Currently, over 340 million people across the United States are in debt. This is no surprise, given the cost of education, housing, healthcare, and more. In recent years, Texas has become an increasingly popular state for Americans and expatriates to move to. Accordingly, the cost of resources such as real estate, food, consumer goods, and gas has risen exponentially. This steady rise in the cost of living in Texas has led to more and more people relying on borrowed funds to support their lifestyles.
Unfortunately, if accrued interest outweighs an individual’s earning potential, they will sink further into debt over the years. Many are turning to national and statewide relief programs to combat the debt problem in Texas. These organizations use various strategies to help Americans manage their finances. The National Debt Relief organization is the gold standard for people struggling with debt in the United States. There are, however, various options for becoming debt free.
Are you a Texas resident, looking for a way to overcome your debt? We highly recommend researching to determine the best course of action based on your circumstances. Continue reading to learn everything you need to know about debt relief in Texas.
Texas Debt Relief: Where to Start?
Texas Debt Relief: What Are Your Options?
Before you can start working towards becoming debt-free, the first step is to understand your options. One of the most common ways Americans tackle their debt is with the help of credit counseling agencies. These organizations create Debt Management Plans by negotiating with the client’s creditors and requesting a reduction in their total monthly payments. Once a new monthly fee has been negotiated, and the client has agreed to a debt management plan, the agency will take on the total debt. From then on, the client must pay their reduced monthly installment to the credit counseling agency rather than directly to their creditors. National Debt Relief is one of the most highly regarded credit counseling agencies in the United States. This organization has helped Americans recover billions of dollars in debt repayment.
Another option for debt relief in the United State is called debt settlement. This process, similarly, involves negotiation with creditors, to reduce the individual’s total outstanding balance. Credit counseling agencies are, most often, not for profit. Debt settlement companies, however, typically charge fees for their services without necessarily coming to a successful result.
Lastly, those in extreme circumstances may be required to file for bankruptcy. Bankruptcy is a legal process to which U.S. residents are entitled, whereby the individual’s assets are liquidated, or a structured repayment plan is agreed upon. Unfortunately, filing for bankruptcy can cause irreversible damage to an individual’s credit score, making it difficult to take out loans or obtain credit cards.
Texas Debt Relief: What Texas State Programs Are Offered?
Residents have access to several programs uniquely offered in the state of Texas. Various organizations offer these services and target prevalent financial issues in this region. First, the Texas Debt Consolidation Loan Program was created by the Texas State Affordable Housing Corporation in response to the rising cost of housing. Eligible applicants have access to low-interest loans, making it possible to become debt-free faster.
Another program available in Texas is called Texas Veterans Commission Fund for Veterans’ Assistance. Many veterans reside with their families in Texas and are greatly affected by debt. This program was created to provide financial assistance to these individuals to cover the cost of medical bills and other expenses relevant to their military service. The fund also addresses the cost of housing, utilities, and debt repayment to help relieve veterans of these financial burdens.
Additionally, Texas residents struggling with debt can avoid paying expensive legal fees with the help of the Texas Legal Services Center. This organization offers free legal services to applicants who can prove they receive a low income or are in the process of bankruptcy or foreclosure. Attorneys often charge hundreds of dollars per hour for their services. If you require legal assistance, this is a great alternative.
Texas Debt Relief: National Debt Relief & How They Can Help
National Debt Relief is among the most well-established credit counseling agencies in the United States. This organization provides relief from almost every type of unsecured debt. Such debt may include credit cards, medical bills, lines of credit, personal loans, repossessions, and most business debts. National Debt Relief assists people across the United States with their finances by negotiating repayment obligations with creditors.
National Debt Relief is founded on compassion for those facing debt, strategic planning, free initial consultations, and full support during the debt repayment process. Payment plans through National Debt Relief take no longer than 48 months for the client to complete. Once borrowers have successfully paid their outstanding balance in full, the lump sum will be transferred to lenders. For many, this is exactly the fresh start they need.
Texas Debt Relief: Do You Need Help With Student Debt Relief?
Tuition fees, books, and other learning materials are often too much for students in Texas to afford. The Texas Student Loan Repayment Assistance Program was created exactly for this reason. Students can access up to $2000 per year by applying for financial assistance through this organization. However, this debt relief program is restricted to those in specific fields of study. Categories include education, healthcare, and other educational programs that prepare students to work in public service.
In the case of private student loans, students also have the option to refinance or consolidate borrowed funds. This process works to address any unsecured debt, however, it can affect the individual’s credit score long-term. If you have taken out a private student loan and are struggling to repay it in full, National Debt Relief can help reduce your repayment obligations.
Are you a resident of Texas looking for a way to become debt-free? Do not hesitate to contact us to learn more about your options for Texas debt relief.
