Wyoming Debt Relief

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's Economic Picture

Companies in Wyoming can take advantage of tax exemptions, making it a business-friendly state. Despite the favorable business environment, Wyomingites are still struggling with debts. 

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 include negotiating with lenders and debt collectors and getting advice on how to balance your finances. Throughout the process, your debt relief company or credit counseling agency can help you make strategic plans to become debt-free. 

These requests are essential in ensuring that you make on-time monthly payments to escape the never-ending cycle of debt trapping many Wyomingites.

Wyoming Debt and Finance Statistics

The following debt and finance statistics give you a good picture of the debt and financial situations residents deal with:

Average Consumer Debt

Wyoming’s average consumer debt grew to $106,896 in 2021. This represented a 4.4% growth rate as residents of Wyoming became more indebted due to the elevated cost of living under an inflationary economy and high interest rates.

Credit Card Debt

Residents of Wyoming owe an average credit card debt of $5,428. While this is slightly lower than the national average, some residents owe significantly more, racking up debt from multiple accounts.

Auto Loan Debt

The state of Wyoming is the leader in car ownership, with 96.2% of households in possession of at least one car.

It isn’t surprising then that residents owe an average car loan debt of $27,166. This is an increase of 2.5% from the previous year when auto loan prices reached a record high, surpassing an average of $20,000 for the first time. 

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 a month when gasoline, repairs, and taxes are included.  

Mortgage Debt

Quarter one of 2023 saw $324 billion in new mortgage balances nationwide. Wyomingites were not left behind as they experienced an increase in home values exacerbated by a housing shortage. This resulted in unaffordable home prices for low-income residents and many first-time home buyers.

Wyoming residents owed an average mortgage balance of $204,201 in 2022. This ranks The Equality State 24th in the nation for mortgage debt. 

Student Loan Debt

The average student loan debt in Wyoming is $31,250. This amounts to 54,400 borrowers taking out $1.7 billion in federal student loans. 

These totals also represent 9.4% of residents, with 48.5% of the borrowers below 35 years of age.

Bankruptcy

Bankruptcy trends in America increased by 23% from the previous year's figures in May of 2023, with 38,669 total cases.

Wyoming saw a different scenario, 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. These numbers suggest that Wyoming residents are searching for debt relief through other means since bankruptcy can devastate your credit for up to 10 years. 

Average Income and Employment

After the historic high unemployment rates at the peak of the pandemic, Wyoming's unemployment rate fell to 3.3% in May of 2023.

Wyoming has a population of 581,381. Population density is focused around Cheyenne, with 64,610 residents. Residents of Cheyenne have a median household income of $68,002.

Credit Scores

Credit scores ranging from 670 to 739 are considered good, and ideal for debt negotiation and access to lower interest rates. Luckily, residents of Wyoming fall under this category, with an average credit score of 723. This FICO score is an increase from the previous year's 722, an indication that residents are repaying their loans.

Identity Theft

Identify theft happens when someone steals your identity for fraudulent activities or commercial gain. When used for commercial gain, identity theft can result in credit or debit card debt. 

Identity theft in Wyoming remains low, with 100,000 reports per 107 residents. As a result, Wyoming ranks 48th in identity theft reports nationwide.

Banking and Tax Info

Wyoming’s tax system offers many beneficial features. It doesn’t charge an individual income tax rate or a corporate income tax rate. The state and local tax burden is 7.0%, and the state’s sales tax rate is 4.0%, with an average local tax rate of 1.36%.

The state has 27 financial institutions with assets totaling over $10 billion. 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 Wyoming Residents with Debt Relief in 2022

TurboDebt is passionate about ensuring residents of Wyoming have options for relieving debt. In 2022, we worked with 348 clients from the Equality State, enrolling 135 in our Wyoming debt relief program. The total enrolled debt was $3,136,216, with an average client enrolled debt of $23,231. During the year, we saved our clients an average of 51.42% of their total enrolled debt before fees.

Top Types of Debt to Get Relief from in Wyoming

While TurboDebt accepts multiple forms of unsecured debts in our debt relief program, we often enroll the following top types of debt the most:

Credit Card Debt

Credit card accounts can help you handle necessities and big purchases until you miss a payment or have to pay the minimum balance. This can result in an unending debt cycle, especially when you let high interest rates and fees kick in when you default on your credit card company.

Unsecured debts like credit cards can lower your FICO scores. This limits your eligibility to lower interest loans in the future. As such, Wyomingites can get assistance and work towards a debt-free life through a debt relief program like TurboDebt's.

Divorce Debt

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 rack up debt through the divorce process from legal fees. This can derail your financial situation and leave you needing debt relief options. TurboDebt offers debt settlement programs to help you manage outstanding debt from a divorce. 

