Debt Consolidation Loans are Difficult to Obtain in Texas, but Debt Redemption Can Provide Debt Relief With or Without a New Loan.
Unfortunately, credit card debt is plaguing Texas residents, and for many, it has been made worse by the Pandemic. Relying on credit cards to get by is helpful at the time, but the following high-interest monthly payments are sometimes next to impossible to afford. There are options to eliminate this high-interest credit card debt by using a low-interest debt consolidation loan or a form of debt relief that will not require a new loan.
Debt Consolidation Loans From a Texas Bank or Credit Union
You may have already tried to ask your bank or credit union for a debt consolidation loan and were denied. The denial was likely caused by one or both of the following reasons. If your credit score is not at least 720, the likelihood of obtaining a reasonable interest rate is low. The other important factor is your debt-to-income ratio. If it appears to the lender that your debt payments are too high in comparison to your income, you will likely be denied the loan. Some banks will consider that you will have a lower debt-to-income ratio when you receive a new debt consolidation loan, but the bank runs the risk that you may reload the credit cards paid by this loan.
Debt Consolidation Loans With Debt Redemption Texas Debt Relief
While your local bank or credit union may or may not consider your banking history when applying for a debt consolidation loan, you significantly increase your chance of qualification when multiple lenders compete for your business. Debt Redemption Texas Debt Relief is not a lender but now offers a specialized lending platform where one application will allow you to receive offers from up to 25 different lenders who provide debt consolidation loans in Texas. The system uses what is referred to as a “soft pull,” so applying will not affect your credit score in any way. You can apply over the phone by calling 800-338-5411 or visit affordabledebtconsolidation.com.
Debt Relief with Credit Counseling Programs
While the platform may significantly increase your chance of qualifying for a debt consolidation loan, you can still reduce your interest rates even if a debt consolidation loan is impossible to obtain. A credit counseling program can lower your credit card interest rates down to around six to ten percent, depending on which creditors you owe. If your interest rates are high, this could save you a lot of money every month while paying your credit card debt off entirely in approximately five years. Essentially, you are getting some of the benefits of a low-interest debt consolidation loan without the need for a high credit score. This is a hardship program, so you will not be able to use your enrolled credit cards while you focus on getting out of debt.
Debt Relief with Debt Settlement
For many people who want to resolve their debt problems without bankruptcy and with the lowest monthly cost, this will be their option. Credit counseling will lower your interest rate, but Debt Settlement is different as it will negotiate down your balances. Monthly payments are not made to your creditors. Instead, you will build money in an FDIC insured special purpose account while your accounts are negotiated and settled one at a time. In comparison to making minimum payments, debt relief in this method eliminates debt very fast, with most programs estimated to take between 24 to 48 months, depending on your budget. For many, the most considerable relief is the monthly program payment can sometimes be structured to cost less than half compared to making minimum payments.
Debt Redemption Texas Debt Relief is a Texas-based company specializing in helping residents of the Lone Star State. Their debt settlement program is designed specifically for Texans compared to out-of-state companies that offer “cookie-cutter” programs in many states. Debt Redemption also provides an exclusive Advanced Hardship Program for those who need the lowest possible monthly cost without filing for bankruptcy.
Companies based outside of Texas often charge excessive fees, sometimes in violation of state law. Ensure a company is licensed to do business in Texas and research any company complaints at BBB.org. Debt Redemption Texas Debt Relief is state-licensed, accredited, and rated A+ with the Better Business Bureau.
Debt Redemption Texas Debt Relief can help if you are $20,000 to $100,000 or more of credit card debt or personal loans. The firm can also help if you are facing a lawsuit filed by one of your creditors. The company is based in Texas, 100% veteran-owned, and has been helping Texans for nearly 20 years. Phone and office consultations are free with no obligation.
Debt Redemption Texas Debt Relief
40 NE Loop 410, Suite 340
San Antonio, TX 78216