Debt Relief Helps Many Texas Residents Manage Inflation

Debt Relief Helps Many Texas Residents Manage Inflation

Many Texans are struggling with overwhelming credit card debt due to inflation, increased housing costs, and now interest rates rising. You might be like many who also needed to depend on credit cards to get through tough times during the Pandemic but with wages increasing slower than the cost of living, paying the credit card debt is nearly impossible for many people.

If you have a good handle on your finances and good credit scores, but the interest rates are your credit cards are too high, you may want to consider a debt consolidation loan. Try the bank you normally do business with since they may be already familiar with your situation. If your bank turns you down, you could also try a lending platform that lets you shop multiple lenders with one application. If you can get a loan to pay off all of your credit card debt, it will likely be a fixed rate so you do not have to worry about your payment increasing down the road.

A debt consolidation loan can be difficult to qualify for. Even with good credit scores, your debt-to-income ratio might not be low enough for a lender to take the risk. A credit counseling debt management program is another option that can lower the interest rates on your existing credit card debt, assuming you don’t already have rock bottom rates. You will also have the convenience of one monthly payment which may be lower than your current combined minimum payments. This is a hardship program so your credit score may be impacted while in the program and your accounts will be closed so you can not charge on any of your enrolled accounts.

If you need the lowest monthly cost possible and want to get out of debt in the shortest amount of time possible without bankruptcy, then a debt negotiation might be your best option. This is also a hardship program and will affect your credit scores if you are in good standing now. However, program payments are often less than half compared to making monthly payments, and the programs are usually estimated between 24 and 48 months depending on your budget. This can allow you to resolve debt in a relatively short time and start rebuilding your credit after graduation.

There are pros and cons to each option to resolve overwhelming debt but the sooner you can eliminate the debt, the sooner you can start saving and investing in your future. In our uncertain economic times, relying on credit and losing money to high interest can be detrimental to your financial future.

If you live in San Antonio, Texas, or anywhere in the Lone Star State, Texas-based Affordable Debt Consolidation can assist you with options to deal with your credit cards and personal loans. Options include shopping for the best debt consolidation loan on their affiliate platform, credit counseling resources, and their program to negotiate significant reductions of credit card and personal loan debt balances. The fees for their negotiation program are typically 40% LESS compared to out-of-state competitors. The company is 100% veteran-owned, rated A+ and accredited by the Better Business Bureau, and has been helping Texans for 20 years. Visit or call (210) 782-8100 for a FREE no-obligation consultation with a Texas Debt Specialist.

Affordable Debt Consolidation San Antonio, Texas
(210) 782-8100
40 NE Loop 410, Suite 340
San Antonio, Texas 78216