Business Debt

Wyoming's business environment can be conducive to companies because of their lack of corporate taxes. However, companies can still accumulate business debt from positive growth or unexpected circumstances. 

TurboDebt's services can help business owners overcome debt to regain profits and grow their companies.

Medical Debt

The medical uninsurance rate in Wyoming is 14.8%. With a large portion of residents lacking health insurance coverage when they fall ill, this makes the cost of accessing quality medical care expensive for many.

Wyoming has the highest mean medical bill balance in the nation at $6,516 per resident. As a result, 18% of the population has medical bills in collections.

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.

Homeowner Debt

Mortgages result 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. 

While the amount of new mortgages has decreased in the first quarter of 2023, home equity line of credit (HELOC) balances have increased sharply, up to $3 billion. This implies that borrowers are taking out loans against their homes, perhaps at higher interest rates. Defaulting on a HELOC can mean foreclosure if you can't keep up with your payments. 

Let TurboDebt help you settle your homeowner debt so you can maintain your property debt-free. 

Retirement Debt

Almost 17% of Wyoming residents are aged 65 and over. Retirees in the state aren't penalized with a retirement tax, making it a welcoming home for those ready to leave the workforce. 

However, it's estimated you'll need an average retirement income of $636,188 to retire comfortably in Wyoming. This is to keep up with a cost of living of over $26,000 annually after deducting social security funds. 

Let TurboDebt help you get relief from retirement debt, even when you're living on a fixed income. Contact us today to learn more about our debt relief solutions.

Wyoming Debt Relief Options

The following debt relief options can aid Wyoming residents stuck with a heavy debt burden:

Debt Management Programs

Debt management programs (DMPs) work to settle unsecured debt, like credit cards. They’re administered by professionals who guide you to a DMP that fits your income level and DTI ratio.

DMPs deliver debt relief by negotiating for lower interest rates, extended repayment periods, reduced interest fees, and waivers on penalty payments. Most DMPs require you to close your existing credit cards and commit to a repayment period that lasts for three to five years.

Debt Consolidation Loans

Debt consolidation loans are a debt relief solution that enables borrowers to access loans to use for debt settlement. During a debt consolidation, you request a loan to pay off all your existing debts in a lump sum.

Effective consolidation loans lower your monthly payments and interest fees since you’ll be servicing a single low-interest loan instead of paying on multiple accounts. This debt relief option is convenient for residents with good credit scores since they're more likely to gain access to lower-interest loans due to their creditworthiness. 

Debt Settlement

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. Debt settlement involves a partial lump sum payment of roughly half your loan balance and cancellation of the remaining debt balance.

You can negotiate a debt settlement on your own or complete the process through a debt settlement company. Many settlement organizations work with creditors to lower your total debt burden by at least 50%. They'll also handle your payments after you set money aside in a savings account through the company. You'll also pay a fee for the transaction and administration of your account.

Credit Counseling

Credit counseling is a debt relief option that connects you with certified credit counselors to determine your eligibility for a debt management plan. They'll also provide financial education about budgeting and saving and give you tips about avoiding debt in the future. 

A certified credit counselor can also go over your credit report and history to help you determine your eligibility for loans or instruct you on how to improve your FICO score. Many credit counseling organizations are non-profit, and most provide services at little or no cost.  

Bankruptcy

Borrowers typically turn to file for a bankruptcy claim as their last debt relief option. This is because bankruptcy reports last for up to 10 years on your credit report. 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. Under this type of filing, it can take you three to five years to clear the debt. However, your personal properties are exempt from liquidation.

Meanwhile, Chapter 11 bankruptcies are for businesses that want to clear their debts. Here lenders agree to a repayment plan that won’t affect the operations of your business.

Debt Forgiveness

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 vary based on your profession, income level, and tax burden.

Some debt forgiveness programs offered by the federal government include federal student loan forgiveness for teachers and other qualifying individuals. 

Debt and Financial Hardship Resources

Wyomingites experiencing financial hardships that make it hard to access basic necessities can find assistance through the following programs:

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, past-due utilities, and other 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 can use these funds to buy nutritious meals, thus avoiding malnutrition.

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.

Shelters for the Homeless

Wyoming Homeless Services has partnered with the Wyoming Homeless Collaborative to provide residents experiencing homelessness with temporary housing solutions until they attain self-sufficiency.

Finding Debt Relief in Wyoming

With a variety of options available to Wyoming residents, you can find debt relief. Seek help from a trusted debt relief company to avoid being scammed or complicating your debt payment process. Check reviews from actual clients or consult the Better Business Bureau to check for a company's accreditation.

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. It all starts by taking advantage of our free debt relief consultation. Begin your journey to debt freedom today.