Debt Relief in New York | Helping You Every Debt-step of the Way with CuraDebt
Do you have the burden of debt lingering over you? Has it become the only thing you think about and you feel like it consumes you? Are you a resident of The Big Apple? If you answered yes to these questions, then our New York debt relief program is the perfect choice for you.
With the amount of programs out there, the process can be overwhelming and how do you know which is right for you?
To help take some of the stress and burden off of you, CuraDebt is here to assist you in your debt relief. As one of the oldest, most experienced, licensed, and bonded organizations, they are going to be able to guide you along the way.
With the advice you need, an estimate of your savings, along with a lifetime of debt knowledge, click here.
Table of contents
- Debt Statistics New York
- What is Debt Relief?
- Why Do People End Up in Debt? What Happens if You Don’t Pay Your Debts?
- What Are the Different Debt Relief Programs and What Do They Entail?
- Why Is Bankruptcy Bad for Credit?
- Steps to Take if You Want Debt Relief
- Debunking the Myths About Debt Relief Programs
- Discover How You Can Implement Debt Reduction Solutions
- Finding a Legitimate Company for Debt Relief
- Debt Resources in New York
- Benefits of Debt Relief
- Factors Affecting Debt Settlement
- Debt That is Included in Debt Settlement Programs in New York
- Debt That is Not Included in Debt Settlement Programs in New York
- Debt That is Included in Tax Debt Relief in New York
- Debt Included in Business Debt Relief Programs in New York
- New York Debt Settlement Services by City
- Debt Statistics in New York
- What Makes CuraDebt One of the Best Debt Settlement Companies in New York:
- Get Started
- Get your free savings estimate at CuraDebt or give us a call at 1-877-850-3328.
- Review various options for debt relief at CuraDebt, to maximize your savings.
- Not available to speak with a counselor? Check out our free online analysis here.
Debt Statistics New York
You are not alone if you are thinking about getting out of debt. With the rapid rise of personal bankruptcy filing in the United States and many New York residents feeling like it will never end, a new start is looking more and more desirable for many who just seem to be on a hamster wheel.
As a result of persistent pandemic-related losses in employment, tourism, and tax income, New York City is struggling economically and is on the verge of a serious fiscal disaster. The city’s lack of workforce will lead to economic turbulence as the Baby Boomer generation retires. In total, about one in ten New Yorkers are actively looking for work and many thousands more will be forced into retirement in the coming years. The lack of high-skilled workers and an aging population are troubling for this booming economy.
According to Experian, the average New Yorker carries a whopping $6000 in credit card debt, a median household income of only $55,000, and an average credit score of 730. Even so, the average New Yorker pays their credit cards just two percent per month – less than you would pay on your student loans!
New York is not the only state with a high rate of credit card delinquency. The sum of credit card debt in states like California, Florida, and Texas has reached more than $200 billion altogether.
Statute of Limitations in New York
The statute of limitations in New York is how long creditors have to try and collect on a debt. For oral agreements, promissory notes, written contracts, and open credit card account the statute is 6 years long in the state of New York.
With a big city financial environment, it shouldn’t be surprising that many New Yorkers are piling up debt. Long Island and Buffalo especially have a high percentage of credit card bills, medical bills, and other consumer debt added to their economy.
What is Debt Relief?
Debt relief is the process of reducing or eliminating debt. This can be done through various methods, such as negotiation with creditors, consolidation, and bankruptcy.
One common method of debt relief is negotiating with creditors to lower the amount of money owed. This can be done by yourself or with the help of a professional debt relief company. Creditors may be willing to negotiate if they believe it is in their best interest to do so, such as if you are at risk of defaulting on your debt.
Another option for debt relief is consolidation. This involves taking out a new loan to pay off multiple debts. This can be a good option if you can find a loan with a lower interest rate than what you are currently paying on your debts. It is important to make sure you do not end up paying more in interest over time with a consolidation loan.
Bankruptcy is another method of debt relief, but it should generally be considered as a last resort option. This is because it will hurt your credit score and make it difficult to obtain future loans.
Why Do People End Up in Debt? What Happens if You Don’t Pay Your Debts?
Debt can happen to anyone. It’s not just something that affects people with low incomes or bad credit. Debt is one of the leading causes of financial stress for Americans. There are many reasons why people end up in debt, but some of the most common includes,
- Unexpected medical expenses
- Job loss or reduction in income
- Divorce or separation
- Credit card interest and fees
- Home repairs or renovations
If you find yourself in debt, it’s important to act quickly. The longer you wait, the more difficult it will be to get out of debt. Moreover, if you don’t pay your debts, your creditors may take legal action against you. This could result in wage garnishment, seizure of assets, or even jail time. If you’re struggling to make ends meet, there are several options available to help you get out of debt.
