Wyoming Debt Relief
19 MIN READ
Published April 10, 2023 | Updated May 04, 2023
In a Nutshell
If you're like many Wyoming residents, your debt from credit cards, loans, or medical bills is growing faster than your income.
TurboDebt's Wyoming debt relief program can assist you in addressing debt without declaring bankruptcy or taking out another loan. Last year we were able to save residents an average of 51.42% of their total debt before fees. We'll tackle unsecured balances together to get you out of debt as soon as possible so you can focus on building wealth rather than struggling to pay monthly bills.
Read on to learn more about Wyoming debt relief programs, key debt and finance statistics in the state, and important financial hardship resources.
Wyoming: Economic Picture
Wyoming has the best business environment countrywide, resulting in businesses setting up camp in the state as they try to take advantage of tax exemptions. Despite the favorable business environment, Wyomingites are still struggling with debts. Residents have a 90-day past-due rate of 0.4% on credit card debt which has led to the need for Wyoming debt relief programs.
Wyoming’s economy rebounded as unemployment rates cooled from pandemic highs. However, the total yearly increase in employment rates was a mere 2.3% compared to the national employment growth rate of 3.9%.
In Q3 of 2022, the state’s total personal income increased by 4.6%, surpassing the national personal income increase of 4.1%. The total revenue collected in the state increased by 6.2% annually in the same quarter. The leading sectors in revenue collection were Professional & Business Services, which contributed 18.0%, and Mining, which added 17.8% to the total revenue collected.
How does Wyoming debt relief work?
Wyoming debt relief can work in several different ways depending on the solution you choose. Some of the most effective options work by engaging lenders, debt collectors, and debt settlement companies in a debt negotiation process. During the procedure, your debt relief company or credit counseling agency will request lower interest rates, reduced monthly payments, waiver of late payment fees, partial debt cancellation, and debt forgiveness.
These requests are essential in ensuring that you make on-time monthly payments to escape the never-ending cycle of debt trapping most Wyomingites.
Debt and finance statistics specific to the state
Based on our research of Wyoming, we found the following debt and finance statistics to be most impactful;
Average consumer debt
Wyoming’s average consumer debt grew to $106,896 from $102,366 in 2021. This represented a 4.4% growth rate as residents of Wyoming became more indebted due to the high cost of living and high-interest rates.
Credit card debt
Residents of Wyoming owe an average credit card debt of $4,789. It is lower than the national average by 4%, ranking the state 31st countrywide in credit card debt.
The 90-day past-due rate is 0.4% against the national 0.57%. However, debt collection agencies have eight years to claim for repayment of delinquent credit card debts.
Auto loan debt
The state of Wyoming is the leader in car ownership, with 96.2% of households accessing at least one car. Therefore, it isn’t surprising for residents to owe an average car loan debt of $26,511. This is an auto loan debt increase on average from $25,474 in 2020, largely fueled by high consumer debt and logistic difficulties in supplying car manufacturing parts.
Additionally, Wyomingites struggle with monthly repayments of their car loans because the cost of car ownership in the state is high. The state sits 10th nationwide in car prices due to an average yearly cost of full insurance coverage of $1,829. The cost of car ownership can skyrocket to $3,938 when gasoline, repairs, and taxes are included.
Q4 of 2022 saw an increase in mortgage balances by $254 billion countrywide. Wyomingites were not left behind as they experienced an increase in median home values by 0.4% to $256,000. This was exacerbated by the housing shortage in the state resulting in unaffordable home prices for low-income residents, with some of the homeowners ending up losing their homes or accruing mortgage debt.
Out of the 70.8% of homeowners, 58.1% of them have an average mortgage debt of $186,388, as the state ranks 18th in mortgage collection. However, these homeowners are on the brink of foreclosure as mortgage payments that are seriously past due are at 1.3%.
As such, debtors have to seek debt relief options for mortgage refinancing.
Student loan debt
The average student loan debt in Wyoming is $31,250, and there are 54,400 student loan borrowers in the state, representing 9.4% of the residents. In totality, residents owe $1.7 billion, and 48.5% of the borrowers are below 35 years.
