Let’s Escape Debt: Washington Debt Relief

In a Nutshell

It’s possible to reduce the amount of unsecured debt or other debt that you owe as a resident of Washington State. Currently, Washington residents have student loan debts, mortgage debts, medical debts, credit card debts, and more. The average consumer debt in Washington State is one of the highest rates in the entire country. However, it’s possible to reduce your debt. With the help of TurboDebt, you can find debt-relief solutions to regain your financial freedom.

Get Rid of Debt, If You’re in Washington State

Living in debt makes everything hard, especially when you’re not sure how you can repay what you owe. In Washington State, far too many people are struggling to make it to the next paycheck, and if they are struggling to pay their bills, they’re surely struggling to pay their debt.

If you’re struggling with your debt amount, you don’t have to continue living in this cycle anymore. In this article, we’ll show you some pertinent information about debt and debt solutions in Washington State so you can feel confident in the fact that you’ll be able to get your financial future back on track.

Debt and Finance Statistics in Washington

Average Consumer Debt

Washington State residents have an average of $144,138 in consumer debt. Consumer debt takes the average credit card debt, mortgage balance, student loans, and auto loans to achieve one sum. With an average national consumer debt of $101,915, Washington residents carry a higher debt balance than many Americans.

Credit Card Debt

Outstanding credit card debt among U.S. residents rose to $986 billion in 2022. LIke many across the country, Washington State residents are currently trying to pay off outstanding balances to credit card companies. In fact, Washington State’s average household credit card debt sits at $5,560.

Although the pandemic allowed many Americans to pay off their credit card debt because of low spending and various stimulus checks, Washington residents are still struggling to pay down their credit card debts, including interest and late fees.

Auto Loan Debt

When you want to buy a new car, but you can’t afford to purchase it in full, you might take out a loan to pay for it. In 2021, Washington’s average auto loan balance was $21,922, a 6.9% change from the previous year. Many residents find it necessary to own a car in a place like Washington state, so this essential expense is costing Washingtonians a lot.

Mortgage Debt

If you’re interested in buying a home, you’re probably going to have to take out a mortgage in order to purchase it. When it comes down to it, it’s expensive to live in Washington State. The average amount of debt that Washingtonians have taken out for mortgages is $333,158, the fourth highest in the country.

Student Loan Debt

With the cost of education continually rising in the United States, many Washington residents are dealing with student loan debt. Washington state residents carry an average of $35,728 in student loan debt. Around 53.4% of residents who have student loan debts owe less than $20,000, which is close to the national average of 53.2%.

Household Debt

In quarter three of 2022, the national average for household debt was $101,915. This number is staggering. Specifically, in Washington state, the average household debt-to-income ratio is 1.6. This means that people’s debt is very close to their income in Washington state.

Bankruptcy

In 2022, 5,162 individuals filed for bankruptcy in the state. Although the number of total bankruptcies fell from the previous year, thousands of Washingtonians still filed for Chapter 7 and Chapter 13 bankruptcy, which affects individual credit scores.

Average Income and Employment

Currently, Washington State has an median household income of $82,400. However, currently, 9.9% of people in Washington state are in poverty, showing many residents are struggling to pay off basic living expenses. According to the Bureau of Labor Statistics, Washington’s unemployment rate was 4.6 in February of 2023, a full point above the national average of 3.6

Credit Scores

It is important to keep a good credit score if you’re interested in improving your financial future. As of right now, the average credit score in Washington state is 730. This number went up seven points when compared to the year before when the average was 723. This is an incredibly impressive median credit score, but there are still plenty of residents with lower scores who are interested in getting help to improve their credit reports.

Identity Theft

It is important to avoid any scams at all costs. However, people do subject themselves to identity theft due to the increase in digital records and online data exchanges. In 2022, there were 11,877 reports of identity theft in Washington State.

Banking and Tax Info

Washington has a statewide sales tax rate that is sitting at 6.5%. On top of that, there is a maximum local sales tax, which is sitting at around 4%. When those two figures are considered, the average sales tax in Washington state is 9.29%.

How TurboDebt Helped Washington State Residents With Debt Relief Last Year

TurboDebt is committed to helping residents in Washington State. As of now, we’ve helped 2,943 total clients, and we have 1,213 clients currently enrolled in our debt relief programs. The amount of debt that is enrolled in our programs right now is $28,169,246.

On average, our enrolled clients carry around $23,223 in debt. No debt is too big for TurboDebt to help you with. In fact, we’ve saved our clients an average of 53.19% after enrolling in one of our programs.