What Are the Different Debt Relief Programs and What Do They Entail?
Debt relief programs are designed to assist individuals who are struggling with their finances. There are various types of debt relief programs, each with its own set of benefits and drawbacks. To find the best one for you, one has to consider various factors. The size and average effective interest rate of your debt will play a big role in deciding the best option for you.
The most common type of debt relief program is a consolidation loan. This type of loan allows the borrower to combine all of their outstanding debts into one single loan. The benefit of this type of loan is that it often comes with a lower interest rate, which can save the borrower money in the long run. The downside to consolidation loans is that they can sometimes extend the repayment period, resulting in the borrower paying more interest over time.
Another popular type of debt relief program is a debt management plan (DMP). A DMP works by consolidating all of the borrower’s debts into one monthly payment. The benefit of a DMP is that it can help the borrower get out of debt more quickly than if they were to make payments on their own. The downside to a DMP is that it may negatively impact the borrower’s credit score.
Debt settlement is another option for debt relief. With this option, the borrower works with a company to negotiate a payoff amount that is less than what is owed on the outstanding debts. The benefit of debt settlement is that it can significantly reduce the amount of money owed by the borrower. The downside to debt settlement is that it can hurt the borrower’s credit score and may also result in legal action being taken by the creditors.
Finally, bankruptcy is an option for debt relief, but it should be a last resort. Bankruptcy can have a major negative impact on the borrower’s credit score and can also result in the loss of some of their assets.
Why Is Bankruptcy Bad for Credit?
There are a few reasons why bankruptcy can be bad for your credit. First, it will stay on your credit report for up to 10 years, which can make it difficult to get new lines of credit. Additionally, your credit score will likely drop significantly when you file for bankruptcy.
When you file for bankruptcy, your credit score will suffer. This is because bankruptcy stays on your credit report for up to 10 years. During this time, it will be difficult to get approved for new lines of credit. If you can get approved for new credit, you will likely have to pay higher interest rates than those with good credit scores.
Bankruptcy can also make it difficult to lease a car or apartment. Landlords and lenders often view bankruptcy as a sign of financial instability. As a result, they may be reluctant to approve your application for a lease or loan.
While filing for bankruptcy may give you relief from your debts in the short term, it can have long-term consequences that make it more difficult to rebuild your financial health.
Steps to Take if You Want Debt Relief
If you are struggling with debt in New York, there are a few steps you can take to get relief. It is important to know that there are different types of debt relief options available. You can opt for a debt management plan, a debt consolidation loan, or a debt settlement. Subsequently, each option has its benefits and drawbacks, so it is important to do your research to find the best fit for your situation.
Next, you need to contact your creditors and let them know that you are struggling to make your payments. Be honest about your financial situation and explain that you need help. Many creditors are willing to work with customers who are having financial difficulty and may be able to offer lower interest rates or other payment options.
If you decide to pursue a debt management plan, you will work with a credit counseling agency to create a budget and make monthly payments to your creditors. This option can help you get out of debt within three to five years and can improve your credit score over time. However, it is important to make sure that you can afford the monthly payments before enrolling in a Debt Management Plan.
A debt consolidation loan allows you to combine all of your debts into one monthly payment at a lower interest rate. This option can help simplify your finances and save money on interest charges. However, it is important to note that you will still be responsible for repaying the full loan amount even if your financial situation improves.
Finally, if you are struggling to make your monthly payments and are considering a debt settlement, you should consult with a legal professional. Debt settlement is a process in which you offer your creditors a lump sum payment in exchange for forgiving the rest of your outstanding balance. However, this option should only be used as a last resort because it can negatively impact your credit score.
No matter which debt relief options you pursue, it is important to keep up with your monthly payments and stay on top of your financial situation. If you miss payments or are late on payments, your creditors may report this information to the credit bureaus, which can negatively impact your credit score.
If you are having difficulty making ends meet, there are other steps you can take before enrolling in a debt relief plan or loan consolidation loan to reduce your monthly expenses and save money. You may want to consider negotiating with creditors for lower interest rates or payment terms or extending the terms of your loan. You can also work on building up an emergency fund by setting aside money each month to help cover unexpected expenses.
Debt relief programs such as debt management plans, debt consolidation loans, and debt settlement can help get you out of debt and improve your financial health over time. However, you can choose a debt settlement company like CuraDebt which can help you settle your financial woes with ease.
Debunking the Myths About Debt Relief Programs
Many people believe that it’s not possible to get out of debt. However, you can take advantage of these programs at any time to have a big impact on your credit score today. Many debt relief programs can provide significant benefits for those struggling to keep up with their monthly payments. Here are some of the most common myths about debt relief programs debunked:
Myth #1: Debt relief programs will take away all of your assets
Debt relief programs are not meant to strip away all of your assets. Many debt relief programs will work with you to protect your assets and help you get back on track financially.
