In a Nutshell

Debt relief is crucial for many residents of New Hampshire who are struggling to manage their debts and improve their financial situation. Fortunately, there are a variety of debt relief options available in New Hampshire, including debt consolidation, debt settlement, and credit counseling. Learn more about the pros and cons of each approach, and let us help you make a thoughtful and informed decision about finding debt relief in NH.

New Hampshire's Economic Picture

New Hampshire is best known for its lead role in the American Revolution, beautiful scenery, and granite production. The state also has a good tax system that attracts retirees and investors, but things aren’t that rosy for its residents who require debt relief solutions.

The economy of New Hampshire grew by 2.5% from last year to a GDP of $84.0 billion in 2022. The gross state product growth was at 0.37%, outperforming the national’s 0.19%.

The largest industry was Property, Casualties, and Direct Insurance which raked in revenue of $8.6 billion, while the leading sector by GDP was Real Estate and Rental and Leasing, which grew at an annualized rate of 2.4%.

How Does New Hampshire Debt Relief Work?

New Hampshire debt relief allows residents of the Granite State to negotiate for reduced interest rates, lower monthly payments, waived penalty fees, extended repayment periods, and partial or total debt cancellation.

Enrolling in a debt relief program gives you personalized help managing and eliminating outstanding debts.

New Hampshire Debt and Finance Statistics

Average Consumer Debt

In 2022, average consumer debt in the state of New Hampshire increased by 2.8% to $101,790 from the previous year’s $99,024. The rise in consumer debt may be due to the overall increase in mortgage and credit debt by $254 billion and $61 billion, respectively, in Q4 of 2022.

Credit Card Debt

Residents of New Hampshire have an average credit card debt of $5,678, up from $5,251 in 2021 and surpassing the national average of $5,589. The increase in credit card debt is largely attributed to the increase in interest rates, which have led to the largest jump in credit card debt, even after pre-pandemic highs.

Auto Loan Debt

It's easy to own a car in New Hampshire as the state doesn’t impose a sales tax on car purchases. As such, the Granite State has an average auto loan debt of $5,860.

Even though the amount of auto loan debt is low, New Hampshire is big on auto loan debts as it has one of the highest car ownership rates of 95.2% compared to the national average of 91.7%. Also, the state’s monthly average auto loan debt has increased, as seen by the overall increase of car loans by $28 billion as access to car manufacturing parts remained low and consumer demand grew.

Mortgage Debt

The homeownership rate in New Hampshire is 71.6%, and the median home value is $288,700. Residents are expected to pay a median monthly mortgage fee of $2,026 and a median gross rent of $1,212.

The median home value varies across the state, with metropolitan areas like Concord, Manchester, and Nashua costing homeowners $381,448, $390,876, and $442,808, respectively. 

The housing market in New Hampshire experienced a 9% drop in closed sales as consumers shied away from owning a home due to the high cost of living, increased interest rates, and elevated expense of building materials. In this economic environment, first-time home buyers find it difficult to afford a home, and rates for refinancing have also soared.

Student Loan Debt

The average student loan debt amount is $34,085, which is below the national average of $37,574.

13.8% of New Hampshire residents owe a total student debt loan of $6.5 billion. Of this, 59.3% are below the age of 35.

Household Debt

Household debt is largely influenced by mortgage payments and credit card debt. And with the recent increase in these two factors, there has been an upsurge in household debt as consumers are spending more than they earn.

Household debt is characterized by the debt-to-income ratio as it seeks to find out how much more consumers spend in relation to their incomes. The DTI ratio in New Hampshire is 1.581, meaning that consumers’ spending has surpassed their income levels by more than half of what they earn.


The number of bankruptcy filings has been in a steep decline since the Great Recession. In 2022, the total number of bankruptcy filings dropped to 675 from 753 the previous year.

Chapter 7 bankruptcy cases were the highest at 450, followed by Chapter 13 at 219, and lastly, Chapter 11 at 6 cases.

Average Income and Employment

The median household income in New Hampshire is $83,449, with a per capita income of $43,877. Low-income levels have seen about 7.2% of the state’s residents living in poverty and requiring assistance programs. The good news is this is much lower than the national average and among the states with the lowest poverty level. 

The unemployment rate in the state fell to 1.9% in May of 2023, down significantly from a record high of 16.2% at the height of the pandemic.

Credit Scores

New Hampshire’s average credit score remained unchanged at 734 in 2022. This is because residents reduced their credit card utilization rates to avoid racking up credit card debt due to increased inflation and consumer demand.

Identity Theft

New Hampshire ranks 30th in identity theft with 1,302 reports. The leading form of identity theft is credit card fraud at 46%.

The state has experienced a total fraud loss of $5.1 million from its 8,447 total fraud reports, which include identity theft. The median fraud loss is $260.

Banking and Tax Info

The total number of banking institutions in the state is 18, and their total assets have grown to $15,915 million in Q3 of 2022. The largest financial market is in Boston- Cambridge- Newton, with 111 financial institutions and total deposits of $511,256 million.

