• Many who live in the Indianapolis metro area earn significantly lower wages than the U.S. average, making debt relief options essential for overcoming financial hardship. 
  • Top Indianapolis debt relief programs include debt settlement, debt consolidation, credit counseling, and debt management plans. 
  • In 2023, TurboDebt saved Indy residents an average of 53% of their total debt before fees through our debt relief program. 

Why Is Debt Relief Important in Indianapolis, IN?

Known for its race cars and restored industrial neighborhoods, Indianapolis is home to more than automobiles zooming around the track at breakneck speeds. American consumer debt continues to climb, and residents of the Hoosier State capital are no exception. Many are having difficulty meeting monthly expenses and finding that Indianapolis debt relief programs offer needed support to get back on track financially.

As inflation raises the cost of goods and limits spending power, many Indy residents are relying on credit cards to make ends meet each month. Indianapolis residents carry an average credit card debt of $4,736, often ending up in a cycle of debt after making only minimum payments. 

Although the average weekly wage in Marion County is strong, many of the surrounding counties in the Indianapolis area earn significantly lower wages than the rest of the country. This makes it hard for residents to stay out of debt, as food and housing costs in the Midwest are still comparable to the national average. 

Debt relief options are an important way for Indianapolis residents struggling with debt collection or other monetary hardships to regain their financial freedom. 

“Not paying your debts can also have a devastating long-term impact on your credit scores and make it difficult to borrow money in the future,” says Brad Reichert, a debt expert and the founder and managing director of Reichert Asset Management. 

Making a plan to reduce and eliminate your debt is a crucial first step to ensuring a strong financial future. Read on to learn more about the best solutions for effective debt relief in the state of Indiana.

TurboDebt Helps Indianapolis Residents Get Out of Debt

In 2023, TurboDebt enrolled nearly $5 million in debt from residents of Indianapolis. Hundreds of Indy clients enrolled an average debt of $19,644, using TurboDebt’s programs to become debt-free. We’ve been able to save clients an average of 53% of their total debt before fees.

At TurboDebt, we’ve also helped thousands of clients beyond Marion County with our Indiana debt relief services, offering both cost-effective solutions and resources for building wealth after debt.

Signs You May Need Debt Relief

Financial hardship that leads to debt can start in different ways. Sometimes, medical bills that come due just weeks after a procedure leave consumers scrambling to meet expenses. Inflation may cause others to charge more of their everyday expenses on credit cards. 

Whatever your situation, it’s important to consider if assistance from debt relief companies or other money management methods can help you break free from endless repayments. Here are some key signs that tell Indy residents it’s time to start thinking about debt relief services:

  • Carrying large amounts of high-interest credit card debt
  • Making minimum monthly payments to credit card companies
  • Maintaining a high debt-to-income ratio (DTI)
  • Using retirement accounts to pay off debts
  • Maxing out credit cards
  • Struggling to pay essential monthly bills
  • Dealing with daily phone calls from debt collectors
  • Lacking emergency savings
  • Feeling stressed about debt constantly

Top Options for Indianapolis Debt Relief Programs

For many, debt relief services are a lifeline to achieving financial independence. According to the Consumer Financial Protection Bureau (CFPB), in January of 2023, 37.8% of households reported having difficulty paying one or more bills or expenses the previous year. Indianapolis debt relief programs offer consumers the support they need to overcome financial hardships.

Here are the top ways Indianapolis residents can get help through debt relief:

Top Options for Indianapolis Debt Relief 

Credit Counseling

Credit counseling programs offer consumers personalized financial advice and resources for better money management. These programs connect you with a certified credit counselor who reviews your credit report and discusses strategies to improve your credit rating. These counselors can also negotiate with creditors for waived late fees and low interest rates.

Credit counseling agencies offer financial education courses to enrolled clients and may even require specific classes for consumers using their program. This option often works well for those wanting to improve their credit score and improve their financial outlook through personalized advising sessions. 