Myth #2: You have to be behind on your payments to qualify for debt relief
This is not true! Many people qualify for debt relief even if they are current on their payments. The qualification requirements vary from program to program, but being current on your payments is often not a requirement.
Myth #3: Debt relief is only for people with a lot of debt
Anyone can benefit from debt relief, regardless of the amount of debt they have. Many people who wouldn’t consider themselves “deep in debt” have found significant financial benefits from enrolling in a debt relief program.
If you’re considering enrolling in a New York State-sponsored debt relief program, don’t let these myths dissuade you! These programs can provide real financial assistance for those struggling to make ends meet each month.
Discover How You Can Implement Debt Reduction Solutions
There are many different ways that you can go about reducing your debt. You can try to negotiate with your creditors on your own, or you can work with a professional debt relief company. If you decide to work with a professional debt relief company, make sure that you choose one that is reputable and has a good track record.
Some people choose to do a balance transfer to another credit card with a lower interest rate to save money on interest payments. Another option is to consolidate all of your debts into one monthly payment. This can be done through a personal loan or a home equity loan.
If you are struggling to make your minimum monthly payments, you may want to consider enrolling in a debt management program. These programs work with your creditors to come up with a repayment plan that fits your budget. Once you are enrolled in a program, your payments will be made to the program manager who will then distribute the funds among your creditors.
Some government programs can help you reduce your debt such as the Home Affordable Modification Program and the Making Home Affordable Refinance Program. If you are having trouble making your mortgage payments, you may want to consider one of these programs.
Finding a Legitimate Company for Debt Relief
This is quite tricky. While numerous companies provide debt relief services, not all of them are reputable or trustworthy. It’s important to do your research and understand the different types of companies before choosing one.
The Federal Trade Commission has a website that lists resources and information on credit counseling and debt management plans. You can also check with your local Better Business Bureau to see if any complaints have been filed against the company you are considering.
In addition, it’s a good idea to read reviews of the company online. This will give you an understanding of what past clients have thought of the business and if they would recommend it to others. You can also check with the Better Business Bureau if the business is accredited. Having met specific ethical and customer service standards indicates that it has been successful in those areas.
If you’re having trouble finding a legitimate company for debt relief, you may want to consider CuraDebt. CuraDebt has been serving its clients for decades and can help you develop a plan to pay off your debt as well as improve your credit score.
Debt Resources in New York
Supplemental Nutrition Assistance Program or SNAP issues electronic funds that can be used to purchase food. The plan assists low-income working residents, seniors, and the disabled. Eligibility will be determined by family size, income, and other factors.
The Temporary Assistance for Needy Families (TANF) plan provides temporary benefits to needy adults and children. If you’re unable to work, can’t find a job, or aren’t making enough money on your own, the TANF plan might be able to help. The two major plans that assist are Family Assistance and Safety Net Assistance. In the Family Assistance Plan, eligible adults can receive benefits for up to 60 months.
The state of New York’s Home Energy Assistance Program, also called HEAP, supports low-income households by giving them one regular HEAP benefit per program year if they are at risk of running out of fuel or having their utility services cut off. There are some restrictions on what HEAP can provide for you: You may receive electricity, natural gas, oil, coal, propane, wood (seasonal), kerosene or corn.
Only in certain areas of the state where Emergency Rental Assistance Program (ERAP) funding has not yet run out and regions with incomes above 80% and up to 120% of the local median income are eligible to submit fresh applications.
The Child Support Program strives to help custodial parents in obtaining support and insurance coverage for their children. The program helps identify both parents, establishes child-support options, and then ensures that these orders are followed so the children can live in a safe environment.
Administrative Law Judges provide the opportunity to participate in a Fair Hearing. This allows you to tell someone from the New York State Office why you think a ruling about your case is wrong. The Office of Temporary and Disability Assistance will determine if the local agency’s decision was right, and issue a written notification stating their determination.
The Office of Temporary and Disability Assistance offers employment and training services through your local department of social services. These services are available for applicants who need support in work activities that have been approved and assigned by a social service department.
There are two Federal disability programs – Social Security Disability Insurance and Supplemental Security Income. The SSDI is a Federal disability income program for adults who have worked and are now unable to work because of a disability. SSI is a program designed to primarily help disabled adults and children with limited incomes, providing them with food, clothing, and shelter.
