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Best NY New York Debt Relief Program

Whether you live near the pristine waterways and boreal forests in the Adardondex Mountains, next to the iconic skyscrapers in NYC, or in an oceanfront home on Long Island – New York (NY) Debt Relief, Settlement, and Consolidation Programs can help. These plans have already rescued millions of New Yorkers, going back since 2004.

You can resolve medical bills, collection accounts, credit cards, personal loans and just about any unsecured debt.

Have you ever tried working with unreasonable creditors on your own, asking them to reduce your monthly payment?

Often, they won’t budge on the monthly payment.

Next, we will illustrate an example of a Prosper Funding personal loan that was sent to a collection agency and disputed with the NY debt validation program. Before signing up for the plan, the consumer tried working directly with the lender on reducing the payment. The lender rejected their request, forcing the consumer to join a debt relief program.
Debt Relief Programs in NY Can Resolve Personal Loans


Within one year after the consumer was approved for the program, this letter above was then received.

The creditor agreed to stop collection on the debt and remove it from all three credit reports entirely. The cost of the program was approximately $6,000, resulting in a full resolution of this $12,000 debt. The consumer saved roughly $6,000, including all fees.

Results like the example above are common. The consumer above had a $12,000 debt that they could not afford to pay. They then contacted Golden Financial Services and we provided them an affordable payment, helping them resolve the debt in only a year!

New York debt relief, settlement and consolidation options are available. We will find you the lowest possible payment and get you approved in under a day. If you don’t qualify for a program we will at least let you know the truth and help point you in the right direction to improve your financial situation on your own. For example, many consumers that don’t qualify for a debt relief program end up using this debt snowball calculator to pay off their debt on their own, while simultaneously improving their credit score.

New York Residents Can Call (929) 437-6155 For a Free Consultation With an IAPDA Certified Counselor. Learn your options for free and enroll in a plan if you qualify.

The History of New York’s Financial Problems & Statistics

According to the Office of the New York State Comptroller “From 2008 through 2013, throughout the Great Recession and the initial recovery, New Yorkers’ credit card debt per capita declined significantly, by 21.7 percent. This decline reflected a nationwide trend for most forms of household debt. However, the trend reversed starting in 2014, with per capita credit card debt increasing through 2017. From 2014 to 2017, credit card debt per capita increased by more than 14 percent in New York.”

Are you behind on credit card payments? If so, you’re not alone.

NY had the 8th highest rate of credit card delinquencies in the nation. 8.3% of credit card borrowers in NY are behind on credit card payments. The total credit card debt in NY exceeds $58.2 billion, the fourth-highest in the nation. In 2018, the Federal Reserve increased its Federal Funds Rate four times, resulting in credit card companies also raising interest rates. In 2019, at least two more rate hikes will occur, according to the latest projections. When interest rates go up, shortly after monthly payments also increase, making it even harder for consumers to pay off high credit card balances. So, if you’re struggling to make minimum payments now, the fight will only get tougher.


Compare New York to National Debt

This credit card debt crisis is affecting the entire nation, not only in New York.

As of 2019, credit card debt in the U.S. is at $870 billion, an all-time high.

“It’s the first time credit card balances have reached the 2008 nominal peak”, according to a recent article in Fox Business.


Total Credit Card Debt Per Each NY County & City

  • The average credit card balance in Manhatten is $7,400.
  • The average credit card balance in the Hudson Valley area is $6,800.
  • The average credit card debt on Long Island is $6,700.
  • Kingston’s average credit card balance is $5,500.
  • The average credit card debt in Brooklyn is $5,400.
  • The average credit card debt in Niagra Falls is $5,100.

NY is the 3rd Most Expensive Place to Live

Unfortunately, to live in New York is expensive. New York is the third most expensive place to live in the Nation, just above California which is the fourth most expensive place. The most expensive states to live in the nation are Hawaii at number one, and Washington D.C. at number two.

In Manhatten, a can of coffee is $6.14, and a dozen eggs could cost you around $2.14. The average rent for a 1-bedroom apartment in Manhattan is $4,188. However, Manhattan is not the only expensive place to live in NY. The median home value in towns like Kaser, Sleepy Hollow, Nyack, Portchester, and Manorhaven, is over $550,000 and the average income is over $60,000 per year. This average income of $60,000 or more may sound high, but many New Yorkers can’t even afford their essential living expenses on this income.