Delinquency rates in student loan debts didn’t grow as the federal repayment pause remained in effect. Cheyenne residents are set to be among the first to benefit from the Fresh Start program as the federal gov looks for ways of managing federal student loans.
The past year saw the national household debt increase to highs of $16.90 trillion. Young borrowers were the ones most affected by household debt, as the state recorded a DTI ratio of 1.527. This implies that they spend most of their incomes on mortgage repayment, thus, limiting their spending.
Bankruptcy trends in America increased by 19%, as 31,087 cases were filed in a year’s time. This wasn’t the same scenario in Wyoming, as bankruptcy cases declined to 451 from 561 in 2021.
Chapter 7 bankruptcies were the highest with 402 cases, then Chapter 13 at 46 cases, and Chapter 11 at 3 cases. Residents of Wyoming need alternatives to debt relief since filing for bankruptcy is disliked because of its negative impact on credit reports.
Average income and employment
After the historic high unemployment rates at the peak of the pandemic, unemployment rates dropped to lows of 3.2% in April of 2022 and rallied up to 3.9% at the end of the year. The leading sector in employment is Healthcare and Social Assistance, employing 36,666 residents of Wyoming and has an annual growth rate of 1.2%.
Wyoming has a population of around 581,381, and the most populated region is Laramie, with 102k residents. Residents of Laramie have a per capita income of $38,299.
The median household income in the state is $68,002, while the average household income is $87,786, and the per capita income is $36,288. Robertson City has the highest mean income of $193,787, and Cheyenne has a mean income of $119,388.
A credit score ranging from 670 to 739 is referred to as a good credit score. It is ideal for debt negotiation and access to lower interest rates. Luckily, residents of Wyoming fall under this category, as their average credit score is 723.
The FICO score of 723 is an increase from the previous year's average credit score of 722. This is an indication that residents are repaying their loans as the annual median past-due rates dropped to 0.31% from 0.67% in Q3 of 2021.
Identify theft happens when someone steals your identity for purposes of fraudulent activities or commercial gain. When used for commercial gain, Identity theft can result in credit or debit card debt.
Identity theft in Wyoming remained moderately low during the pandemic, with an annual average rate of 53.50%, representing identity theft reports of 100 people for every 100,000 residents. As a result, Wyoming ranks 48th in identity theft reports countrywide.
Banking and tax info
Wyoming’s tax system is the best in the country. It doesn’t charge an individual income tax rate or a corporate income tax rate. The state and local tax burden is 7.0%, the state’s sales tax rate is 4.0%, and the average local tax rate is 1.36%.
The state of Wyoming imposes an excise duty of 24 cents for every gallon of gasoline and $0.60 for 20 packs of cigarettes. The property tax rate in the state is 0.56% of the homeowner’s value, and the state and local property tax collections per capita are $2,163.
The state has 28 financial institutions and total assets amounting to $11,471 million. The value of total assets decreased from $12,213 million in Q3 of 2021 as the state oversaw the closure of 2 banking institutions.
Cheyenne has the highest number of financial institutions at 19, but Casper is the largest financial market with total deposits of $2,910 million.
How TurboDebt Helped Oklahoma Residents With Debt Relief This past Year
TurboDebt is a reputable debt relief company passionate about ensuring residents of Wyoming have options for relieving debt. In 2022, we managed to work with 348 clients. Out of this, 135 enrolled in our Wyoming debt relief program. The total enrolled debt was $3,136,216, and the average client enrolled debt was $23,231. During the year, we saved our clients an average of 51.42% of the total debt enrolled before fees.
Top Types of Debt to get Relief from in Wyoming
While the TurboDebt relief program accepts many forms of unsecured debts, we tend to enroll the following top types of debt the most.
Credit Card Debt
Credit card loans are a life-saver when utilized and managed well, but when you accumulate them recklessly, escaping them can be really difficult. They can result in an unending debt cycle, especially when you let the high-interest rates and fees kick in when you default on your credit card company.