Debt Management Programs

Credit counselors also guide consumers toward the best options for overcoming debt and may recommend a debt management program (DMP) through their organization or another nonprofit or private agency. When you enroll your debt into a DMP, you’ll make a monthly payment to the organization following a debt management plan that you and your creditors agree to. The organization then pays off each of your creditors according to the terms and respective due dates, taking away the burden of remembering to pay multiple accounts each month. 

Many consumers find debt management programs helpful for organizing monthly bills since they’re only making a payment to one source. After working with an advisor or credit counselor to create an effective debt management plan, you can start paying off your outstanding balances through a simplified process.

Debt Settlement 

If you owe thousands of dollars in unsecured debts like credit card balances, student loans, or medical bills, debt settlement can be an effective option. In fact, the CFPB reports that more consumers have used debt settlement in recent years to relieve debts than other options like credit counseling or debt management programs. 

A settlement involves debt negotiation with creditors on your own or through a debt settlement company. Debt settlement professionals typically settle with creditors to eliminate part of what you owe, often close to 50% of your total debt, before fees.

When you enroll in a debt settlement program, representatives use their expertise to negotiate with creditors on your behalf. Settlement organizations typically work out a payment compromise that’s a win-win for both the borrower, who’s experiencing trouble paying on a credit card or line of credit, and the lender, who may be having doubts about being able to collect the entire amount owed. 

After enrolling in a program, you’ll create a plan to pay a specific amount each month into a savings account. Once you build up enough in the account, the debt settlement company will make a lump-sum payment to your creditors to end your debt, giving you a fresh financial start. 

Debt Consolidation

Indy residents have several options for consolidating debt, including taking out a debt consolidation loan or using a balance transfer credit card. 

Let’s talk about balance transfer first. This debt relief solution works when you open a new card with a zero balance transfer fee, moving all your current debts to the new account and paying them off as quickly as possible on the new card. Read the terms carefully, as rates can change, and revert back up to the standard interest rate (often 20% or more) after an initial zero-interest period lasting six months to a year. 

Sometimes, reducing debts to a single, manageable monthly payment at a lower interest rate is the best debt relief option for Indy residents. A debt consolidation loan involves borrowing a sum big enough to pay off all your current debts from lenders at a bank or credit union. This solution typically works best for Hoosiers with a good credit score (usually 680 or higher). 

Debt Forgiveness

Although not a commonly available method, debt forgiveness offers consumers a chance to eliminate part or all of their debt amount. Indy residents who’ve worked in public service or certain government positions may qualify for a debt forgiveness program through state-level or federal opportunities. These assistance programs typically offer forgiveness for personal loans based on your income level and history of working in a specific field, such as primary or secondary education. 


Using bankruptcy to relieve debt is best saved until you’ve tried other methods without success. Because of the long-term negative mark on your credit history (7-10 years) and FICO scores, bankruptcy is a costly effort. Indiana residents usually choose to file either Chapter 7 or Chapter 13 bankruptcy to clear debts. 

Chapter 7 bankruptcy ends your debts through the sale of assets, which are then used to pay off what you owe. Chapter 13 is a longer process for bankruptcy filing, but it can help you reorganize debts through a court-ordered payment plan without liquidating your assets.

If you decide to pursue this method of debt relief, it’s a good idea to consult with a bankruptcy attorney at a reputable, experienced law firm for legal advice on how to proceed. 

Why Choose TurboDebt’s Debt Relief Program?

At TurboDebt, we’re committed to helping our clients find the best debt relief plan to pay off outstanding balances in a way that fits their budget and lifestyle. It’s also our mission to empower consumers to make smart financial choices so they can build wealth and remain debt-free. 

Here are more reasons we think you’d benefit from working with us:

We’ve worked with plenty of Indianapolis residents who’ve come to us with thousands of dollars in credit card debt. After settling, we’ve saved clients over half of their debt on average before fees while also helping them pay it down faster. Thousands of consumers across the U.S. have used our debt relief program to successfully eliminate outstanding balances and get back to keeping more of their hard-earned income. 

Let’s find out how we can help you become debt-free. Contact us today to start a free consultation!