How Golden Financial Services Helps New York Residents Get Out Of Debt

The Attorney Generals’ in more than 20 states have brought enforcement actions against debt-relief companies since 2004. According to comments filed with the F.T.C., the number of consumer complaints against companies in the industry more than doubled from 2007 to 2009. Post-2009, customer complaints against debt settlement companies in New York started to slow down because regulations were passed and fraudulent companies could no longer legally charge up-front fees. Golden Financial Services was one of the first debt negotiation companies to offer a program where no fees are charged until AFTER the debt is resolved.

Additionally, no other NY debt relief company offers multiple plans; including validation, credit counseling, settlement and consolidation. You have the power to make a choice based on what suits you best at

If you are in the early stages of researching debt-relief options, take your time and read this entire page. The following page explains each debt relief option in detail including consumer credit counseling, debt consolidation, settlement, and validation plans.

Evaluating each plan’s downsides versus the upsides is important.

Call (929) 437-6155 For a Free Consultation with an IAPDA Certified Counselor.


New York Consumer Credit Counseling

New York consumer credit counseling companies work for your creditors. They have pre-arranged agreements already in place, regarding how low your interest rates can get reduced.

NY Consumer credit counseling is not a “financial hardship plan”. You continue paying your creditors every single month with this type of program but at a reduced interest rate. Your creditors get paid back in full, plus interest.

The main benefit of consumer credit counseling is that interest rates get reduced, allowing clients to pay off all credit card bills within 4.5 years on average.

If you can’t afford to pay at least minimum payments, you won’t qualify for consumer credit counseling. You will, however, be eligible for a financial hardship plan. The following two financial hardship programs let you pay a significant amount less than the total owed.

New York Debt Validation Program

With this first hardship program, your creditors don’t get paid every month. When successful, you only end up paying the debt relief company’s fees. Since you are only paying the company’s fees, you can potentially save more money with this plan than any other option.

Here’s an example of how debt validation allowed this next client to walk away from $18,600 of Wells Fargo credit card debt.

New York Debt Relief Program Resolves a Wells Fargo Credit Card Debt

To get a savings estimate of what you could save on a validation program use this online calculator.

NY Debt Validation Program

  1. The total cost is around 48% of your total balances (and that’s all you would end up paying when successful)
  2. The debt and its associated negative marks could get removed from credit (if the debt is invalidated)
  3. The plan comes with a money-back guarantee and credit repair
  4. You get to choose an affordable monthly payment
  5. The entire program takes around 36 months (average)
  6. If an account is proven to be legally uncollectible, in this case, there would be no tax consequence
  7. Debt negotiation can be a backup plan to resolve an account if it’s proven to be valid

Validation Downsides

Debt validation includes most of the same downsides that come with a settlement program because creditors don’t get paid every month. The difference is that with validation, collection agencies are all addressed immediately. Where with a settlement plan, one creditor at a time is negotiated, and one by one accounts get settled. With a settlement plan, some creditors may sit for two years before they are negotiated with, allowing more time for a lawsuit to occur.

  1. Chance of creditors issuing a summons to go to court
  2. Temporary negative impact on credit
  3. Creditors could validate the debt, where in this case, clients get a refund
  4. If current on accounts before joining, clients will experience a period where the original creditor calls and sends letters demanding payment
  5. Technically speaking, the debt doesn’t disappear or go away until the Statute of Limitations expires, but instead it’s proven to be legally uncollectible. A legally uncollectible debt is one that does not need to get paid and can’t legally remain on credit reports.

New York Debt Settlement Companies

Here are a few tips to help you choose the right debt settlement company in New York. Golden Financial Services can also assist you with enrolling in an attorney based debt settlement program with an A+BBB rated law firm.

  • Debt settlement companies in NY can only charge a fee after a person’s debt is resolved. Make sure the company helping you is not trying to charge any up-front fees, as this is illegal.
  • Also, check a settlement company out at the BBB, before joining their program. The BBB shows you if a company has any government action against them. If you see that a company does have government action against them, this is a reliable indicator that this company won’t be in business much longer.
  • Make sure the company is A+BBB Rated, Certified by the IAPDA and check a company’s reviews on Google and other review sites so that you can see what actual clients have to say.
  • Most importantly, make sure the debt settlement company is abiding by New York laws and not charging up-front fees. Reputable NY debt settlement companies will only charge the settlement fee after each debt is settled and paid.
  • There are also downsides to beware of with debt settlement, which we will go over below. Make sure whatever company is helping you, that they highlight these downsides in detail and go over how you will overcome these obstacles if they are to occur while enrolled on the plan.

