Debt and high interest rates have become a financial pandemic for many Texans. Many Texas families are dealing $20,000, $60,000, and even well over $100,000 of credit card debt. Lubbock Texas Debt Consolidation and Debt Relief programs are provided to provided by the A+ Rated Debt Redemption Texas Debt Relief to help with this overbearing debt.
If you are in need of Debt Relief in Lubbock or Debt Consolidation in Lubbock, the information provided below may help you to determine the best route to resolve your debt situation. The options available could save a lot of time and money compared to making minimum payments. Debt Relief programs can help with a variety of situations, whether you are barely making minimum payments, behind making payments by a few months, or even behind by a few years.
As proud Texas, we understand that most of us prefer not to file for Bankruptcy when there is another solution. Appearing in a Lubbock federal courthouse is embarrassing, and so is the lifelong public record of the Bankruptcy. The good news is there are alternatives that many people can take advantage of if they have the proper information.
One option that is a good fit for some people is Credit Counseling. Debt Settlement could be an even more affordable option to resolve credit card debt and personal loans. If you are considering Bankruptcy, some general information may help. The two types of personal Bankruptcy are chapter 7 and chapter 12. Chapter 7 is considered a liquidation. Meaning your non-exempt assets are sold and paid to the creditors. Any remaining balances are then discharged. Not everyone qualifies for a chapter 7 as both income and assets determine your ability to file. For people at certain income levels or who have non-exempt assets they do not wish to relinquish, it may be necessary to file chapter 13. Chapter 13 is a debt repayment plan that could cost less than a Debt Settlement Program, or it could be more expensive depending on what the Bankruptcy court determines as your ability to pay. Only a Bankruptcy attorney can give you legal advice about filing any type of Bankruptcy.
Debt Consolidation Loans in Lubbock Texas can be obtained from local banks and most credit unions. This is a very high-risk unsecured loan for the lender, so they are likely to require a FICO score of at least 720. Lending criteria changes often, but generally, a 740 or even a 760 credit could be necessary for the lowest interest rates. What many Texans do not realize is that income is just as important as credit scores. If the lender does not feel you can afford the debt due to a poor debt-to-income ratio, you will not qualify for the Debt Consolidation Loan.
Credit Counseling can provide some of the benefits of a Debt Consolidation Loan without the need for a high credit score or an approved debt-to-income ratio. If you are having trouble paying your debt down, this could be a good way to resolve the debt much quicker compared to minimum payments.
Credit Counseling in Lubbock will lower your interest rates with most high-interest credit cards. Installment loans and personal loans that already have a very low interest may not qualify or may not receive any benefit. Ultra high interest “predatory loans” are not eligible for a Credit Counseling Program. While your credit card companies may be charging you interest rates up to 29.99%, after you enroll in a Credit Counseling Program, your interest rates will be reduced to under 10% in most cases.
A Lubbock Debt Consolidation Plan with Credit Counseling does not accept secured debt. Instead of extending better terms, lenders frequently choose to reclaim collateral. You must refinance secured debt if you want to lower the interest rate.
Debt Consolidation in Lubbock Texas with Credit Counseling is most beneficial for high-interest credit cards. During a consultation, a Credit Counselor examines who your creditors are to determine if they are eligible for enrollment. Your Credit Counselor will also know which creditors will benefit and which ones will not. Any form of Debt Consolidation, including Credit Counseling in Lubbock, will give you one easy-to-manage monthly payment.
A common question is whether federal student loans can be included in any type of Credit Counseling or Debt Relief Plan. Unfortunately, there is no special program that can reduce or manage these debts other than programs offered directly by the Department of Education. Any company claiming to offer help is likely just filing the same paperwork you can do on your own for free at studentaid.gov. Some private student loans may be eligible for enrollment into a Debt Settlement Plan. Check with your student loan servicing company if you are not sure what type of loan you have. You may be able to reduce your monthly cost enough with Credit Counseling or Debt Relief that managing your student loans is no longer a concern.
Lubbock Debt Relief with Debt Settlement is different when comparing to Credit Counseling. Debt Settlement also much less expensive compared to Credit Counseling in many cases. While Credit Counseling is likely to save money compared to making minimum payments, it is unlikely that it will be less expensive than chapter 13. In the case of Debt Settlement, the debt balances are negotiated for less than the balance. Because of this, sometimes it is less expensive than a chapter 13, but in other cases, it could be more expensive. If you want to make this comparison, you would need to speak with a Bankruptcy attorney in Lubbock Texas. How much you will pay back in chapter 13 is determined by the Bankruptcy court.
