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“They say that everything is bigger in Texas, and apparently that includes credit card debt burden,” Matt Schulz, senior industry analyst of CreditCards.com.
San Antonio and Dallas credit card holders have an average balance of $4900 which is 10% more than the national average. These two cities including Houston are among the most burdened by debt with the state’s median income being more than $2,000 below the average. 1 out of 5 households in Texas lives in poverty, 14% higher than the national benchmark. So unlike other high-debt cities like Boston and Philadelphia, it would take much longer to pay off balances. This could be why Texans have the worse credit rating despite having lower overall debt statistically speaking.
If you are one of the many Texans who are looking for Debt Consolidation in TX to reduce their debt, take action now. When it comes to debt, each day counts. It is important that you act fast and stop your debt from ballooning even further. There are many Texas debt consolidation options available for you.
Often known as consumer credit counseling, debt management is a creditor-sponsored program designed to pay your debts back. This involves paying what you owe in full with interest. Your debts are merged into one account so you only have to make one single payment per month instead of multiple payments for each of your accounts.
In the past, credit card companies gave large concession in the form of low interest rates in a debt management plan. However, at present, interest rates are not reduced by credit card companies as much as before. Getting new credit is not allowed until you complete the program and all your current credit cards will be canceled as well.
Payments become higher in many cases because debt management companies or credit counseling firms charge a monthly fee for their services on top of your payments. One reason for this is that they are not paid by credit card companies as much as they used to for debt management programs.
Debt management plans used to have many benefits. But because interest rates do not go down as much especially when companies are charging monthly fees, it is becoming harder for some to make one big payment each month. Also, if you are currently under very high interest rates, enrolling in a consumer credit counseling in Texas may not be able to reduce your debt and save money from interest.
A debt consolidation in Texas may sound like a quick fix to settle your existing obligation into one single credit facility but it can also post some problems to consumers.
An unsecured debt consolidation loan such as pay day loans, personal loans or credit cards is given without any collateral. However, they mostly have very high interest rates. You will most likely end up paying more than the amount you initially borrowed.
Secured debt consolidation loans in New York are also available. Properties with equity are used as collateral to take out these types of loans. Lenders often claim that this is the best way to eliminate debt without compromising your credit score. While this may be true, in reality, it is a very risky decision to make. You could face property foreclosure or seizure of your asset for replacing your unsecured debt with a secured loan. Now, aside from your monthly payment, you also risk your assets should you miss a payment and fall delinquent. With this type of debt consolidation, you may be so strapped financially in the next years, your only option may be bankruptcy aside from the fact that you could potentially lose your home.
If you do not want to fall into a trap and take high risk decision, then you might be able to benefit from a program like debt negotiation in Texas.
Debt Negotiation, best known as debt settlement in Texas, is a process where you may be able to reduce your overall debt by a huge amount. It is considered to be the best alternative to bankruptcy in Texas. This type of debt consolidation aims to help you pay off your debt at a lower amount and at the shortest time possible. A monthly savings plan is established in a special purpose account. As your savings increase, our team of experts resolves your debt through negotiating with your creditors for the best reduced amount possible. Once an account is settled, it is only when our fees are collected. The process is repeated for each of your accounts until all becomes resolved.
Although debt settlement in TX can have a negative effect on credit, it is a better alternative to bankruptcy for many reasons. In many cases, it takes just about two to five years to finally resolve all debts. Our TX debt consolidation program aims to help you to save as much money possible and end your debt the soonest.
CuraDebt is the expert when it comes to debt consolidation in Texas. Thousands of individuals and small businesses have benefited from the debt consolidation program we offer. Our experienced debt counselors take time to listen to the unique financial situation you are currently facing, as well as your financial goals and monthly budget. They will guide you and inform you of the best course of action available for you to become free of the burden of debt. Our team has been counseling residents from Texas for over 16 years. We can guide you through which type of debt consolidation in TX best fits for the circumstances you are in.
Debt consolidation is not an easy decision to make. It requires long term commitment to a debt free life. Learn about your options for debt consolidation TX before making a decision. Contact CuraDebt for a no-obligation free consultation. If you have tax debt, we can also help. Get a free tax consultation and talk to our tax experts today.
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