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Virginia Beach is a very popular destination for tourists. It is home to a spectacular beach, amazing boardwalk, and a state park. It also boasts one of the largest naval bases in the country, Oceana Naval Base. Even though it is a popular vacation spot, about 450,000 people call the town home. Residents can enjoy a low crime rate, nice weather, and numerous cultural activities. It is a fun place to live. However, many of the citizens of Virginia Beach are faced with a tremendous amount of debt. Therefore, they need a solution to help them get their life back on track. If you are struggling to stay afloat financially, debt settlement might be a good solution.

What is Debt Settlement?

If you have a significant amount of unsecured debt, you can negotiate with your creditors to come up with a settlement. You can settle your debt for much lower than you actually owe. You can hire a debt settlement company, or you can attempt to settle the debt on your own. If you hire a company, you will pay them a certain amount each month, and they will pay your creditors. It usually takes up to 4 years to become completely debt free.

Who Qualifies for Debt Settlement?

In most cases, you must be behind on your payments before you enroll in a debt settlement program. You also need to have more than $7,500 in qualifying debt. Only unsecured debt can be settled. Your credit score is not considered, but you must be able to prove that you can make a monthly payment. Many companies require that you prove that you have a financial hardship. While settling your debt, your credit score will be negatively impacted; however, in the long run, you will get it up.

Advantages of Debt Settlement

Before you choose debt settlement, you need to be aware of the benefits. Some of the benefits include:

  • Lower monthly payment: The payments you make to the settlement company will be much lower than what you are paying each month to the creditor.
  • Pay off debt faster: You can get out of debt within a few years.
  • Alternative to bankruptcy: Debt settlement is a better choice than bankruptcy.
  • Lowers stress: If you hire a professional debt relief company, they can deal with the creditors so you will not have to.
  • Pay less money: With debt settlement, you could pay up to 50-60% of what you owe.

Wealth and Poverty in Virginia Beach

The poverty level in Virginia Beach sits at 10.9%, which is below the state’s level. The unemployment rate is 4.6%, which is right at the nation’s average. The state of Virginia has been trying to make efforts to increase the unemployment benefits. The cost of living is just slightly above the nation’s average. The median household income stands at just over 60,000, and the median home price is about 214,000. Over 90% of people have a high school diploma, and 30% have received a higher education.

Socioeconomics of Virginia Beach

The median age of people in Virginia Beach is 34.9, and 57% of people are married. 88% speak English, and 4% speak Spanish. 68.12% of the citizens are white, and 19% are African American. 6.4% are Asian. The average credit card debt in the state of Virginia is $5329.

Virginia Debt Relief Laws

The statute of limitations for debt in Virginia is 5 years for written contracts and 3 years for open accounts. It is a criminal offense for anyone who pretends to be a debt collector. Debt collectors are not permitted to call you before 8:00 A.M, and they cannot contact you after 9:00 P.M. Creditors cannot use intimidation tactics or threaten you. Debt collectors cannot contact you if they know you are represented by an attorney. If you send them a letter requesting that they stop calling you, they must stop. They cannot contact you at work if you tell them not to do so. They cannot mislead you or lie to you.

Virginia Debt Relief Resources

If you need debt relief, you can go online to see what resources are available to you. You can find information about credit counseling, debt settlement, and debt consolidation. Make sure you choose a reputable company that will take care of your needs and get out of debt. However, debt settlement is not quick. It takes a few years to complete the program.

Virginia Beach is the largest city in Virginia. There is so much to do in the city. You do not need to be burdened with debt problems. If you are struggling financially, search your options to see if debt settlement might be right for you.