The state of New Hampshire levies a 4% tax income on interests and dividends. The state and local tax burden is 9.7%, while the top corporate income tax rate is 7.5%.

Although there’s no state and local sales tax rate, there’s an excise duty tax of 23.83 cents per gallon of gasoline and a $1.78 state cigarette tax on every 20 packs of cigarettes. The property tax is 1.93% of the owner-occupied value.

How TurboDebt Helped NH Residents With Debt Relief in 2023

TurboDebt is a debt relief company that offers New Hampshire residents a path toward financial freedom through its customized debt relief programs. In 2023, we helped 626 clients with debt management. Of those we assisted, 214 of them enrolled in our debt relief program. The total enrolled debt from our clients was $5,636,331, and the average client enrolled debt was $26,338.

How TurboDebt Helped NH Residents With Debt Relief in 2023

Top Types of Debt to Get Relief from in New Hampshire

There are several types of debt that residents of New Hampshire commonly seek relief from. Read on below, or take advantage of our free consultation services to learn more about these top types of debt and how you can qualify for a debt relief option if you're struggling with any of them.

Credit Card Debt

Residents of New Hampshire may find it hard to clear credit card debt due to increased interest rates, which have led to high APRs of around 25% as of June 2023. This means that your interest fees amount to a quarter of what you owe on the card. 

These sky-high rates, coupled with an inflationary economy, have resulted in problems like past-due late fees as residents struggle to keep up with their monthly payments. Penalty fees and elevated APRs have left many residents seeking a solution for their debts.

At TurboDebt, we’re passionate about helping you tackle your credit card debt and work towards a debt-free life. Credit card debt is the most common type we enroll in our program, so we’re familiar with the best strategies to help you.

Divorce Debt

Divorce laws in New Hampshire require that debts are divided equitably between spouses. This implies that debt is divided depending on the judgment of the divorce court, which will consider the following factors when dividing marital debt:

  • Duration of the marriage
  • The needs of the custodial parent to rent, furnish and provide for a home in the case of children
  • Your age, economic status, employment, individual property, and sources of income

Debts that you took together with your spouse may be divided equally, and you could end up with divorce debt if the court decides to divide your partner’s personal loans or debts you've incurred together.

Consult with a law firm for legal advice to understand the factors involved in dividing marital debt.

Luckily, you can regain control of your divorce debt by enrolling in our debt settlement plan. This debt relief option offers borrowers an average savings of up to 50% of total debt before fees.

Business Debt

New Hampshire is a business-friendly state with no state and local sales tax rate, an incentive attracting new businesses to incorporate in the state.

While the costs of operating a business may be positive when it comes to taxes, expenses for small business owners can still add up. Many owners take out loans to pay for operational costs, racking up debt in the process. 

At TurboDebt, we’re committed to helping you with your business debt through our counseling and strategic planning services to see which debt relief option will help you and your business thrive.

Medical Debt

The average Granite State resident owes roughly $1,200 in medical debt, with 7.97% in collections. 

Another factor that can easily lead to medical debt is a lack of insurance. With 6.2% of the population without medical insurance, medical bills can quickly exceed your monthly income, even for routine healthcare. 

With TurboDebt's assistance, you can start your journey toward debt-free living by enrolling in a customized program. Our experts will help match you with a program to pay down your medical debt with affordable monthly payments.

Homeowner Debt

The housing market in the Granite State was greatly impacted by the pandemic leading to a drop in issuing building permits which affected supply and demand. Home values skyrocketed during the post-pandemic era thanks to the high cost of building materials and increased interest rates for mortgages.

Such a financial situation has left many mortgage borrowers with homeowner debt as they catch up with their monthly mortgage payments or even struggle to afford necessary repairs. Thankfully, debt relief options like those offered at TurboDebt can aid you in getting out of homeowner debt and avoiding a looming foreclosure. Get in touch with our experts to see what makes the most sense for your unique financial situation.

Retirement Debt

New Hampshire has witnessed an increased inbound migration trend by retirees as the state doesn’t impose a tax rate on retirement income and benefits. This makes the state look attractive for retirement life. However, many residents tell a different story.

Despite positive gains in the retirement system, only 43% of residents aged 60+ have access to an average retirement income of $24,784. Such an income won’t last a retiree through the year if personal care and medical services cost around $4,855 per month, making them prone to retirement debt.

TurboDebt offers solutions for New Hampshire residents living with debt on a fixed income. Contact us today to learn more about your debt relief options. 

New Hampshire Debt Relief Options

It is important to note that each individual's financial situation is unique, and the best debt relief option will vary depending on the specific circumstances. Before pursuing any debt relief option, it is important to carefully consider the pros and cons and to seek the advice of a financial professional.

We recommend the following effective options for debt relief if you’re a resident of New Hampshire and have fallen behind or are struggling with loan repayment:

Debt Management Programs

Debt management programs are offered by various organizations that can negotiate for reduced interest rates on your unsecured debts. DMPs work best on high-interest credit card debts by lowering interest rates and creating a single monthly payment for residents with multiple credit cards.

