Debt Relief Texas Solutions
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Debt Relief Texas Solutions
Regardless of how much or how little it is, debt is impossible to ignore. Whether you are struggling with repayment of credit card debt or your mortgage is proving hard to pay off, you will be in a constant state of worry.
However, with our services by your side, you can let go of your worries and let us take over. Debt Relief Experts of Texas are skilled in the art of providing debt relief Texas to people who are in dire need of it. Enrolling in our debt relief programs Texas will give you immense peace of mind and satisfaction.
We offer a wide range of options, such as debt consolidation Texas, tax debt relief, mortgage debt relief, or credit card debt relief, helping you get out of debt as soon as possible. Get in touch with us today to discuss your debt relief Texas options with us.
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Why Choose Us?
When choosing a debt relief company, you have to keep in mind that there is no such thing as a one-fits-all solution. Therefore, you have to find something that works particularly for you. A competent company will be able to find the right solution for your Texas debt relief needs.
In our years of providing debt relief services to Texans, there has been no question of our competence, so we assure you that you will be fully satisfied with what we offer. Here is why we should be your first choice in terms of debt relief services:
Certified and Credible
Scams and frauds are very common in the debt relief space, as fraudulent companies often take advantage of naive and confused individuals in debt. We are certified by the Financial Counseling Association of America. Thus, we are fully qualified to provide the services we offer.
Providing Texas debt relief services is not something we have started doing overnight. Rather, we have been in the field for years, offering our Texas debt relief services to people who are stuck with credit card or mortgage repayments.
When you come to us for your Texas debt relief, know that we have most probably dealt with a similar case in the past. So, it will not take long for us to offer you a solution and get you out of debt as soon as possible.
Many debt relief companies only deal in credit card debt or Texas debt consolidation loans. But what if you have mortgage debt too? In that case, you should choose us for Texas debt relief since we offer different kinds of debt relief services.
We understand that a delinquent borrower is already in debt. That is why we do not increase your financial burden. Instead, we charge competitive fees so that no one has to plunge deeper into debt simply because they cannot afford professional advice.
Call us today to learn more about our debt relief Texas services.
Debt Relief Texas Options
If you find yourself deep in debt, know that there are certain ways to find your way out of it. However, you have to be disciplined and follow a plan for three to five years to make this happen. Below, we discuss these five options in detail.
Debt Consolidation Texas
Debt consolidation loans Texas quite simply means that you take a single loan from a credit union or bank and pay off all your debt from different sources using it. After that, you are only left with the one big loan you took.
If you are looking for one of the best debt consolidation companies in Texas, give us a call.
You now have to repay this loan in monthly installments. Debt consolidation loans Texas has a number of benefits:
- Single Payment: When you have three or five different kinds of debts, you have to make multiple payments. On the other hand, when you get one big loan and repay it, that is only a single payment. Thus, your debt becomes easier to manage as you are not making multiple payments.
- Low Interest Rates: When you choose Texas debt consolidation, you only have to pay the interest on this big loan. On the other hand, if you were repaying three different kinds of debts, you would also be paying off three interests. When you add them, they will be higher than the interest you pay on the big loan you take to consolidate your debt.
- May Increase Credit Score: Another benefit of Texas debt consolidation loans is that it could end up raising your credit score. When you choose debt consolidation in Texas, your credit utilization rate will decrease, and this helps increase the score. The credit utilization rate comes from the amount you owe to your credit limit.
- Less Stress: By utilizing debt consolidation in Texas, you make your debt more manageable. Instead of handling multiple payments, you now only have to care about one, which instantly makes the whole process seem more doable. Also, you reduce the risk of missing a payment and seeing it reflect negatively on your credit score.
Debt Management Program
Sometimes, a debt management program can help you a lot since it will lower your interest rate and make it easier for you to pay off your debt. A nonprofit agency will consult with your creditors, making them lower your monthly payments and interest rates to a level affordable for you.
In this way, if you are consistent with payments for three to five years, you will be able to repay your debt and gain financial freedom. Along with that, it will help improve your credit score and teach you how to budget properly so that you do not put yourself deep in a debt situation any time in the future.
However, these plans are quite strict, so you must be disciplined if you want to benefit from them. Otherwise, if you miss even a single payment, the creditors may cancel your concessions.
Debt Settlement Texas
Debt settlement Texas is unlike your DIY debt relief solutions. The process is tough but ends up saving you quite some money. Basically, you have to send funds to a settlement company, and they monitor the amount.
When they think there is enough, they will strike a deal with your creditors, paying them 50% to 70% of what you owe them. This is called debt settlement Texas. However, the process can take years.
