Of course there’s no more iconic symbol of America’s lust for money than Las Vegas, Nevada also known as “Sin City”. Gambling has forever been associated with the “Silver State”.
After being controlled by the Spanish for many years, the land that became Nevada was finally transferred to Americans and became an official part of the U.S. in 1864.
Prior to that, the land was bursting with riches, and the wealthy silver mines beckoned people from the east to migrate west and enjoy the economic wealth. With so many minors staking claims and setting up gambling parlors in the mining towns, it’s now wonder that gambling finally became legalized in 1931.
Although much of the state is covered by barren desert, the world’s largest water-impacting dam, the Hoover Dam is located in Nevada. Aerospace, energy and defense industries are major parts of Nevada’s economic plans. In fact, Nevada is the leading state for nuclear weapons testing.
Harkening back to its roots, however, mining and gambling still provide the benchmarks for the state’s economic fortunes. With legal gambling available both in Las Vegas and Reno, tourism is a primary income stream as people from around the world arrive in Nevada with dreams of fortune in what’s called the “Entertainment Capital of the World”.
The Overall Debt Situation in Nevada
Nevada is 19th in overall credit card debt, amassing $7,871 on average per household. With credit card debt that high, it makes sense that the state’s credit card score is below the national average by 14 points.
Of course, with such a flourish of legalized gambling activities it’s no wonder that Nevada residents’ debt can be tied to gambling. It’s estimated that the average Las Vegas household holds a $5,000 debt tied to gambling each year.
On the student loan debt front, with the University of Las Vegas at Nevada the largest school in the state, there is $10.4 billion in student loan debts currently owed. Recently, during the Coronavirus pandemic, the Nevada lawmakers asked debt collectors to ease up on their aggressive collection practices to help eliminate debt in the state.
Nevada Debt Fast Facts
- Population: 2.9 million
- Median Household Income: $58,646
- Average Credit Score: 655 (the national average is 669)
- Average Credit Card Debt: $7,871
- Average Student Loan Debt: $31,851
- State Debt Total: $3.8 billion
Debt Relief Laws That Protect Nevada Residents
Disclaimer: The information shared herein is intended to be a free resource for Nevada consumers looking to dismiss debt and does not constitute legal advice.
Whether battling credit card debt, medical debt or private student loan debt, Nevada has long been known for passing debt resolution laws that aggressively protect its citizens.
If you are embroiled in a deepening debt situation in Nevada, Resolvly can help find an expert team of seasoned debt resolution lawyers to help eliminate debt or at least dismiss debt as soon as possible.
The Fair Debt Collection Practices Act
There are many ways to find debt relief and fight harassing debt collectors and avoid or defend a debt lawsuit. In one case, every consumer has specific rights invoking the federal laws outlined in the Fair Debt Collection Practices Act (FDCPA).
The FDCPA as it relates to Nevada residents specifies how to eliminate debt by enforcing your consumer rights against harassing debt collectors. For example, a collector can only call an individual between the local hours of 8am and 9pm. In addition, collectors cannot harass individuals or threaten a citizen with bodily harm or the potential of arrest.
Nevada locals in debt also have the ability to stop collectors from repeat callings by sending a physical letter to the agency requesting a cease and desist from the pestering calls. If the FDCPA is violated, a debt resolution company can find you debt defense attorneys who can help you get out of debt and also seek damages and attorney fees.
The Fair Credit Reporting Act
Another consumer protection law designed to assist Nevada residents from false or misleading credit information is the Fair Credit Reporting Act (FCRA) which can protect consumers against credit card debt becoming a lawsuit. The FCRA protects the privacy and accuracy of your personal credit history. If an entity violates your rights outlined in the FCRA, there are legal actions that could not only dismiss debt, but earn monetary damages in addition to the recoupment of attorneys’ fees.
There are other debt collection acts unique to the state of Nevada that a debt resolution attorney can use to defend you in case of a debt lawsuit. For example the statute of limitation to collect on a debt whereby debt would be dismissed is six years.
Let Resolvly Find The Right Debt Relief Lawyer
When it comes to dealing with debt – whether medical debt or credit card debt – ignoring the problem won’t make it go away. Utilizing the legal referral service of Resolvly, can help you hire a lawyer to get out of debt by helping you understand your specific circumstances, and clear the path to debt relief and debt resolution.
We work with consumer protection lawyers trained in debt relief to protect your rights, fight harassing debt collectors and hopefully eliminate debt completely.
Resolvly helps you hire a lawyer to help dismiss debt so that you can live debt free. Our goal is to help you attain true financial freedom and debt resolution. We offer a free consultation designed to refer you to a consumer defense attorney who will work to eliminate your debt. Simply call 844-479-3457 to speak with a debt freedom specialist who will help guide you on the path toward debt resolution so you can once again be debt free.