This next example illustrates a debt collection account (initially a Citibank Retail Credit Card) that gets settled for under 50% of the balance. In total, this client ended up paying less than 60% of the total balance on this account, including debt settlement company fees. This next consumer was enrolled in an attorney-model debt settlement program through Golden Financial Services.

debt settlement new york

New York Debt Settlement Program Benefits

  1. You can save around 25% (including fees)
  2. A top-rated law firm will be assigned to assist you, ensuring your consumer rights are defended
  3. All creditor phone calls must get directed to your lawyer, according to the FDCPA law
  4. You get to choose an affordable monthly payment
  5. Become debt-free in 12-48 months
  6. A viable option to avoid bankruptcy

Debt Settlement Downsides

  1. After a debt is settled and paid, past collection and late marks remain on credit
  2. There is no guarantee that creditors will settle for less than the full balance, but most of the time they do
  3. Debt settlement does NOT include credit repair
  4. The IRS could require you to pay taxes on the amount saved
  5. Creditors could issue a person a summons to go to court over an unpaid account

Keep in mind that these are both financial hardship plans. Meaning, your creditors are not getting paid every month. Creditors could potentially serve you a summons to go to court. Late fees can make your balances grow before the debt is resolved. And your credit score will get at least temporarily negatively affected.

Debt settlement companies in NY, like Freedom Debt Relief and National Debt Relief, can only settle your debt. But the truth is, before settling a debt you should challenge the validity of it because in many cases this can be your least expensive route to resolving a debt. Just like how a speeding ticket attorney would fight a speeding ticket, credit card debt can also get disputed.

The debt becomes legally uncollectible if the debt collection company can’t validate it. A legally uncollectible debt is one that does not need to get paid and can’t legally get reported to Experian, Transunion or Equifax. Million’s of New Yorkers can walk away without paying anything on a debt besides the debt reduction company’s fees.

Owe Above $10,000 in Credit Card Debt?

A $10,000 credit card debt could get resolved for around $4,500 with debt validation if it was proven to be legally uncollectible.

You are probably thinking, “but it’s my debt; I spent the money.” Yes, you did spend the money, but that doesn’t mean your creditors are abiding by the laws and maintaining complete and accurate documentation.

A debt negotiation program could settle this debt for around $7,000 including program fees. What happens to the other $3,000? This is amount is completely forgiven.

One downside of debt settlement is that creditors are required to report the amount that gets forgiven as taxable income. You could receive a 1099 from the IRS asking you to pay taxes on the amount saved. To fight this tax liability clients resort to a simple resolution in most cases. You can file an IRS Tax Form #982 illustrating insolvency and eliminating any taxes owed.

New York Debt Relief Program Reviews for Golden Financial

Getting harassed by creditors or a debt collection law firm? New York debt relief programs can help prevent creditor harassment.

IAPDA certified debt counselors are available to talk with NY residents for a free consultation from (Monday–Saturday, 8am–9pm), at (866) 376-9846 and call locally at (929) 437-6155.

Additional Information on NY Debt Relief Programs (see Table of Contents)

What Type of Debt Qualifies for New York Debt Relief?

  • Student loans (including federal and private student loans)
  • Credit card debt
  • Third-party debt collection accounts
  • Almost any type of loan
  • Repossessions
  • Bad Credit is OK, we can still help, and credit repair is included in some plans


Option 1: Debt Settlement New York

  • Debt settlement in New York, also known as debt arbitration or debt negotiation, involves negotiating with creditors to accept a lower balance as “paid in full.” Your debt could be discounted down to only around half of what you originally owed, before debt settlement company fees. A portion of the balance could be completely wiped away and forgiven.
  • Not all clients can make it through a debt settlement program, keep that in mind. Some clients lose their income and have to drop out because they can’t afford to continue making payments.
  • Clients end up paying only approximately 70%-75% of their total debt, including fees.
  • Although the practice may result in a lower credit score temporarily, your debt to income ratio should improve throughout the program because each debt is paid off one by one.
  • Debt settlement can save a person from having to file for bankruptcy. Bankruptcy has the worst long-term effect on a person’s financial situation, negatively affecting everything from their ability to purchase a car, rent a house, buy a home and even get a job.
  • A debt settlement program includes only one monthly payment. That payment is deposited into a trust account and remains in the client’s control. As money accumulates in the trust account, one by one each creditor is settled and paid, until a person is debt-free.
  • Creditors don’t get paid every month, like with consolidation services, but instead paid in lump sum payments. Fees and settlement funds are all included in the monthly payment.
  • You will immediately start paying less money each month after getting approved on a debt settlement program in New York – putting extra savings in your pocket.
  • You will receive a date of completion, so you will see the light at the end of the tunnel – knowing when you’ll be debt-free!
  • Results do vary, but when a top-rated NY debt relief company is representing you, expect only the best.

