Tampa Bay Debt Relief
13 MIN READ
Published October 20, 2023 | Updated October 23, 2023
- Tampa residents pay more for housing than the national average, with home prices soaring to over $400,000 in the area.
- A recent influx of population actually helped raise Tampa’s average credit score by 25 points.
- Bankruptcy filings are on the rise in the Tampa Bay metro area, with over 100 more proceedings than the previous year as of July 2023.
- In 2022 alone, TurboDebt enrolled a total of $2,030,792 in debt from clients, providing Tampa debt relief for those who needed it most.
Debt Landscape in Tampa Bay
Nestled along a beautiful bay of the Gulf of Mexico, Tampa is a city with deep cultural and historical roots. Residents enjoy local amenities like The Riverwalk, a hub for recreation and celebrations, and proximity to pristine beaches in St. Petersburg and Clearwater. A vibrant neighborhood within Tampa’s metro area, Ybor City offers rich Cuban heritage preserved through museums, restaurants, and nightlife.
Once a haven for pirates, Tampa residents now deal with a different type of plundering: consumer debt. As one of the fastest growing cities in the nation, the influx of residents has boosted the city’s economy but also increased the number of residents struggling with high costs for housing and essential items.
With a median sales price of $419,995 in August of 2023, buying a home in Tampa is an expensive prospect. Tampa Bay is witnessing a shifting real estate market, with inventory falling 17.4% and cash buyers down 20.5% for single-family homes in the same month.
Annual expenditures for housing costs are actually higher than the U.S. average in Tampa Bay, nearing $24,000 a year. While housing costs make up the biggest portion of consumer debt, bills for credit cards, auto loans, and student debt are also on the rise for residents of Tampa Bay.
Debt expert and Founder and Managing Director of Reichert Asset Management, Brad Reichert, cautions Tampa residents of another financial concern growing in the Bay Area.
“With many demographically and socially diverse communities living in and around Tampa, there are Floridians who are often particularly susceptible to fraud when it comes to property insurance, as well as credit and debt relief services,” Reichert explains.
“In response to this, Florida’s Attorney General has set up a resource website, which offers Florida-specific information on where to go and whom to call to report businesses and individuals who are attempting to defraud Floridians or targeting particularly vulnerable populations within the state,” Reichert adds.
Before pursuing debt relief assistance, it’s important to research an organization and check reviews on trusted sources. Read on to learn more about available debt relief options in Tampa Bay, along with financial statistics that give a snapshot of the city’s financial situation.
TurboDebt Helps Tampa Residents Get Out of Debt
TurboDebt provides more debt relief in Florida than almost any other state, saving our clients an average of 53% before fees.
In the past year, we’ve helped residents with Tampa debt relief, enrolling a total of over $2 million in outstanding debts in 2022. Our average client enrolled $19,526 into our debt relief program.
Signs You May Need Debt Relief
When your financial situation becomes a challenge, it’s time to think about debt relief. Here are some signs that indicate you may want to seek help from a professional debt relief organization:
- You have trouble paying your bills each month.
- You don’t have enough money left over for emergencies.
- You use payday loans to cover costs.
- You have a high debt-to-income ratio.
- You carry unpaid balances on multiple credit card accounts.
If any of these examples fit your financial situation, you may want to start considering solutions that can get you back on track to living debt-free. The first step is to assess your debt by calculating your debt-to-income ratio (DTI). Use TurboDebt’s DTI info hub and calculator tool to learn more and find out your number.
Next, consider making a budget using the 50/30/20 rule. By allocating 50% of your income to needs, 30% to wants, and 20% to debt repayment and savings, you’ll be prepared to make regular payments to eliminate your debt.
Best Ways To Get Debt Relief in Tampa Bay
If you’re having a tough time meeting your financial obligations because you’re weighed down with debt, it’s a good time to start pursuing relief. Consider the following Tampa debt relief programs:
Debt settlement is an effective Tampa debt relief option to repay what you owe faster for a reduced amount. You can try to negotiate with creditors on your own or with the assistance of a debt settlement organization. Using professional help often saves you up to 50% of your total before paying fees to the company for managing the account used to pay off your creditors.
Once you enroll your debt into a settlement program, you’ll start making monthly payments into an account until you save a large enough lump-sum cash amount to work out a deal with your creditors. The organization then negotiates for a reduced payoff amount, and you clear your debt by paying your creditors out of that lump sum.
Sometimes, getting advice from a certified credit counselor is enough to help you overcome financial difficulties. Credit counseling organizations even offer low-cost or free financial services to low-income individuals and families. Credit counselors can review your credit history and provide financial education courses to help you avoid debt in the future.
Debt Management Program
Many credit counseling organizations also offer debt management programs. These repayment plans help you structure a new, usually reduced monthly payment to the organization, which then pays each of your creditors.
A debt management program can be an effective tool to avoid debt collectors and arrange an affordable payment each month. This type of Tampa debt relief program can also help you stay organized as you simplify your payments down to one payment per month.
Debt Consolidation Loans
A debt consolidation loan effectively reorganizes your outstanding balances into a single account. Once you choose this option, you’ll take out a loan big enough to cover all of your debts, then pay them off all at once with the proceeds from the big loan, leaving you with one monthly bill to pay, usually at a lower interest rate.
Taking out a debt consolidation loan typically reduces what you pay in interest and fees over the time it would take to pay off every account individually. This Tampa debt relief option works best if you have fair to good credit. Stronger credit scores mean you’re more likely to secure a consolidation loan at a lower interest rate than you’d pay on your current debts.
