Debt Relief in Jacksonville, FL
12 MIN READ
Published September 25, 2023 | Updated November 10, 2023
- Jacksonville is one of the largest and fastest-growing cities in the U.S. and one of the most popular destinations in the country for retirees.
- The River City boasts a credit score of over 700, but residents still carry a median credit card debt of almost $3,000.
- Although Jacksonville offers a relatively low cost of living, nearly 15% of residents still live in poverty, with many trapped in a cycle of consumer debt.
- TurboDebt helped residents of the River City find debt relief in Jacksonville, enrolling over $3 million in total client debt in 2022.
Debt Landscape in Jacksonville
Jacksonville, the River City, is a vibrant mix of urban sprawl and Florida coastline with a healthy dose of Southern charm mixed in. Residents enjoy the nation’s largest city park system, plus 22 miles of Atlantic beaches. The largest continental U.S. city by size at 840 square miles, Jacksonville also boasts a reasonable cost of living with some of the state’s best real estate values for the money.
Like other cities in the Sunshine State, Jacksonville experienced a boom in population over the past few years, with many new residents relocating to the north from Miami. This surge in residents also caused an uptick in credit scores, raising the city’s average credit score by 23 points since 2016. Although lower than the national average, it still puts many residents firmly in the “good” category of FICO scores.
However, like much of the country, Jacksonville residents also face growing consumer debt from credit cards, loans, and mortgages as an inflationary economy persists. With a population of about 1.6 million, almost 15% live in poverty, making debt relief in Jacksonville a necessity for many residents.
TurboDebt Helps Jacksonville Residents Get Out of Debt
We’ve offered debt relief in Florida to thousands of clients. In 2022, TurboDebt provided debt relief services in Jacksonville, helping residents overcome a total combined debt of $3,871,329. Over 100 clients enrolled an average of $21,996 in outstanding debts.
If you’re struggling with financial burdens like credit card debt or other unsecured debts like medical bills, we can help. When you get started with a free consultation from TurboDebt, we can work together to create a debt relief plan for your financial freedom.
Signs You May Need Debt Relief
Finding the right debt relief option starts with recognizing that you need assistance. But what are the signs?
First, assess your debt-to-income ratio (DTI). This will tell you how much you pay out for expenses versus what you take in each month through your sources of income. If your ratio is higher than 30%, it’s probably time to start getting debt relief help. Use TurboDebt’s DTI calculator and info page to start your analysis.
Other signs that you may need debt relief include the following:
- Owing more on your bills than you earn from your monthly income
- Lacking the extra cash to set up an emergency fund
- Paying only the minimum on your credit card each month
- Taking out loans to cover purchases of non-essential items
- Owing high balances on multiple credit cards
Best Ways to Get Debt Relief in Jacksonville, FL
Check out these top debt relief programs in Jacksonville:
For those dealing with high credit card debt in Jacksonville, debt settlement can be an effective option. Settling credit card and other unsecured debts involves negotiating directly with creditors to reduce the total amount you owe. You can do this on your own or leverage the experience of a debt settlement company.
Working with a debt settlement organization can often save you up to half of what you originally owed before you pay their fees. Once you choose this debt relief option, you’ll start making monthly payments into a savings account until you reach the negotiated payoff amount. The settlement company then pays your creditors, and you get a fresh financial start.
Working with a credit counseling agency can improve your financial situation if you need advice on budgeting and saving to manage debts. Once you enroll, the agency connects you with a certified credit counselor who can offer advice and financial education resources. Credit counselors can also analyze your credit report and discuss ways you can improve your credit score.
Many credit counseling organizations offer low-cost or free services, especially for low-income families.
Debt Management Program
Debt management programs allow you to create a monthly payment plan that fits your financial situation. You’ll typically work with a credit counselor to set up a debt management plan through an organization. Credit counselors can also work with creditors to waive fees or reduce interest rates to make your debt payment more affordable.
Debt Consolidation Loans
If you’re carrying heavy balances from multiple accounts, taking out a debt consolidation loan may be your best choice for debt relief in Jacksonville. When you choose this option, you’ll take out a new loan big enough to cover all your existing debt and then pay off all outstanding balances, effectively "refinancing" all of your smaller debts with the new, larger loan. Once you’ve cleared your other debts, you’re left with a single loan payment each month.
Debt consolidation works best for those with higher credit scores. If you fall into the fair or good category, lenders are more likely to offer you a loan at a lower interest rate. If you fail to secure a good rate, you may end up paying more toward your debts over time.
In debt forgiveness, you have the chance to eliminate or drastically reduce your debt. First, you’ll need to qualify for debt forgiveness programs, which are mostly offered through government agencies at the state and national levels.
Debts like student loans, mortgages, and personal loans are the most common types of debts forgiven. You can qualify for debt forgiveness through factors like your income and profession.
Brad Reichert, Founder and Managing Director of Reichert Asset Management LLC, explains how tax penalties from debt forgiveness impact Floridians specifically. "If you're able to have all or a portion of your debt forgiven or expunged from your credit-related accounts, this amount of forgiven debt is oftentimes considered taxable as ordinary income at the Federal Income Tax level. However, because Florida does not have a State Income Tax, paying state and local income taxes will not be a concern for Jacksonville residents."
