According to CBS News, Americans racked up more than $100 Billion of credit card debt last year alone. In the aftermath of the Pandemic, rising interest rates and inflation have hit many Texans hard. If overwhelming credit card debt has become unaffordable, you are not alone. Fortunately, there are options to deal with the debt and save money every month to help afford the rising costs of living expenses. With so much uncertainty in our economy, the sooner you get help, the better you may be able to protect your family's financial future.
Texas Debt Relief in Corpus Christi
Affordable Debt Consolidation provides a Texas Debt Relief plan, which is a debt settlement program designed exclusively for Texans. The company offers Texans their Texas Debt Relief plan, which has 40% lower settlement fees compared to most out-of-state services and companies that provide services to multiple states. This plan negotiates significant reductions in credit card debt and personal loan debt balances. Medical bills, car repossession deficiency balances, and even collection lawsuits can be included. If you are struggling with $20,000 to over $100,000 of debt, you may be able to resolve the debt in as little as 24 to 48 months, with program payments often less than half compared to minimum payments.
Debt Consolidation Loans in Corpus Christi
If you have a good credit score and a good debt-to-income ratio, you may qualify to pay all of your high-interest credit card debt off with a lower-interest debt consolidation loan. This provides you with a few advantages. The first one is a potentially lower monthly payment compared to your combined credit card payments. This could free up some cash to help with day-to-day expenses without having to rely on more credit. Second, the term to pay off the debt could potentially be shortened from decades to a few years. Third, these loans are usually at a fixed rate, which will protect you from future rate hikes. More rate hikes could be hitting your credit cards in the coming months. Last, there is the confidence of one monthly payment. If you use this method, it is important not to re-load your credit cards, or you could wind up in a much worse situation.
Debt Consolidation Loans in Corpus Christi
Credit counseling is another option to consolidate debt without using any new loans. While this does not reduce your principal balances, the credit counselor will assist in lowering your interest rates with your credit card debt. This will give you some of the advantages of a debt consolidation loan including a potentially lower payment and a shorter payoff time, but you will not be able to use your enrolled cards.
Bankruptcy in Corpus Christi
While most Texans want to avoid bankruptcy, it is another option for those in dire financial hardship. If you can qualify for Chapter 7, your debt could be discharged in a few short months. If you do not qualify for a Chapter 7 due to your income and assets not meeting the bankruptcy guidelines, your only option might be a Chapter 13 repayment plan. In some cases, Chapter 13 will be less expensive than debt settlement, and in some cases, it will cost more. If you are considering this option, it is important to consult with a Texas Bankruptcy attorney. Affordable Debt Consolidation has a special arrangement with a highly-rated Texas bankruptcy law firm to help make this comparison easy if this is something you are considering.
If you have a high credit score and need it to make more purchases on credit relatively soon, debt settlement, credit counseling, or bankruptcy are probably not your best options. This is assuming that you can afford more debt and your debt-to-income ratio is low enough to be approved by lenders. Anytime you do not pay the creditors as agreed, whether through a program or not, your credit score will be negatively affected. However, you can recover your credit score relatively easily with the right steps. You cannot recover the lost money to interest or the lost investment opportunity if you had invested the money spent on interest payments.
If you are struggling with $20,00 to $100,000 or credit card debt or personal loans, speak to a
Texas Debt Specialist with Affordable Debt Consolidation today. Call: 361-724-3000 or visit www.affordabledebtconsolidation.com
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