With a past-due rate of 0.4%, unsecured debt like credit card debt can cause sleepless nights to a borrower in Wyoming due to its negative impact on the FICO scores. This limits your eligibility to lower interest loans in the future. As such, Wyomingites are advised to enroll in TurboDebt’s relief program and work towards a debt-free life.
Divorce can be traumatizing or fulfilling. However, one of the sure-fire impacts of getting a divorce is inheriting divorce debt, particularly for couples who break up due to financial problems.
The state of Wyoming is an equitable distribution state when it comes to assets and debt allocation during a divorce process. Although the assets and debts won’t be divided equally between spouses, a divorce court may find you entitled to a percentage of divorce debt resulting from marital debt.
You can also get divorce debt from the cost of the divorce process that your legal team will charge you or from alimony. This can derail your financial situation resulting in the need for debt settlement programs to clear divorce debt.
Wyoming is at the top of the table when ranked in the business index against other states. This has attracted foreign investors to set up their LLCs in Wyoming. Small business owners view this as an opportunity to cut operational costs, but to their surprise; they end up accruing business debt.
Small business owners prefer to register their companies in Wyoming and operate in other states because of the small population of the state. This creates the need for them to incorporate in the second state as a foreign company to comply with the law.
Such activities lead to the accumulation of business debt for small businesses that are stretched out with their business budgets. They’ll have to outsource funds to cover the operational cost loophole just realized. This business debt can soar to unmanageable levels over time since it takes 2 to 3 years for a business to break even.
If this is your experience, don’t fret. Your trusted debt relief company, TurboDebt, has your back. We assist business owners in paying off their business debts by enrolling in our debt relief program.
The medical uninsurance rate in Wyoming is 12%. This means that some 69,000+ residents lack health insurance coverage when they fall ill. This makes the cost of accessing quality medical care expensive for them.
As a result, debt collectors claim median medical bills of $1,515 from borrowers in Wyoming. TurboDebt is here to guide you through your options for relief, and help you come up with a plan that will work to relieve you from your medical debt. You can take advantage of our free consultation to learn how you can manage medical debt.
Mortgages are the top type of debt that results in high homeowner debts. Many borrowers attribute the lack of income or low-income levels to past-due homeowner debts, which may lead to foreclosures.
Homeowner debt has increased to an average of $208,716, with 59.2% of residents owning a mortgage. These homeowners can easily fall into a debt trap if they lose their jobs, as witnessed by the recent increase in unemployment rates from 3.2% to 3.9%.
Almost 36% of Wyoming residents are seniors. This has been made possible by the tax friendliness of the state as it doesn’t impose retirement tax.
However, you must have an average retirement income of $959,105 to retire comfortably in Wyoming. This is difficult for most retirees in Wyoming, as they earn an average retirement income of $26,465. The highest average retirement income per household is in Wilson at $179,17,5, and the lowest is $1,125 in Brookhurst.
You can get relief from retirement debt by enrolling in TurboDebt’s program today.
Wyoming debt relief options
A Wyoming debt relief company can recommend one of the following debt relief options for residents who might be stuck with their debt payments or have debts that are seriously past due;
Debt management programs
Debt management programs work to settle unsecured debt, for instance, credit card debt. They’re administered by nonprofit credit counselors who guide you to a DMP that fits your income levels and DTI ratio.
DMPs deliver debt relief by negotiating for lower interest rates, extended repayment periods, reduced interest fees, and waivers on penalty payments. For them to work, you must close your existing credit cards and commit to a repayment period that lasts for 3 to 5 years.
Debt consolidation loans
Debt consolidation loans are a debt relief solution that enables borrowers to access loans to use for debt settlement. For it to work, you must combine your existing debts into one debt and request a loan that will pay it off in a lump sum.
By so doing, you’ll have lowered your monthly payments and interest fees since you’ll be servicing a single low-interest loan. This debt relief option is convenient for residents with good credit scores since their eligibility to lower interest loans is assured because of good creditworthiness.
If your financial hardship limits your ability to make consistent monthly payments and meet your basic needs, then this debt relief option may present the perfect solution for you and your creditors.