A final option for debt relief, bankruptcy can help you restart your finances, but at a cost. Filing for Chapter 7 or 13 bankruptcy can have a negative impact on your credit history for up to 10 years after you clear your debts.
Using bankruptcy as a debt relief option means you’ll go through the court system so a judge can determine the best way to repay what you owe based on your assets. Chapter 7 bankruptcy involves selling your assets to pay off creditors, while Chapter 13 allows the court to create a payment plan based on your income.
Top Types of Debt To Get Relief From in Jacksonville
If you’re looking for debt relief in Jacksonville, you’re not alone. Here are the types of debt many Jacksonville residents face:
Credit Card Debt
Charging essential and incidental items on your credit card is a necessary convenience for most. However, if you miss a payment or carry a balance, credit card companies charge you fees from high interest rates or penalties based on how much you owe.
Don’t get caught in the cycle of outstanding credit card debt. Let TurboDebt help you find the best solution to pay off your outstanding balances and start rebuilding your wealth.
After the emotional turmoil of a divorce, you may be stuck with financial burdens, too. Legal fees for divorce can cost an average of $10,000 in Florida. In addition, if you share debt like a mortgage with your spouse, creditors may pursue you for payment if your ex doesn’t pay their balance.
TurboDebt offers customized debt relief solutions for managing your financial burdens after a divorce. Get started with our expert team today through a free consultation.
Jacksonville’s recent growth has ushered in plenty of opportunities for small business owners. The city offers small business assistance through the Office of Economic Development, enticing entrepreneurs from a host of industries.
Even with Jax’s favorable economic climate, you can still take on business debt through loans to grow or start your business. Many company owners use personal accounts to fund their businesses, racking up debt in their own finances.
If you’re struggling with business debt, let TurboDebt help you get back on track so both you and your business can thrive. It only takes a few minutes to talk with one of our experts and start creating a plan to relieve your debt.
The site of one of only three prestigious Mayo Clinics in the U.S., Jacksonville is a city with plenty of healthcare options. While River City residents have access to great medical care, 13.8% of the population lives without health insurance. This is a costly burden, especially when unexpected medical expenses like hospital visits pop up.
If you’re stuck with overwhelming medical bills, TurboDebt offers debt settlement options so you can pay off your healthcare costs.
With average home values reaching $295,177 in August of 2023, Jacksonville’s housing market is relatively affordable. Compared to other hot spots in the Sunshine State, like Orlando and Miami, which average closer to $400,000 or more, the River City offers a better value for homeowners.
However, between home repairs, maintenance, and natural disasters like hurricanes, costs besides a mortgage can quickly add up. TurboDebt offers assistance for homeowner debt with solutions like advising and customized debt relief plans.
Jax is a popular destination for seniors, ranking 9th in the nation for the most retirees. With beaches and the city so close together, plus no state income tax, seniors flock to the River City to enjoy life after their careers.
Living on a fixed income can still strain your finances, especially if you face unexpected costs from medical services, property upkeep, or other needs. If debt is clouding your sunny retirement, contact the experts at TurboDebt to forge a path back to a debt-free life.
Jacksonville Debt and Finance Statistics
If you’re considering Jacksonville debt relief services, take a look at the following financial data to learn more about what many River City residents are facing:
- Credit Card Debt: $2,751 (median)
- Auto Loan Debt: $17,350
- Mortgage Debt: $139,332 (median)
- Student Loan Debt: $19,986
Average Income and Employment
With a lower cost of living than many of the biggest U.S. cities, Jacksonville’s median household income sat at $58,263 in the latest census.
Unemployment levels rose to 3.2% in July of 2023 after declining for much of the previous year. Popular industries in the area include trade and utilities, along with leisure and hospitality.
Here are a few more dialed-in stats about Jacksonville’s economy and employment according to the Bureau of Labor Statistics:
- Average Hourly Wage: $26.87
- Average Weekly Wages: $1,302
- Average Annual Housing Costs: $20,244
- Change in Consumer Price Index: 3.4%
Jacksonville residents carry a strong credit score of 702, falling into the “good” category for FICO ratings. With a credit score in the 700’s, those residing in the River City are more likely to secure loans at lower interest rates and find it easier to open new credit accounts.
Bankruptcy in Jacksonville
As of September 2023, a total of 14,597 citizens filed bankruptcy petitions in Florida’s middle district, which includes Jacksonville and surrounding areas.
Find Jacksonville Debt Relief with TurboDebt
Finding the best debt relief option in Jacksonville starts with confronting your outstanding balances and seeking help from a trusted source. Working with a debt relief company like TurboDebt can reduce what you owe in principal and fees and help you pay off debt faster.
With thousands of positive reviews on Trustpilot and Google, TurboDebt offers clients personalized debt solutions, including debt settlement, advising, and strategic planning. Find out how you can effectively pay off your debts with a free consultation. It only takes a few minutes to start your journey toward living debt-free.