Virginia Debt Relief Programs and Financial Assistance Resources

If you’re a Virginia resident facing credit card debt, InCharge Debt Solutions is here to lend a hand. We provide free credit counseling to residents across the nation, and we’re especially ready to help Virginians take control of their finances.

During a credit counseling session, one of our certified counselors will sit down with you to review your budget and discuss options for debt relief. For many, that might mean enrolling in a debt management program through InCharge.

With a debt management program, we’ll work directly with your creditors to consolidate your debt, reduce your credit card interest rates, and set up a manageable monthly payment plan. InCharge takes care of everything — collecting your payment each month and distributing it to your creditors. Plus, there’s no credit check required to join, so even if your score isn’t where you’d like it to be, we can help find a solution to ease the burden.

Virginia has a history of perseverance and resilience, and we’re here to help you meet this financial challenge with that same strength.

Debt Relief Options for Virginia Residents

There are several options in Virginia for debt relief. The one that is right for you depends on your financial situation. If you’re having a hard time coming to a decision, a free credit counseling session will help you review your options. Here are your options for debt relief in Virginia.

Debt Management

InCharge is a non-profit debt counseling service that assists eligible Virginia residents regain control of their finances.

InCharge’s debt management program allows Virginians to pay down large sums of credit card debt at reduced rates of interest. The program involves consolidating debt without the use of a loan, and there is no minimum credit score requirement. This opens the door for those who’ve been barred from other debt relief options like balance transfers or debt consolidation loans.

Here’s how InCharge’s debt management program works:

1. You and an InCharge credit counselor discuss your income and expenses to make sure a debt management program is the right move. InCharge will work with creditors to reduce the interest rate on your credit card debt, (usually 8% or lower) and arrive at an affordable monthly payment.
2. If you decide to enroll, you will send InCharge a single payment every month.
3. InCharge distributes this money to your creditors in agreed upon amounts, saving you the hassle of sifting through multiple credit card bills.
4. The program is designed to eliminate

Debt management may not work for everyone; in this case, InCharge’s credit counselors will discuss other options, including:

Debt Settlement

Debt settlement lets you settle your debt for less than you owe. It’s a good option for those consistently falling short on monthly payments; a bad option for those looking to boost their credit scores. Debt settlement is best viewed as a last resort option, one step ahead of bankruptcy.

Balance Transfer

A balance transfer is when you transfer the balance of your current credit card to a new card with a special introductory rate. The new rate is set at or near 0% and allows you to pay down your credit cards without the burden of piling interest. Keep in mind, you likely will need a credit score of 680 or better to qualify and this special intro rate usually expires after 12 months, though the exact time will vary by card company.

Debt Consolidation Loan

A debt consolidation loan works best with higher credit scores. You can use a debt consolidation loan to pay off your credit cards at a lower interest rate. Remember, you will still have to repay the amount borrowed, but a lower rate means less money lost to interest each month.

Bankruptcy

Bankruptcy is the last resort. It gives consumers a second chance to get their finances in order. It will be difficult to find credit anywhere – bankruptcy stays on your credit report for 7-to-10 years – but at least you’ll have the weight of unsecured debt off your mind.

DIY Debt Relief

For those who prefer a “DIY” approach, InCharge can provide DIY debt management templates offering a more personalized, hands-on approach.

Virginia Debt Resources

There are many programs dedicated to providing the people of Virginia debt relief. Below is a list of resources offering housing, financial, and more.

 Virginia residents can find financial aid from the following sources:

• Temporary Assistance for Needy Families (TANF): This program offers financial aid to eligible families and children. Your benefit amount depends on the size of your family and can last up to 60 months.
• General Relief for Unattached Children: Like TANF, this program offers cash assistance for needy children. However, these benefits are reserved for children in the care of a caretaker who is not “a specific relative.”
• General Relief for Burial Expenses – This program offers Virginia residents cash assistance for funerals. Applications must be completed within 30 days of the date of death. The maximum assistance offered is $500 towards the burial/cremation.
• Virginia Beach Water Assistance Program: Virginia Beach Public Utilities offers assistance to residents with their city services bill. Eligible Virginians can receive a max of $300 once per fiscal year for a City Services Bill; and $250 for a plumbing repair.
• Crisis Assistance​: This program offers emergency heating needs to families who have exhausted all other resources. It can cover primary heat security deposits, utility bills, repair and replacement of heating equipment, primary heating fuel or emergency shelter. You can apply online here.
• Supplemental Nutrition Assistance (SNAP): This is a federal program offering food stipends to low-income families. Eligibility requirements are determined by income and household size. A 4-person household must take in under $2,839 a month to qualify. Apply here.
• Emergency Allotments: This program increases the benefit amount of SNAP recipients; however, it is only available for those who do not already receive the max amount. There is no need to apply. Virginia will begin dispersing emergency allotments on January 16.

Virginia Debt Statistics

As of October 2024, Virginia’s unemployment rate sat at 2.9%, much lower than the national rate of 4.1%. Virginia has the 10th highest median household income is ($80, 963). But high salaries don’t translate to low credit card balances. Virginians have the 9th highest average credit card debt among states.

Here’s how Virginia stacks up in other categories:

• Consumer Debt: The average consumer debt for Virginia residents in 2023 was $128,386, a 1.2% increase from 2022.
• Mortgage Debt: Virginia residents owe an average of $278,177 on their mortgage.
• Student Loan Debt: The average Virginia college graduate owes $40,137, third highest in the nation.
• Credit Card Debt: The average credit card debt in Virginia stands at $7,002.
• Credit Scores for Virginia Residents: Residents average 721 on their credit score; six points higher than the national average of 715.