Ready to take action?

Important point: Make sure to fully understand the potential negative consequences that can arise from a debt settlement program, such as; creditors can pursue legal action, negative marks can remain on your credit report, balances will increase before getting settled, and potential tax consequences may occur. We will fully disclose and discuss each possible adverse effects and offer advice on how to deal with each result if it was to happen.

Talk to a New York IAPDA Certified Debt Counselor Now (it’s FREE) 866-376-9846.


Option 2: Debt Consolidation New York

  • Debt consolidation is a loan that is used to pay off your existing debts.
  • You could even use a home equity line of credit to consolidate and pay off your debt, and that’s probably one of the smartest options available due to its low-interest rate.
  • The point of getting a debt consolidation loan is to reduce your interest rates, lower the monthly payment and get out of debt faster.
  • You can use a debt consolidation loan to pay off any debt.

Important point: Closely examine the interest rates and fees associated with a debt consolidation loan, before signing up for any loan.


What about NY debt consolidation programs for student loans?

  • Golden Financial Services can assist you with consolidating your student loan debt, getting them paid off within the next 90-days, and following up on your consolidated loan until you’re eligible for loan forgiveness. We will process your student loan consolidation through the government offered student loan programs. New York residents can either consolidate their student loans on their own or use a company to do the work for them, like what we offer at Golden Financial Services.
  • We can help you to navigate your way through the complex processes of student loan consolidation, getting on the right income-driven repayment plan and loan forgiveness.
  • To consolidate your student loans on your own, visit, and click on “repayment and consolidation.” The common problem students have when combining student loans on their own is that it can be time-consuming, complicated and easy to get kicked out of the plan. You could forget to file a particular form, check a wrong box on the application and forget to recertify on time one year – and bam, you get kicked out of the plan, lose eligibility for loan forgiveness and can even get your wages garnished.
  • To consolidate your student loans on your own and get loan forgiveness, here are step by step instructions on what to do.


What about using a debt consolidation loan to pay off credit card debt?

  • In New York, using a debt consolidation loan to pay off credit card debt is a popular option for consumers that have a credit score of 700 or higher.
  • If your credit score is under 700 and you have over $7,500 in credit card debt, you won’t have a sufficient credit score to get approved for a low-interest debt consolidation loan in New York.
  • Golden Financial Services does not offer a consolidation loan for credit card debt. Local credit unions will usually provide the lowest interest rate for a consolidation loan. If you own a home and have equity in it, your best case scenario would be to get a home equity line of credit. A home equity line of credit can be used as a consolidation loan and often comes with the lowest interest rate.

Talk to a New York IAPDA Certified Debt Counselor Now (it’s FREE)866-376-9846.


Option 3: Debt Validation Program in New York

  • Disputes your alleged debts and includes credit repair FOR FREE – you may not have to pay the debt, and it could come off your credit report entirely.
  • Debt validation can be the least expensive method to resolve an unsecured debt and get it completely removed from your credit report. Think about if you were to get a speeding ticket. You could plead guilty, where you would pay a fine, go to traffic school and get points on your license. You could also hire an attorney to fight the ticket, and in many cases get it completely dismissed – as if it never existed.
  • Debt validation is similar to getting a speeding ticket. You can fight the debt and prove it to be legally uncollectible, where legally the debt collection companies can no longer report the debt and negative marks on your credit report, and you wouldn’t have to pay the debt.
  • Golden Financial Services can introduce you to a debt validation program that comes with a money-back guarantee and stays with you until your debt is completely removed from your record due to the statute of limitations.
  • Debt validation will cost less than debt settlement in most cases.

Important point: The debt does still exist after it gets invalidated and could be sent back to your original creditor where collection activity continues. If a debt can’t be invalidated, it could then be settled for less than the full balanced owe. At Golden Financial Services we usually recommend using debt validation before trying to settle a debt.

Talk to a New York IAPDA Certified Debt Counselor Now (it’s FREE)866-376-9846.