Creditors and debt collectors may agree to this option when your chances of defaulting are high. It involves a partial lump sum payment of roughly half your loan balance and cancellation of the remaining debt balance.
With debt settlement, you’ll either need to save the lump sum payment in a savings account to entice creditors when pursuing this debt relief option, or be able to commit to revised monthly payments.
In credit counseling, certified credit counselors determine your eligibility for a debt management plan by considering your DTI. This enables borrowers to qualify for a debt management plan that accounts for their basic requirements, hence breaking the cycle of revolving debt.
Additionally, borrowers qualifying for credit counseling are equipped with money and debt management skills and budgeting skills, and gain financial literacy through educational workshops. All these are crucial aspects of escaping consumer debt.
Borrowers turn to file for a bankruptcy claim as their last debt relief option. This is because bankruptcy reports last in your credit report for up to 10 years. However, this debt relief option offers benefits like debt discharge and reorganization of your repayment plan depending on the type of bankruptcy filed.
Consumers filing for Chapter 7 bankruptcies get a fresh start from debt once their nonexempt properties are liquidated, and the collected amount is used to repay debt. Debt balances that remain after liquidation are discharged by a bankruptcy court.
Chapter 13 bankruptcies are for residents or businesses with a stable cash flow. It gives room to debt payment by restructuring your payment period. It can take 3 to 5 years to clear debt using this option, and your personal properties are exempt from liquidation.
Meanwhile, chapter 11 bankruptcies are for businesses that want to clear the debt. Here lenders agree to a repayment plan that won’t affect the operations of your business.
Debt forgiveness is a debt relief option facilitating debt cancellation once you meet certain qualifications. These qualifications are pre-determined based on the debt forgiveness program. These programs are administered by the federal and state governments, and their qualifications may vary based on the type of profession, income levels, and tax burden.
Currently, debt forgiveness programs include the federal student debt loan forgiveness program. Teachers can also qualify for a debt forgiveness program.
Debt and Financial Hardship Resources
Wyomingites experiencing hunger, homelessness, malnutrition, poor health care, and child abuse due to financial hardships can access the following assistance programs for relief;
Temporary assistance programs
The Wyoming TANF program is a financial assistance program offering eligible residents of Wyoming the opportunity to become self-sufficient as they fulfill their work requirements.
The Wyoming Homeowner Assistance Fund Program offers eligible low-income households three months of consecutive mortgage payments or past-due utilities or any homeowner-related costs.
State health and human services
Wyoming Medicaid program provides low-income residents with medical coverage. This ensures that eligible members access quality health care at low or zero fees.
SNAP is a food assistance program that offers qualifying low-income households monthly stipends. Families are to use these funds to buy nutritious meals, thus avoiding malnutrition and severe hunger leading to death.
Cent$ible Nutrition Program benefits residents willing to learn about nutrition and healthy living with free cooking and nutrition education classes.
The Emergency Food and Commodity Assistance program is an initiative by the DFS where they’ve partnered with the Food Bank of the Rockies. The program offers emergency food and commodity assistance.
The Emergency Rental Assistance Program offers cash assistance to qualifying residents to pay down their rental and utility arrears. However, this program is set to end in June 2023 unless funding is available.
LIEAP, WAP, and LIHWAP programs offer qualifying residents partial payments of their winter home heating bills, sensitization of improving their heating efficiency, and funds for water and wastewater bills.
Wyoming has a child care support program that is geared towards ensuring every kid is well-taken care of and doesn’t suffer from child abuse.
Shelters for the homeless
Wyoming Homeless Services have partnered with the Wyoming Homeless Collaborative to provide residents experiencing homelessness with temporary housing solutions until they attain self-sufficiency.
Debt relief can be somewhat tricky for individuals to achieve. That’s why you must seek reputable help from a trusted debt relief company to avoid being scammed or complicating your debt payment process due to a lack of experience and efficiency.
TurboDebt is a professional debt relief company that has thousands of positive 5-star reviews across Google and Trustpilot. We’ll help you work towards a debt-free life, and it all starts by taking advantage of our free debt relief consultation. Start your journey to debt freedom today.