Debt has become a major issue everywhere, and many Texas residents are now struggling with tens of thousands of credit card debt and personal loans made even worse by recent events.
If you are not struggling to pay your debt, have a good income relative to your debt payments, and your credit scores are 720 or higher, Debt Redemption Texas Debt Relief recommends first looking into a debt consolidation loan.
Eliminating high-interest credit card debt with a low-interest debt consolidation loan may be possible if you apply at a local bank. Start with one where you have your primary checking account since they may take into account your banking history.
One form of debt management provided can lower interest rates down to as little as 6% to 11%. These programs do not require a good credit score and can help to pay off credit card debt in about 60 months.
“Unfortunately, we sometimes clean up the mess that non-reputable out-of-state companies put people in before they realize we are here to help them locally,” said Jack Brandon, a representative for Debt Redemption Texas Debt Relief. “They prey on Texans and are sometimes quick to take their client’s money without providing much help.”
Some programs are designed to achieve interest rate reductions and resolve debt in about five to seven years. Other programs negotiate the principal balances and may resolve debt for less than what is owed in as little as 24 to 48 months.
Sometimes negotiation programs are a better fit if someone can only afford half or even less than half of their current monthly debt payments. It is very important to choose a trustworthy company for whatever method of debt relief you choose. Some people enroll in debt relief programs but don’t research who they are doing business with. Therefore, they may not realize until years down the road that they aren’t actually getting the help they expected or needed.
It is important that any company offering debt management in Texas is registered with Texas Office of Consumer Credit Commissioner.
Any company not registered is breaking the law if they provide debt management, debt relief or credit counseling services to any Texas resident. Texas also has strong consumer protection laws, but many out-of-state companies don’t know that Texas residents can benefit from them.
When choosing a company to either reduce interest rates or negotiate principle balances, research these items beforehand:
- Check that any company offering debt relief in Texas is licensed to do so.
- Research the company with the Better Business Bureau.
- Find out if the company is in Texas or has offices in Texas.
- Find out how long the company has been in business.
- If it sounds too good to be true, it probably is.
Using a Debt Management Company located in Texas is very important because many out-of-state companies, and even some Texas, charge illegal, high fees. It is also important that companies understand the extra consumer protections that Texans are afforded with our laws. Always research a company with the Better Business Bureau before doing business.
For people struggling with more than $10,000 or even $100,000 in credit card debt or personal loans, Debt Redemption Texas Debt Relief free, no-obligation consultations.
Instead of throwing money away to high interest -- money that you may never see again -- the company can help you put $1,000 a month into a mutual fund at a 10% return, which could yield more than $400,000 in 15 years.
The extra savings provided by negotiating down the balances rather than just the interest can allow Debt Redemption Texas Debt Relief’s clients to eliminate debt in a little as 24 to 48 months, often with a monthly cost less than half compare to making high-interest minimum payments.