Debt Settlement program lengths are estimated based upon historical results with the creditors you owe. Most programs are structured at an estimated length somewhere between 24 to 48 months. The estimated length is based upon your budget, and the actual length is determined once all accounts are resolved. Any program is an estimate based upon historical results with the creditors you owe. Lubbock Debt Relief Plans using Debt Settlement are designed to negotiate significant balance reductions with your creditors. Credit Counseling programs provide some benefit by lowering the interest that you pay, but there is no negotiated balance reduction in those programs. Also, while enrolled in a Debt Settlement Program, your creditors will not be receiving monthly payments. Instead of monthly payments being distributed to your creditors, you deposit money every month into an FDIC insured special purpose fund. As money builds up in this new account, it is paid to the creditors one at a time as the accounts are negotiated and settlements are finalized. This reduction of your balances is what makes a Debt Settlement Program cost less than Credit Counseling. While Credit Counseling may reduce your monthly payment, the monthly cost of a Debt Settlement Program can sometimes be less than half compared to making minimum payments.
Consolidating Debt in Lubbock using a trusted Debt Settlement Program might be an excellent choice if you are struggling to make payments, are falling behind, or in collections. Consider obtaining Debt Relief in Lubbock Texas when you know that you will no longer be able to pay your minimum payments. This may remove a lot of the financial stress caused in your life by overbearing debt.
We are Texans, and we know how to get things done in our home state. Consider the benefits of a Texas company for Debt Relief. Out-of-state companies may not have the necessary knowledge of consumer protection laws that can help you as a resident of Texas. We also realized that most other Debt Relief companies in Texas focus their attention on helping people nationally with a standard “one size fits all” type of plan.
The Texas Consumer Finance Code separate from the Fair Debt Collection Practices Act. The FDCPA is Federal and does provide some protection to all Americans, but Texas law provided enhanced protections. It should make perfect sense to use a Texas-based that only specializes in Texas debt. Debt Redemption Texas Debt Relief also the ability to help Texans who are dealing with a lawsuit filed by one of their creditors. We can help in these situations by utilizing an exclusive relationship with who we feel is the top Texas Debt Defense Attorney.
Debt Redemption clients in Lubbock Texas who enroll in Debt Settlement can also utilize additional protections by the highly awarded Debt Defense Attorney.
Debt Redemption is a licensed and 100% veteran-owned company based in Texas. The company has offices in select Texas cities for in-person consultations but can service the entire state through phone consultations.
Debt Redemption dos not lend any money but does provide some Debt Consolidation Loan referrals and will also recommend appropriate lenders for certain circumstances. Debt Redemption Texas Debt Relief can offer Credit Counseling in Lubbock Texas, Debt Management in Lubbock Texas, and Debt Relief in Lubbock Texas. Debt Negotiation and Debt Settlement are available to Lubbock residents. Simply all for a Free and consultation with absolutely no obligation. Find out how much you could save and how quickly you could resolve your debt problems forever.
Call 806-642-6777 for a Lubbock Texas Debt Consolidation or Debt Relief Consultation.
The fastest way to get help is to call now. You may also select your debt amount with the slider and use the form above for a free and no-obligation consultation with a Texas Debt Specialist.
Debt Consolidation Loan Lubbock, Credit Counseling Lubbock, and Debt Relief Lubbock Consultations are Free of Charge with No Obligation.
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Debt Consolidation Lubbock, Texas, Credit Counseling Lubbock, Texas, and Debt Relief Lubbock, Texas consultations are free of charge with no obligation. Debt Redemption is not a lender but offers a platform to receive Debt Consolidation Loan offers from multiple lenders. Clients who make monthly program payments generally experience an approximate 45% reduction of their enrolled balance before fees of 15% over a 24-48 month period. Individual results may vary based on the ability to save sufficient funds, ability to complete the program and the creditors enrolled. Statements made are examples of past performance and are not intended to be a guarantee that your debt balances will be lowered by a specific amount or percentage, or that you will be debt-free within a specific time period. Settlement fees are not charged until a debt is reduced and payment has been made to creditor. We do not assume consumer debt, make monthly payments to creditors, or provide tax, bankruptcy, accounting, or legal advice. We do not provide credit repair services. Optional separate legal services may be offered by affiliated attorneys and any attorney fees are separate from those charged by Debt Redemption Inc. Please contact a tax professional to discuss any possible tax consequences of paying less than the full balance. Programs are available in Texas. Logos used are property of their respective owners.