Isn’t it time to get out of debt? At Texas Debt Consolidation, we can help. It may be possible to repay your debt faster than expected. Some programs involve debt consolidation loans, some do not. Either way, you should pay off 100% of your debt, but you will profit from a simplified payment scheme, as well as less harassment from your creditors. Please don’t hesitate. Learn how much debt consolidation in Texas can save you.
Consolidating Debt Through a Texas DMP
Would you like to get out of debt in less time, with less interest and penalty charges? Then you may want to enroll in in a Texas debt management plan. These programs allow you to repay your debts entirely through a single monthly payment. The benefits are huge: decreased interest rates, payments, and fees. Typically your creditor begins giving you these incentives after three months of timely payments.
Additionally, these plans are typically pretty affordable:
- Enrollment: $70 or less
- Fee Every Month: $25-40
Debt Consolidation Loans in TX
You will find two major types of debt consolidation loans: unsecured bank loans and loans collateralized by your home, of which the second option is most typical. As opposed to posting checks to a multitude of credit card companies each month, you’ll simply be responsible for your monthly debt consolidation loan payment.
Remember that you won’t have a consultant steering through each step as you would have during a debt management plan, nor will your credit card debt be reduced as it would be during a Texas debt settlement.
Debt Analysis: TX
- Income Annually: $44,695
- Income Per month: $3,725
- Debt Per Person: $1,568
- National Debt Rank: 29
- Bankruptcy Rate: 0.21%
- Annual Bankruptcies: 51,800
Debt consolidation services in TX will want to know how much debt you owe that’s non-secured. That means it is not guaranteed by any equity. The most common causes of credit card debt are credit cards, rent, medical expenses, and store cards.
In a perfect world, the amount of debt you owe each and every month will take up about 1/3 of your wages. These debts include credit card bills, loans, and rent or home loan repayments. Let’s suppose you make $3,725 each month, which is about average average in TX, then, if possible, you would spend around $1,341 monthly. Of course, countless Texas residents are carrying severe debt, indicated by a debt to income ratio of 50% or higher. That means they are having to spend more than $1,900 per month!
Just how many people need to get out of debt in TX? We have been able to conclude that 2,107,701 of Texas’s 25,145,561 residents need help with debt.
Debt Consolidation Standards
As per FTC guidelines, your Texas debt consolidation organization must fully describe:
- Cost structure.
- How long before they contact each creditor.
- How much must be saved before they will reach out to each creditor.
- How your credit score will be impacted.
For additional information, read these FTC rules of thumb.
Other Forms of Texas Debt Relief
- TX Credit Counseling: Whereas having your credit repaired is a method to raise your credit rating, credit counseling is focused on managing debt.
- TX Debt Settlement: Do you want to steer clear of bankruptcy and repay a portion of what you owe? Seeking the help of a solid debt settlement service in TX, is one option.