With a DMP, you're usually required to close your existing credit cards to avoid accruing new debt. You're also expected to commit to making consistent monthly payments to a savings account for a repayment plan lasting between 3 to 5 years.

Debt Consolidation Loans

In debt consolidation, you take out a large loan to pay off your existing debts in a single lump sum payment, leaving you with one debt to clear. Consolidating your debts into one and clearing them in advance saves you multiple interest fees, lowers monthly payments, and reduces interest rates making it an ideal debt relief option.

Residents pursuing debt consolidation loans should have a good credit score to take advantage of the lower interest rates. Also, you must choose a repayment plan that won’t result in high-interest fees as a result of an extended repayment period.

Debt consolidation loans work best if you have a good credit score. Otherwise, you may have difficulty securing a low interest rate and may end up paying more to eliminate your debts. 

Debt Settlement

Debt settlements involve a debt reduction on your existing balances. This debt relief option is great for residents facing tight financial situations who carry a large credit card balance.

In a debt settlement, you or a third party negotiates with creditors to reduce the total amount you owe, sometimes cutting your debt in half. If you go through a debt settlement company, they can help you make a payment plan through an internal account while managing your debt with creditors. 

Debt settlement companies do charge a fee for their services based on the total debt you enroll. However, these programs can help you eliminate debt in as little as 24 months. 

Credit Counseling

The goal of credit counseling is for borrowers to get guidance on credit reports, money and debt management, and budgeting. The idea is once they understand these financial concepts, they’ll make wise consumer choices and feel confident choosing an effective debt management plan.

Credit counseling agencies will also help you understand your credit history. Debtors get a free credit report while involved in the counseling process. These services are typically offered through nonprofit organizations or government agencies. 


Debtors dread filing for bankruptcies as they impact their credit report for 7 to 10 years, thus limiting their eligibility for loans. However, the advantage of filing for bankruptcy is that they either wipe off your debts or create a structured repayment plan.

Chapter 7 bankruptcies settle unsecured debt by liquidating your nonexempt properties and paying off any debt balances. Meanwhile, Chapter 11 bankruptcy is used for businesses deep in debt. Chapter 11 restructures your repayment plan without affecting your business operations.

Chapter 13 bankruptcies are for businesses and individuals who can manage debt payments since they have a consistent monthly income. Their assets and nonexempt properties aren’t liquidated as long as they complete the repayment plan.

Debt Forgiveness

Debt forgiveness involves debt cancellation once you’re eligible for a debt forgiveness program. These programs are typically offered by federal and state governments as an option for debt relief. Available debt forgiveness programs include the following:

  • Federal student loan forgiveness
  • Teacher loan forgiveness
  • Public service loan forgiveness

Debt and Financial Hardship Resources

Residents of New Hampshire going through a tough financial situation that could lead to homelessness, lack of medical coverage, lack of transportation cost, and lack of food can benefit from the following debt and financial hardship resources available in the state:

Temporary Assistance Programs

The TANF program provides cash assistance to low-income families for a maximum of 60 months. The program was created to help families establish a conducive environment for children in need of parental support.

The Emergency Assistance fund helps eligible households avoid homelessness due to rent arrears or lack of utility bills. This fund pays out once a year.

State Health and Human Services

MEAD and MOAD are medical assistance programs that benefit working residents with disabilities who have the income levels to sustain Medicaid.

Disease Prevention is medical assistance program aimed at controlling and preventing the spread of diseases, either chronic or infectious.

Medicaid is a medical assistance program funded by the federal and state government to provide health care to families and residents meeting the required eligibility standards.

Child Care

Child Protection and Juvenile Justice is a state-run program that seeks to stop child abuse and offers supervision and rehabilitation services to needy children.

WIC Nutrition Program is a nutritious food campaign set up to provide new mothers, infants, pregnant women, and young children with healthy foods and education on healthy living.

Services for Children with Special Health Care Needs offers medical and social assistance to children under the age of 21 years who are facing chronic medical conditions, are disabled, or need special health care.

Maternal and Child Health is a program that provides premium preventive and primary health services to children and raises awareness of the reproductive health of women and their spouses.

New Hampshire's Child Care and Developmental Fund improves the accessibility of affordable, quality health care and out-of-school programs to children of low-income working families.

Shelters for the Homeless

Recovery Support Services offers housing solutions to residents suffering from mental illnesses or who have experienced substance abuse. They offer a place and community to support them in making a recovery, thus avoiding homelessness.

Housing Services works to direct residents and families facing homelessness or at risk of homelessness to access housing solutions and shelters.

Free Transportation Services

NHCarePath is New Hampshire’s transportation program that may cover the transportation costs of eligible residents accessing medical care. It also offers carpooling options and covers other mobility requirements within the state.

TurboDebt Offers Debt Relief in New Hampshire

Whether you're struggling with credit cards, payday loans, or medical debt, know that there are several effective debt relief options for New Hampshire residents. Before you make any final decisions, seek help from a reputable company that can help you identify the best option for your financial situation.

Take advantage of our free debt relief consultation now to learn more about TurboDebt's services and how much we can save you!