During this period, your debt keeps rising because of interest fees and late fees. By the time you repay all of this, you have only eliminated up to 25% from your original bill. Most importantly, Texas debt settlement puts a negative impact on your credit report for seven years.
If you want to learn more about debt settlement in Texas, get in touch with us today.
DIY Debt Consolidation Texas
Now, this is something you can do on your own if you are really committed to paying off your debt. Basically, what you do is that you build a budget for yourself and lower your monthly spending. Then, you use the extra income to pay off the debt.
The problem here is that most people lack the discipline to stick to a debt consolidation loans Texas plan. But if you somehow manage to do this, you will get rid of your debt quickly.
Bankruptcy obviously has a bad reputation, but sometimes it is the only way out. It can have a negative impact on your credit report for seven to ten years. But the benefit of declaring bankruptcy is that the process only takes six months. Thus, you can have a fresh start in no time.
On the other hand, most other debt relief methods can take up to five years to be resolved. If you have no other option, bankruptcy will not be the end of the world. Since you get a second chance, you can be more careful about your financial decisions in the future.
How to Cope with Debt?
When you receive the first notice from your creditors, that is when it hits you that you are in debt. Before that, you keep putting off your payments, convincing yourself you will eventually pay them off one day.
However, not everyone puts off debt due to their poor budgeting skills. Some people are struck by a financial crisis or lose their jobs, which puts them in debt. If you can relate, then you would be looking for ways to cope with debt.
If you are in a situation like this, you need to know your options and understand the routes you can take to ensure you do not end up without a roof over your head.
Like any other problem, the first thing you can do in your struggle against debt is self-help. Here are some ways to make that happen.
Develop a Budget
It is very important to have a budget in place so that you can follow a plan rather than simply spending your money without a proper approach in mind. Take a realistic assessment of how much money you need for each expense. Take these steps to make a budget for yourself:
- List your monthly income. If you only have a single job, that should be it. But if you have other sources of income, list them all in one place, along with the amount of money you make.
- Then, write down your fixed expenses. These are the expenses you must pay every month, such as your mortgage payment, rent, etc. If you have insurance coverage, that will be your fixed payment too.
- After that, write your varying expenses. These are the expenses that vary each month, such as groceries, clothing and eating out. You should have an estimate of how much these things cost. Write it down.
- Now, see how much you can save. Is there even any money left for saving? When you have your expenses laid out in front of you, it becomes easier to see where you can cut back.
Nowadays, you can find a number of budgeting resources and templates online, so you should not have any trouble coming up with a plan that works for you. Moreover, you can use computer software programs to maintain and develop a budget for yourself.
Contact Your Creditors
If you are unable to make ends meet and are having trouble paying off your debt, the worst thing you can do is ignore the problem at hand. Instead, you should talk to your creditors and consider the options they give you. For instance, they might reduce your payment and make it more manageable for you.
The bad decision in this regard would be to wait for all your accounts to be turned over and then talk to a debt collector. By that point, the creditors are not ready to listen to you as they have no hope in you.
Manage Your Home and Auto Loans
Depending on the loans you have taken, they may be secured or unsecured. A secured loan is tied to an asset, like your home or car. For instance, when you take a mortgage, it is a secured loan since your home is the collateral.
If you do not pay what you owe on time, the lender will sell the possessions and get their money back. On the other hand, unsecured loans are not tied to collateral. These include signature loans and credit card debt.
It is imperative that you make your auto loan payments every month. Otherwise, most financing agreements for automobiles allow your lenders to take possession of the car if you are defaulting on your payments. They do not even have to send you a notice.
In that case, you will not only have to pay off the amount but also pay the additional storage and towing costs to get your vehicle back to your home.
The best thing to do would obviously be to make your regular payments on time. However, if you are unable to do that and feel you are close to defaulting, sell the car and repay the remaining amount.
In this way, you will avoid additional towing and storage expenditure. Plus, this will save you from a negative entry on your credit report.
Likewise, if you are unable to make your mortgage payments, talk to the lender immediately instead of waiting for them to come to you. Most of them will work with you if they think you have discipline and your situation is not permanent. Some may even suspend your payments for a certain period, allowing you to get back on your feet.
Talk to Debt Collectors
There are federal laws in place that ensure debt collectors do not randomly call you any time of the time. They cannot call you before eight in the morning or after nine at night. Moreover, debt collectors are not allowed to call you at work if they know your employer does not approve of calls.