Although not as common as other options, you may qualify for debt forgiveness as a way to eliminate some or all of your debts. Most debt forgiveness programs are offered through the federal or state government.
You may qualify for a forgiveness program based on your income level or job status. For example, federal employees can seek loan forgiveness based on their years of service and position. Recent federal updates have also extended student loan forgiveness to qualifying individuals serving in particular employment positions that are in high demand or in geographic areas that are underserved when it comes to education or social services.
Filing for bankruptcy in Tampa can be a last resort if you’ve exhausted all other debt relief options. Individuals typically file for either Chapter 7 or Chapter 13 bankruptcy, giving the court system the power to decide how you should repay your lenders. A judge may order you to follow a specific payment plan or direct the sale of certain assets to fulfill your obligations. Certain debts may also be reduced or eliminated based on your financial situation.
Bankruptcy can negatively affect your credit history for up to 10 years, so it’s a good idea to speak with a law firm and work with a bankruptcy attorney to complete this process.
Top Types of Debt To Get Relief From in Tampa
Tampa residents often need debt solutions for these top types of debts:
Credit Card Debt
If you’re struggling with credit card debt, you’re not alone. America’s total credit card debt recently passed the $1 trillion mark for the first time in history. Debt from credit cards can make it difficult for Tampa Bay residents to keep up with monthly expenses. Getting caught in a cycle of paying only the minimum balance or sending in late payments can result in excess fees, making it harder to pay off what you owe.
TurboDebt is here for you every step of the way to help you eliminate credit card debt. Contact us today to find out if you qualify for a debt settlement program.
Divorce is costly, both emotionally and financially. After a split from your spouse, you could rack up legal fees of $10,000 or more in the Sunshine State. Depending on how your joint assets are divided, you may take on more debt than you can handle from a mortgage, auto loan, or other accounts.
To regain your financial footing, determine the best way to overcome any debts you incur from court costs plus those split between you and your ex. Let TurboDebt help you with our expert advising team. Together, we can make a plan so you can start fresh.
Tampa is an attractive place to set up a business. From international travel between the Orlando area and the Gulf Beaches to convention visitors, Tampa Bay is a hub for professional services and hospitality. The city offers incentives and tax refund programs to a variety of businesses and development projects.
However, even after incentives and tax rebates, business owners often take on debt to offset operational and growth costs. It’s not uncommon for owners to secure loans for their business using their personal assets, making it a struggle to pay both company and personal bills.
Don’t get stuck with business debt that you can’t afford. At TurboDebt, we’ll work with you to create a customized debt relief plan.
When you need medical assistance, you have plenty of choices for care. The Tampa Bay area is home to top facilities like the Moffit Cancer Center and Johns Hopkins All Children’s Hospital. But for many Tampa residents, healthcare comes with a high cost. Medical bills can quickly turn into debt, especially for the 12.6% living without health insurance.
If you’re carrying a heavy load of medical debt, contact the experts at TurboDebt. We can help you arrange a debt settlement and give you advice on how to eliminate your outstanding medical bills.
Homeowner debt can take many forms, from mortgages with high interest rates to HELOC loans covering repairs or renovations. With the real estate market peaking as Tampa attracts more residents, average home prices remain sky-high.
Addressing your homeowner debt is essential since defaulting on secured debt like a mortgage can mean foreclosure. Even personal loans for property repairs can become a burden when you can’t make regular payments. Contact us today for a free consultation to find out how TurboDebt can aid you in paying off homeowner debts.
Tampa ranks 15th in the nation as a top location where retirees move. In fact, Florida is home to more retired citizens than any other state. For retirees living on a fixed income, any unexpected costs can become tough to manage. You may even be wondering how to overcome retirement debt without any additional source of income.
Thankfully, you have options for debt relief in Tampa. Let TurboDebt help you make a repayment plan so you can enjoy your retirement by the bay.
Tampa Bay Debt and Finance Statistics
Read below to get a closer look at Tampa’s financial burdens:
Consumer debt in Tampa comes from the total balances residents carry on credit cards, auto and student loans, and mortgages. Here’s a look at the median debt Tampa residents carry in each category:
- Credit Card Debt: $2,814
- Auto Loan Debt: $16,311
- Mortgage Debt: $161,609
- Student Loan Debt: $21,805
As of July 2023, a total of 3,351 residents filed for bankruptcy in Tampa. This is an increase from the previous year and a trend across the country as filings are on the rise after reaching record lows in the past decade.
Average Income and Employment
Tampa employs the most citizens in business and professional services, with an unemployment rate of 3.2% as of August 2023.
Citizens earn an average weekly income of $1,316, with an average hourly wage of $27.64. Although these numbers are slightly lower than the national average, Floridians don’t pay state income tax, which positively impacts their total take-home pay.
Tampa’s credit score sits at 708, landing solidly in the “good” category of FICO ratings. Good credit scores are more likely to earn you lower interest rates and access to more loan options, putting many Tampa Bay residents in a positive position with lenders.
Find Tampa Bay Debt Relief with TurboDebt
Getting out of debt on your own can be challenging. Once you assess your financial needs, contact the experts at TurboDebt to learn more about our debt relief options in your location. It only takes a few minutes to start a free consultation. Together, we’ll make a plan to eliminate your debt and start you on the path to becoming debt-free.