US Credit Card Debt has reached an all-time high at nearly 1 billion dollars. Forbes reports the average credit card interest rate at 24.16%. Combined with interest rate hikes and ongoing inflation, it’s no surprise that many Texans are struggling with overwhelming credit card debt and personal loans.
Debt Redemption Texas Debt Relief is a 100% veteran-owned company headquartered in Texas that exclusively assists Texans struggling with overwhelming debt. Their specialty is those facing credit card debt between $30,000 to $100,000 or more. Options discussed are debt consolidation loans through their affiliate platform of lenders, credit counseling, and their Texas Debt Relief program, which is offered to Texans with up to 40% lower fees compared to most out-of-state debt relief companies.
Debt Consolidation Loans
By locking in a low-interest debt consolidation loan to pay off higher-interest credit card debt, you may be able to have a lower monthly payment, pay off the debt faster, and protect yourself from future interest rate hikes. By shopping with multiple lenders using one application, you can choose the best option, and there is no impact on your credit score to review offers.
Credit Counseling:
A credit counseling program is an option to reduce interest rates without a new loan. As a hardship program, you pay the credit counselor one payment per month, and the credit counselor distributes the payments to your creditors. Most credit card lenders will accept these plans, but other lenders, including predatory lenders, may not. You will not be able to make further charges on your cards if you enroll them, but the amount of money you save every month could be applied towards your living expenses and savings.
Texas Debt Relief
Debt Redemption’s Texas Debt Relief program is different from credit counseling as it negotiates the balances, not just the interest. Program payments could be less than half compared to minimum payments in many cases, while the estimated time frame to resolve the debt may be as short as 24 to 48 months, depending on your budget. Your creditors must be in a delinquent status to receive the best offers from your creditors, so this will negatively impact your credit score. This option may be the best bankruptcy alternative if you are delinquent in paying your debt or if you feel you will not be able to pay it in the near future. Once the debt is resolved, it is relatively easy to rebuild your credit with the right steps, and once the debt is gone, your debt-to-income ratio will improve. Poor debt-to-income ratios are why many Texans use this option over a debt consolidation loan. Debt Redemptions Texas Debt Relief program fees are often 40% less when compared to national out-of-state competitors, so the savings can be huge.
Bankruptcy
There are generally two types of consumer bankruptcy, Chapter 7 and Chapter 13. If you meet the means test, which examines your income and assets, you may be able to discharge all your unsecured debt in Chapter 7. If you do not meet the means test, your only bankruptcy option could be a Chapter 13 repayment plan. Sometimes a Chapter 13 is more expensive than a debt relief plan, sometimes it costs less. If you are considering this option, you should seek the advice of a qualified attorney. Debt Redemption makes it easy to compare bankruptcy to non-bankruptcy options through a special arrangement with a highly-rated Texas bankruptcy law firm.
If you are someone you know is struggling with $30,000 to $100,000 or more of high-interest credit card debt or personal loans, call 800-971-4060 or visit https://debtredemption.com to speak to a Texas Debt Specialist. Be sure to ask about their lowest-fee guarantee. The company has been serving Texans for 20 years, and you may click on the Better Business Bureau logo to check out their rating and accreditation and read client reviews from other Texans they have assisted.
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