Benefits of Debt Relief
With expert help and guidance from a company like CuraDebt, the path to success is much easier. The benefits of a sound debt settlement plan include:
- Get relief from devastating debts
- Avoid bankruptcy
- Pay off your debt quickly
- Lowering interest rates
Factors Affecting Debt Settlement
The final saving after debt settlement lies on a lot of factors including
- Details about the outstanding debt
- Current reason for requesting debt settlement (unexpected loss, unemployment termination, etc)
- Current financial situation
- Financial history
- Work experience
- The age of the debt
Debt That is Included in Debt Settlement Programs in New York
- Personal cards (credit cards)
- Department store credit cards
- Car repossession (repo)
- Credit unions
- Old accounts in the collection
- Signature loans
- Personal lines of credit
- Private student loans
- Car repossession (repo)
- Medical and healthcare debt
- All other types of unsecured debt (ask us if you are unsure!)
Debt That is Not Included in Debt Settlement Programs in New York
- Car loans
- Credit Union debts
- Federal student loans
- Home mortgages
- Some other secured debts
- Some Medical / Hospital bills
Debt That is Included in Tax Debt Relief in New York
- State Taxes
- Federal Taxes
- Payable Taxes
- Taxes from a spouse you feel you don’t owe
- Audit Tax Assessment
- Other Types of Tax Debts
If you have incurred tax debts, CuraDebt will guide you in the right direction and assist you with these types of tax payments.
Debt Included in Business Debt Relief Programs in New York
- Business Expense Debt
- Various lines of credit
- Merchant Cash Advance
- Other types of loans, that are not secured by the property
CuraDebt understands the value of your business. CuraDebt will help your business with these types of debt.
New York Debt Settlement Services by City
- New York City Debt Settlement
- Buffalo Debt Settlement
- Rochester Debt Settlement
- Yonkers Debt Settlement
- Syracuse Debt Settlement
- Albany Debt Settlement
- New Rochelle Debt Settlement
- Mount Vernon Debt Settlement
- Schenectady Debt Settlement
- Utica Debt Settlement
Debt Statistics in New York
Credit card debt: New Yorkers have the 9th largest credit card debt in the U.S. The national average is $6,569.
Mortgage debt: In 2022, the average mortgage debt in New York was $283,954. That’s 9th-highest in the U.S.
Student loan debt: New York’s average student loan debt rank is sixth in the United States and 12.2% of New Yorkers have student loans.
Auto loan debt: New Yorkers rank sixth in the nation for the least amount of auto debt at $16,483.
Banks and foreclosures: In 2021, New Yorkers filed for 14,734 bankruptcies. That is 32% below the national average and less than half of all filings in New Jersey. From January-June 2022, New Yorkers filed 7,634 foreclosures, ranking them 24th in the U.S.
What Makes CuraDebt One of the Best Debt Settlement Companies in New York:
- We’ve helped settle millions of dollars of debt
- Since 1998, we have helped hundreds of people and expanded nationwide in just 2 years.
- CuraDebt is one of the oldest and most experienced companies.
- We are IAPDA and BSI certified.
- We provide free saving estimates and create a plan specifically modeled toward your needs.
- No hidden charges. Honesty and integrity are what we stand for.
- Our success rate is high because client satisfaction and happiness are the main mission at CuraDebt.
- Over 1000+ reviews and a 5-star rating on Customer Lobby
- With a 4.9 star average on Shopper approved, we are the most trusted company by people across the USA.
- 140+ Google reviews with an average of 4.8-star ratings
- CuraDebt is a Good Standing Member of the Online Business Bureau, American Fair Credit Council, US Chamber of Commerce, and AFCC.
- Getting our clients the best possible settlement with creditors is something we know how to do.
- We help settle debts quickly. We’re incredibly efficient and cost-effective as well. Our top-notch customer service ensures to address any queries or concerns our clients may have.
With CuraDebt, you are in the right hands. With satisfied customers and zero complaints, we are confident that we are the best in our industry. We are more resourceful than any competitor in the market and help you at every step along the way.
New York debt settlement programs are an excellent alternative to bankruptcy, and are recognized for reducing the total debt load of consumers. As soon as you enroll in one of these programs, a team of professional negotiators will start working to reduce your debts. They will talk to your creditors and work out a settlement that can help custodial parents.
New York is a great state to live in, but the high cost of living can make it difficult to get by. If you’re struggling with debt, you’re not alone. Fortunately, there are options available to help you get out of debt and start fresh. We encourage you to explore all of your options and find the best solution for your unique situation. Don’t be afraid to ask for help, there are plenty of resources available to assist you in getting out of debt and starting anew.
If you or a close one needs help or assistance to sort out financial hiccups, look no further than CuraDebt. Over the years, CuraDebt has helped its clients save millions.
Get rid of your high-interest-rate debt and create a debt-free future with us.
Call 877-850-3328 for a free consultation now!