Option 4: Consumer Credit Counseling New York

  • You start making one consolidated payment each month to the consumer credit counseling company, instead of paying the credit card companies.
  • In New York, consumer credit counseling programs consist of credit counselors working with your creditors to lower interest rates and create lower, consolidated monthly payments that are more affordable for the consumer. (this is not a loan)
  • With more manageable payments consumers have more disposable income for savings or retirement.
  • All credit card balances get paid in full within 4.5 years due to the interest rates getting lowered.
  • The company will then disperse the funds to each of your credit card companies, but at a reduced interest rate.
  • Your monthly payments get consolidated into one lower monthly payment, and you can become debt-free in around four to five years, compared to six years on your own.

Important point: Consumer credit counseling programs have the least adverse effect on credit scores, but it will show on your credit report that you’re in a consumer credit counseling program. Future lenders may deny you for credit because of this third-party consumer credit counseling notation on your credit report.
Talk to a New York IAPDA Certified Debt Counselor Now (it’s FREE)866-376-9846.

NYC & New York Property Tax Relief Options

If you can’t pay your property taxes in New York, this debt can become a “delinquent property tax lien.” Investors will then purchase a delinquent property tax lien. But before a property tax lien is sold to an investor, the homeowner will have a chance to pay off the debt. An investor can buy a property tax lien in NY if the homeowner doesn’t make any attempt to pay back their property taxes and has been given four warnings. The homeowner is then responsible for paying the investor back. If a homeowner can’t afford to pay the investor back, plus with additional interest, at that point the investor can take the property through foreclosure.

If you were only given three warnings before your property taxes getting sold as a tax lien, this could prevent the investor from eventually foreclosing on the property. Therefore, if you are a homeowner make sure to keep track of these warnings. The warnings must be in writing. Usually, a homeowner will receive a letter in the mail. That letter must clearly explain the situation at hand.

However, certain consumers are exempt from getting their delinquent property taxes sold.

Military Debt Relief Programs & Delinquent Property Tax Exemption

Millions of active military members have had their homes’ taken from them over the past due to unpaid property taxes when they could’ve taken a few small steps to protect their home from foreclosure.

Anyone who is an active military (U.S. Army, Navy, Marine Corps, Air Force, Coast Guard or National Guard) can request debt relief for delinquent property taxes; and this includes the spouses and kids (in most cases) of all active military members. Active military New York residents get legal protection from the Soldiers and Servicemembers Civil Relief Act and the NYS Soldiers’ and Sailors’ Civil Relief Act.

Due to these laws, homeowners who are active military can get their property taxes removed from a tax lien sale by completing this short form here. If you are active military and couldn’t afford to pay your property taxes, it’s imperative to take immediate action to avoid potentially having your home foreclosed.

Credit card debt relief NY programs are available for anyone who’s active military and who resides in NY. Military credit card relief programs do require you to get permission from your commanding sergeant, but with permission, you could qualify for a New York debt relief program offered through Golden Financial Services. Give one of our IAPDA Certified debt relief professionals a CALL at (866) 376-9846 (start with a free consultation)!

NYC & NY State Senior Citizen & Disabled Debt Relief & Homeowners’ Exemption

You can keep your home out of a delinquent property tax sale and avoid foreclosure if you are OVER 65 years of age and own a home in New York. Debt relief for credit cards and homeowners’ exemption both offer you debt relief options.

There are some other qualification factors to qualify for a homeowners exemption, to avoid having your delinquent property taxes sold at an auction, that include; your annual adjusted gross income must be under $58,399, and you must have lived at the address for at least 12 months (and it must be your primary address).

To avoid losing your property due to unpaid property taxes, you must complete this form here:

If you are a senior citizen with credit card debt, relief programs are available here at Golden Financial Services. Give one of our IAPDA Certified New York debt relief professionals a call CALL AT (866) 376-9846 (start with a free consultation)!

New York Debt Collection Statute of Limitations

According to Civil Practice Law & Rules, 2-213, the Statute of Limitations for credit card debt in the state of New York is six years. That means that your creditors only have six years to sue you over a credit card debt. However, if you have a third-party debt collection account and you decide to make a payment on it out of fear that you will get sued, now you’ve extended the time-period that your creditor can come after you.

About Golden Financial Services

Golden Financial Services has offices in New York, Florida, and California. Debt relief programs are accessible for consumers in almost all 50-states. The company is IAPDA certified, top rated by Trusted Company Reviews, and rated A+ by the Better Business Bureau.

Address: 21 Poplar Street, Cornwall, New York, 12518; Serving all of New York state and New York City since 2004. Apply for Debt Relief Today!

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