Affordable Debt Consolidation Helps with Overwhelming Credit Card Debt

Rising interest rates are impacting the ability of many Texans to cover debt payments and living expenses.

During the Pandemic, many Texans were forced to rely on credit cards to pay for necessities. The lack of rising wages and ongoing high inflation continues to take a huge toll on many, with credit card debt rising to levels not seen since 2008. Increasing interest rates have further made a difficult financial situation even more severe. Fortunately, there are some non-bankruptcy options to deal with overwhelming high-interest credit card debt and personal loans. Affordable Debt Consolidation in San Antonio, Texas, recommends that Texans with good credit scores and a low debt-to-income ratio apply for a debt consolidation loan that offers a fixed rate. By paying off variable-rate credit card debt with a fixed-rate loan, you will be protected from future interest rate hikes. If your new loan provides a lower interest rate, you may also enjoy a lower monthly payment than your combined minimum credit card payments. Another advantage is to a debt consolidation loan is that you can pay the debt off much quicker than the decades it may take to pay the debt by making only minimum credit card payments. Affordable Debt Consolidation offers Texans an affiliate platform to shop for the best debt consolidation loans up to $100,000. There is no fee or negative impact on your credit score to review offers.

Credit counseling debt management programs are another way to consolidate debt. These programs do not require a new loan and will allow you to make one monthly payment to the credit counselor. Typically you will receive lower interest rates with your credit card debt, and select personal loans may be eligible. While the advantages of a lower interest rate and one monthly payment may be similar to a debt consolidation loan, it is important to understand that these are hardship programs, and you will not be able to continue to make charges on your enrolled debt. Depending on your current payment status, there could be a negative impact on your credit score by enrolling in a debt management program. Affordable Debt Consolidation has an arrangement with a highly-rated non-profit credit counselor if you want to explore this option.

Debt settlement which is also referred to as debt negotiation or debt arbitration is another common way for struggling Texans to resolve credit cards and other unsecured debt without bankruptcy. While it is also considered a hardship program, it differs greatly from credit counseling. Rather than paying your debts every month, your enrolled debts will go into a delinquent status or remain delinquent if you are already delinquent at the time you enroll. Your monthly payment is a deposit into a special settlement savings account. Each account is then negotiated one at a time throughout a program typically estimated to last between 24 to 48 months, depending on your budget. Because your accounts must be delinquent to negotiate the best possible deal with your creditors, this will negatively impact your credit score. This is a program that should be considered if you can no longer pay your monthly payments, have fallen behind, or if you feel that you will fall behind in the future. The advantage of this program is that you may enjoy a monthly program payment that is less than half compared to minimum payments, and you may complete the program much sooner than other options when comparing the same monthly amount. Affordable Debt Consolidation offers their Texas Debt Relief program, which provides Texans up to 40% lower fees than most out-of-state Debt Relief competitors. Our program is performance-based, meaning no settlement fees are charged until we successfully settle a debt, and the fees are proportionate to the amount of debt settled.

If your credit isn’t good now, you use a hardship program to resolve your debt, or if you resolve the debt on your own, the good news is that it is relatively easy to re-establish good credit once you are no longer saddled with the balances. Combine re-establishing our credit with very low or zero debt-to-income ratios, and you may find yourself with much higher purchasing power than you have ever had before. Also, consider investing your money instead of spending it with interest. Wealthy people use interest to work for them and build wealth, while others struggle their whole lives paying interest. Interest can work for you or against you. At a minimum, consider using cash instead of credit for your future purchase to maintain a debt-free lifestyle once your debt is resolved.

Get Help With Debt Now:

Affordable Debt Consolidation is a 100% veteran-owned company that exclusively services Texas Residents with multiple options. The firm is highly rated by the Better Business Bureau and has been serving Texans for twenty years. Call 800-816-1003 or visit affordabledebtconsolidation.com for a free and no-obligation phone or office consultation. Ask your Texas Debt Specialist about their lowest debt relief fee guarantee and start your path to debt freedom today!