Call 210-782-8100 or visit affordabledebtconsolidation.com for a free phone or office consultation with a Texas Debt Relief specialist.
Forbes is reporting average credit card interest rates over 24%, and the Fed is expected to raise interest rates two more times in 2023. Credit cards are based on variable rates, so your payments are likely to increase further as rates rise. Combined with ongoing inflation, many Texans struggle to pay the debt while affording the increasing living costs.
Debt Consolidation Loans:
A debt consolidation loan can provide multiple benefits. The first benefit could be a lower debt cost than making minimum payments due by obtaining a lower interest rate. The second benefit is a shorter time frame to pay off the debt. And the last significant benefit is protecting yourself from future interest rate hikes. If a debt consolidation loan makes sense for you, we’ll help you to shop for the best loan using our affiliate platform of lenders.
Credit Counseling Debt Management Programs:
A credit counseling service is designed to lower interest rates on existing credit card debt without any new loans. Instead of paying your creditors directly, you pay the credit counselor, and they will distribute the funds to your creditors. These programs have the same benefits mentioned above for debt consolidation loans, but your cards will be closed, and depending on where you stand today, it may have a negative effect on your credit score. However, if you make wise financial decisions, you may be in very strong financial shape once you finish the program since your debt-to-income ratio will be improved.
Debt Relief using Debt Settlement, aka Debt Negotiation:
Unlike credit counseling, debt settlement does not lower your interest rates. There is usually much higher savings since the balances you pay back to the creditors are for a much lower amount. The savings can be substantial, with monthly program payments often less than half compared to the amount you might be paying your creditors just by making minimum payments. Depending on your budget, your program could be structured to last between 24 to 48 months, but programs can be longer or shorter than estimated, depending on the final settlement amounts. These are hardship programs, and your debts must be delinquent to achieve high savings. Unless you are late or in collections, your credit score will decrease using this method. Fortunately, you may be able to complete the program relatively quickly compared to other options and start rebuilding your credit. Also, once all your enrolled debts are resolved, your debt-to-income ratio will improve.
Debt Redemption Texas Debt Relief
If you are considering any of the options above, speak to a Texas Debt Specialist with Affordable Debt Consolidation. The company offers free phone and office consultations with no obligation. It provides the Texas Debt Relief program exclusively to Texans with 40% lower fees than most out-of-state debt relief services when comparing similar programs. The company is 100% veteran-owned, state-licensed, and rated A+ with Accreditation from the Better Business Bureau. Read their reviews by clicking on the BBB logo on their website or call 210-782-8100 for a consultation. Be sure to ask about their $1,000 lowest-fee guarantee.
Headquarters:
Phone: 210-782-8100
Address: 40 NE Loop 410, Suite 565, San Antonio, TX, 78216
Website: affordabledebtconsolidation.com