Debt collectors’ job is to collect the debt, but they cannot harass you to do this. Plus, they cannot use any unfair practices or lie to you when doing their jobs. If you send them a written request to not contact you again, they need to honor it.
Keep in mind that even if you are in debt, you have some federal rights, and you should exercise them.
Although self-help is the best way forward to avoid accumulating any debt in the first place, you can also opt for credit counseling to make sure you know how to manage your money properly.
Credit counseling organizations give you advice on how to manage your debt and money. They will also guide you in developing a budget. Many of the workshops and educational materials from these organizations are free, so anyone can benefit from them.
If you have any complex problems and you want to discuss them in detail, you can talk to a credit counselor. They will talk to you about the whole situation and develop a personalized plan, making it easier for you to get rid of your money issues.
Many credible counselors offer their services through the phone, local offices, and online portals. If it is your first time dealing with such a problem, it is best to talk to an in-person counselor. Most sessions last for an hour. After that, the counselor will call you in for follow-up sessions.
However, keep in mind that some of these organizations can charge high fees, and you should not feel obligated to put yourself through more financial strain.
Debt Settlement Programs
Debt settlement programs are offered by companies who negotiate with your lenders to give you a settlement for paying off the debt. Thus, you end up paying a lump sum that is less than what you owe to the creditor.
Initially, you will have to set aside a certain amount of money every month in your account to gather this lump sum. Once you have the amount, the debt relief company will negotiate with the creditor to come to a settlement.
A downside of these debt relief programs Texas are that you are instructed not to make any monthly payments to the lender. Before you get into a debt settlement in Texas program, you have to make sure the company is legit and credible.
Here are some risks associated with debt settlement programs that you should know about beforehand:
- Discipline Required: Keep in mind that when you enter a Texas debt settlement program, you have to make payments into an escrow-like account for 36 months or more. For most people, this consistency becomes difficult since they cannot make these payments for so long. So, when you sign up for a Texas debt settlement program, make sure there is enough money in your budget to make the monthly payment.
- No Obligations: No matter how long you make the payments, your creditors are not obligated to settle for the offer the debt relief company presents to them. It is very likely that your creditors may not settle. Also, most Texas debt settlement companies make an effort to negotiate small debts first. As a result, fees and interest on large debts are left behind, increasing with time.
- Credit Report Impact: Since you are not making regular payments to your creditors, missing payments could have a negative impact on your credit report. Moreover, you will accrue a lot of late fees and interest that will keep increasing over time. Debt collectors will also be calling you during this time, so you should be prepared for that mental hassle.
As you can see, settlements are not a child’s play. Therefore, you should only put your trust in a credible company if you want to opt for this option. Get in touch with us today to learn about our Texas debt settlement solutions.
If you cannot handle things on your own, you can hire a debt settlement company Texas, and they will be able to help you. Make sure you get the following things from the company:
- The terms and conditions
- The results, such as how long it will take for the debt to go away
- Information about the potential negative consequences of not making your regular payments
When hiring a debt relief company, make sure they are not pressuring you to make any upfront payments before you enter a DMP. At Debt Relief Experts of Texas, we inform you about all possible consequences and are transparent about our pricing. So, you can trust us with your eyes closed.
Call us today to learn more.
What Not to Do When in Debt?
Sometimes, debt might come with a combination of other things, such as a medical emergency or a financial crisis. In times like this, you might not be in the right state of mind to make any important decisions. When the time comes, debt collectors and creditors will be calling you, but you will be unable to pay.
So, what do you not do? Here are some things you should avoid, no matter how overwhelmed you feel.
If you have to choose between unsecured and secured loan payments, pay for the secured debt since your asset is on line here. For instance, if you have to choose between paying a hospital bill or a car payment, do the latter. Otherwise, the creditor might take away your car.
Do not take a loan against your home’s equity. In doing so, you will put your home at risk and lose the roof over your head. If you take a loan of this sort and are unable to pay for it, the creditor might foreclose your property, leaving you without a home.
Do not take out money from your retirement account or savings for repayment of unsecured debt. Some experts may even call it financial suicide, so you should avoid it at all costs.
Do not borrow money from your workplace retirement account unless you have no other option. In case you lose your job, these loans could turn into inadvertent withdrawals. That triggers a tax bill. It is certainly not what you want after being hit by a financial crisis and debt.
Sure enough, creditors and debt collectors will be pressuring you to make decisions. However, do not take the first route they offer you. Instead, take your time to do some research and choose the best option for your particular circumstances.
Did we Miss Anything?
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- Texas debt consolidation loans
- Texas debt consolidation programs
- Debt settlement Texas
- Debt relief programs Texas