Top Types of Debt to Get Relief From in Washington

Divorce Debt

Divorce is already upsetting and stressful, but when money is involved in your divorce, you might end up struggling even more. TurboDebt understands that divorce debt is tricky, so if you need more information about how to settle your divorce debt, reach out to us.

Business Debt

Did you start a business? Do you have debt because you started a business? If you answered yes to these two questions, then you’re a great candidate for TurboDebt. We can help you reduce the amount of business debt that you have and help you get your business finances back on track.

Medical Debt

If you’re already experiencing health problems, it’s unfortunate that you have to experience the debt and medical bills that come with it. However, there are debt releif options to help make your medical debt more manageable. TurboDebt knows that the average American has between $5000 and $10000 in medical debt. This debt doesn’t have to take over your life anymore.

Homeowner Debt

Homeowners are in debt from mortgages, home repairs, and outstanding HELOC balances, but you can take control of this debt when you work with TurboDebt.

Retirement Debt

If you have debt and you’re retired, it is probably going to cause you a lot of stress and maybe even a reduced quality of life. Don’t spend your retirement feeling stressed. No matter what your circumstances are, TurboDebt can figure out a way to get your debt situation better, even if you’re in retirement.

Let’s Solve Things: Debt Relief Options in Washington

Debt Management Programs

Monthly payments can be hard to reach, especially when you’re struggling to meet other bills and expenses. If you enroll in a debt management program, you’re going to be able to get smaller monthly payments to give yourself a better chance of paying down your debts. It’s better to make a smaller payment than to miss your monthly payments.

Debt Consolidation Loans

Debt consolidation loans are useful for Washingtonians who have a lot of debt in a lot of different places. When you consolidate your debt, you’re reducing your debt down to fewer amounts of borrowers so that you aren’t paying an interest rate on as many accounts. Having only one payment can make paying down debts much more efficient since it’s best to have fewer and lower interest rates as opposed to high interest rates.

Debt Settlement

If things have gotten out of control, you might feel like there’s no way out of your debts. However, if you opt for a debt settlement and work with a debt settlement company, you might be able to negotiate a lower payment. With a debt settlement, you’re going to end up paying less than you would have originally. Debt negotiation with financial institutions can be an effective way to get out of debt.

Credit Counseling

No one will understand your specific financial situation unless they spend the time to talk with you about your finances. So, credit counseling agencies give you the opportunity to work one on one with a credit counselor in order to help you improve your credit and your overall financial situation.

Bankruptcy

Filing for bankruptcy is often a last resort, but it can help give you a fresh start. When you’re in bankruptcy, you ask to be discharged from your debts in order to start fresh. This happens through court proceedings where you are ordered to liquidate assets to pay creditors. In some cases, your debts are waived or forgiven by the court.

Debt Forgiveness

Sometimes, you might be able to have your debt forgiven. This is most often understood through the lens of student loans, because some student loans were just forgiven. When a loan is forgiven, you don’t have to pay it anymore.

Debt and Financial Hardship Resources

Temporary Assistance Programs

If you’re in need of assistance in Washington State, there are plenty of programs that might be right for you. For example, you might find that TANF, Housing and Essential Needs Referral Program, or Child Support services can help.

State Health and Human Services

Washington Healthplanfinder can help Washington residents find the health care plan that is right for them. Also, there are nonprofits and payment plans for health care. You might find that Medicaid and Medicare are good fits for residents who are eligible for them.

Child Care

There are benefits that are in place for Washington residents through the Fair Start for Kids Act. Because of this, families who make up to $5139 a month are eligible for a stipend to help with child care copays. If you qualify for this, this might be a good way to get help paying for child care.

Shelters for the Homeless

There are many shelters for the homeless in Washington state, whether you live in Tacoma or another place. If you find yourself in need of a place to sleep, the Roots Young Adult Shelter, the Compass Blaine Center Emergency shelter, and the Open House Ministries Vancouver Washington Shelter are all good options.

Free Transportation Services

It’s important that you have access to transportation services, especially if you’re someone who is trying to get a job or go to work. It is possible to apply for reduced transit fares, so if you’re someone who is low-income, this program might help you afford transportation costs.

Conclusion

TurboDebt is committed to helping people all over America, so if you’re in Washington State, you might be a great candidate for our services. Remember, you’ve got to do everything that you can to avoid scams at all costs. So, if you’re experiencing something that seems fishy, don’t fall for it, because scammers are diligent. If scammers are diligent, you have to be diligent too. When you call TurboDebt for help, you’re making the right choice. For more information about TurboDebt. Contact us, today for a free consultation!