastically reducing your interest payments every month.
Credit counseling services focus on giving you strategies to overcome debt and make smart choices with your money. Some financial counseling programs may involve entering into a debt management plan to repay debt collectors or ensure you stick to your repayment plan.
The agency typically assigns you a credit counselor who works with you for the duration of your program. Both private and non-profit credit counseling agencies offer services, so look for one that meets your specific financial goals if you choose this route. If you’re having trouble finding one, you may also search for a debt management program, which is usually run by a credit counseling agency.
Because it can negatively impact your credit for up to ten years, choosing bankruptcy is often the last resort for a debt relief solution when you build up staggering amounts of debt.
Individuals file for Chapter 7 or Chapter 13 bankruptcy, using the court system to help determine which debts they can pay after selling off assets or reorganizing their payment structure. A judge may decide you can only pay so much of your debt, reducing or even eliminating portions of your outstanding balances. However, you may also be required to pay a specific amount each month to your creditors after liquidating your assets.
Choosing the Right Debt Relief Option Near You
Consider these items when you’re ready to seek debt relief help:
What Should You Look for in a Debt Relief Company?
Debt relief companies that provide legitimate help are well-reviewed or accredited organizations offering clear information about their services and fees. Check their website for information about their programs and resources for managing debt. Look for reviews from reliable sources and read testimonies from clients who have successfully eliminated their debt.
Ask questions like these to understand more about the company and the debt relief process:
- Are you an accredited business?
- What fees are associated with using your services?
- What kind of debt do you manage?
- How will this plan impact my credit in the future?
Factors to Consider When Choosing a Debt Relief Option
Enrolling in a debt relief program usually takes a commitment to pay a set amount monthly toward your total outstanding balance. Choosing a debt relief option serving your state can help you start eliminating your debt almost as soon as you get started.
Look at your debt-to-income ratio. Do you realistically have enough income to put toward payments? How much are you already paying toward your debts? Many debt relief options actually reduce the total amount you pay. TurboDebt saved our clients an average of 54% of their total debt enrolled last year before fees.
Consider what expenses you can cut or reduce so you can put more money toward your payments. Do you have enough you can set aside, or do you need to supplement your income with a side hustle or part-time job? Making simple lifestyle changes allows you to eliminate debt and keep more of your income.
How to Choose the Best Debt Relief Option
Consider these steps to ensure you’re choosing a reputable debt relief option in your state:
1. Understand your debt.
First, determine exactly how much you owe to your creditors.
Then calculate your debt-to-income ratio and determine what costs you can reduce or eliminate to put towards paying off your debt.
2. Assess your options.
Check out the type of options available in your area. Visit the organization’s website and read about their services to find the types of debt relief solutions they offer.
3. Read reviews.
Look for reviews and testimonials from a trusted online source to ensure you’re avoiding a scam.
4. Check their accreditation.
If you can’t find this on the company website, try looking them up through the better business bureau in the state where they’re located.
5. Speak to a representative and ask questions.
Ask questions about the organization and how its debt relief programs work. Make sure they respond with specific answers that match their website and clearly outline their debt relief process.
6. Read your contract carefully.
Before you sign a contract to enroll in a program, read each part of your contract to find details about making payments, what happens if you miss a payment, or if you can get your money back should you decide to leave the program.
How To Evaluate the Effectiveness of a Debt Relief Program
An effective debt relief program should help you start paying down your debt within a clear timeline after you start with the organization.
For example, if you choose a debt settlement, a debt relief company may arrange for you to pay into a savings account instead of paying your credit card company. Make sure you have a clear understanding of how long you’ll put money into savings before the debt relief agency starts to pay your settlement to the creditor.
Make sure what you’re paying towards your debt relief program fits in with your monthly expenses. The debt relief organization should help you determine the best way to structure your payments based on your DTI. Look for statements that show your progress toward paying off your debt.
How to Find Debt Relief Services Near You
You can search for debt relief services in your area in a few different ways:
- Use a search engine to find “debt relief in (enter state here)” or “debt relief near me.”
- Use an online directory from the government.
- Find reviews for debt relief organizations and search company websites to find areas they service.
Brad Reichert, Founder and Managing Director of Reichert Asset Management LLC, offers some advice about finding the right debt relief service. “Look for an organization that offers personalized assistance and tailors its approach to your specific financial circumstances, Reichert notes. “Avoid those that provide generic solutions without considering your individual needs.”
Take Control of Your Debt!Get Your Free Consultation
Get Debt Relief in Your State Today
Seek reputable help from TurboDebt! We’re dedicated to helping individuals get out of debt, and we take great pride in building trust with our clients through open communication, honesty, integrity, exceptional customer service, and a commitment to their success.
We offer debt relief programs in most states and U.S. territories, and our programs have helped thousands of customers find debt relief near them. We’ve helped over 10,000 clients in Texas and more than 8,000 Floridians in 2022 alone.
Together we’ll examine your overall financial picture to understand the challenges you face in finding financial security. Then, we’ll help you strategize the best plan to become debt free in the shortest amount of time.
It only takes a few minutes to speak with one of our agents during your free consultation. It’s time to give your finances a fresh start. Take advantage of a free debt relief quote, and begin your journey towards living debt-free today.