A financial pandemic is occurring for many Texans who are struggling with high-interest payments from credit card debt and personal loans. For Texas families, it is not uncommon to have $20,000, $50,000, and even well over one hundred thousand of credit card debt and unsecured personal loans. Plano Texas Debt Consolidation and Debt Relief programs are available with the A+ Rated company Debt Redemption Texas Debt Relief. Find out if they can help!
When researching Debt Relief in Plano or Debt Consolidation in Plano, read the information below to learn more about your options. Any option you choose is likely to save you many years of high-interest payments if you are only able to manage to make minimum payments. There are Debt Relief solutions to help with your unique situation. This may include barely making the minimum payments or if you are delinquent paying the debt.
We are Texans, and we know that most other Texans do not want to file Bankruptcy if it can be avoided. Going into the front of a Plano federal courthouse is embarrassing. Once you file for Bankruptcy, it is a public record for the rest of your life. Whether you are considering Bankruptcy or not, it will be helpful to know more about the alternatives.
You may want to start by considering a Credit Counseling Program in Plano. Another option is Debt Settlement if you need the most affordable alternative. The following is general information about Bankruptcy. There are two forms of non-business personal Bankruptcy. They are chapter 7 and chapter 13. Chapter 7 liquidates any non-exempt assets, and the proceeds will pay your creditors. After this occurs, your remanding unsecured debt balances are discharged. You do not have to pay a discharged debt. Many Texans are unable to “walk away” from debt by using chapter 7. Too much income or too many assets prevent some people from being able to file. Chapter 13 may be your only option if you have too much income or too many assets that you do not wish to give up. The court will determine your ability to pay back your debt in chapter 13. You may only have to pay back a portion of your unsecured debt, or you may have to pay it all back. This sometimes means a chapter 12 is more affordable compared to Debt Settlement, and in other cases, it may cost more. You need to speak to a Bankruptcy attorney if you are considering Bankruptcy as it is the only way to receive legal advice.
Debt Consolidation Loans in Plano Texas are usually offered by your bank or credit union. If the bank or credit union that you regularly bank with does not offer them, you can try online lenders. This type of loan is very high-risk, so most lenders will insist that you have a FICO of around 720 or higher. Although lending standards do change, unsecured Debt Consolidation loans may need a credit score of 750 or better to obtain the lowest interest rate. A great credit score is not going to help if you do not have the income to support the loan. Aside from poor credit scores, poor debt-to-income ratios is the other reason many Debt Consolidation Loans are denied.
Credit Counseling has the ability to lower your interest rates and provide one monthly payment but does not require any new loans. If you find that your debt balances never go down due to high-interest rates, you may want to look into this option.
Credit Counseling in Plano will dramatically drop your high credit card interest rates down to a more reasonable amount. If you have very low-interest rates already with credit cards or you have low rates on your personal loans, you might not get any benefit. Unfortunately, “predatory loans” that often have interest rates over 100% cannot be enrolled into any Credit Counseling Program. Some credit cards charge up to 30% interest, but a Credit Counseling Program will reduce these rates to under 10% in the majority of cases.
No type of secured debt can be enrolled into Debt Consolidation Plan with Credit Counseling since the lender has the ability to repossess the property. If you want to lower your interest rates with any type of secured debt, the only solution will be to refinance it if you wish to keep the property.
Debt Consolidation in Plano Texas using the Credit Counseling method will provide the most benefit when enrolling high-interest credit card debt. To see which accounts are eligible, your Plano Credit Counselor will review your debts. It is a rare situation, but you may have an interest rate that is already lower than what is offered in Credit Counseling. All types of Debt Consolidation, including Credit Counseling in Plano are able to give you the convenience of just one monthly payment for all enrolled debts.
A question that is often asked is if federal student loans are eligible for Credit Counseling or a Debt Relief Plan. Unfortunately, the only programs that can help with these debts are offered directly by the Department of Education. Don’t be fooled by some company offering help when all they do is fill out paperwork on your behalf. Visit studentaid.gov to learn about the programs offered by the Department of Education. Some private student loans can be resolved with Debt Settlement. If you are unsure what kind of student loan you have, simply ask your servicer for details. Credit Counseling or Debt Relief could save you enough money on a monthly basis that it makes paying your student loans much easier.
Plano Debt Relief with Debt Settlement is not like Credit Counseling. Debt Settlement is less expensive in most cases too. Although Credit Counseling will save you money on a monthly basis if you are paying high-interest credit cards, it is going to be more expensive than chapter 13 in all likelihood. Debt Settlement is a completely different process that negotiates your balances down. Sometimes this process will be less expensive than chapter 13, or it could cost more in other cases. The only way to make this comparison is to speak to both a Debt Settlement company and a Bankruptcy attorney. The Bankruptcy Court will be the final determining factor in how much you pay.
Debt Settlement program lengths should be estimated based on typical results with the creditors owed. Your Debt Specialist will likely structure your program with an estimated length somewhere between 24 to 48 months. While the estimated length is based upon your creditors and budget, the actual length will vary depending upon the results achieved. Plano Debt Relief Plans with Debt Settlement negotiate the lowest possible settlement with your creditors. Credit Counseling offers a benefit with lower interest, but you pay back 100% of the balance with that method. Unlike Credit Counseling, when enrolled into a Debt Settlement Program, the program will not give your creditors small monthly payments. Rather than your monthly payments being broken up and distributed to each creditor, the monthly payments are actually deposits into an FDIC special purpose account. Money builds up into this account while debts are negotiated and settled one at a time over the course of the program. The reduction of what you pay back your creditors is why a Debt Settlement Program is designed to cost less than Credit Counseling. Credit Counseling will usually reduce your monthly payment by some percentage, but the monthly cost of a Debt Settlement Program may be less than half compared to minimum payments in many cases.
Consolidating Debt in Plano using a Debt Settlement Program is often the right choice when struggling to make payments or behind making payments. Consider Debt Relief in Plano Texas once you realize that you may not be able to make your payments in the future. The sooner you start the process, the sooner you can start eliminating the stress of the overwhelming 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 Plano Texas who enroll in Debt Settlement can also utilize additional protections by the highly awarded Debt Defense Attorney.
Debt Redemption is a licensed, highly rated, and completely veteran-owned company based in the great state of Texas. The agency has offices in select Texas cities but can service residents all across the state through phone consultations and electronic documents.
Debt Redemption is not a lending institution but does offer some Debt Consolidation Loan referrals. The Texas Debt Specialists can also recommend lenders that can help in particular situations when appropriate. Debt Redemption Texas Debt Relief provides Credit Counseling in Plano Texas, Debt Management in Plano Texas, and Debt Relief in Plano Texas. Debt Negotiation and Debt Settlement are available in Plano. Call today to see how much you could resolve and how quickly you could be debt free.
Call 469-663-6177 for a Plano Texas Debt Consolidation or Debt Relief Consultation.
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Debt Consolidation Plano Texas, Credit Counseling Plano Texas, and Debt Relief Plano Texas Consultations are free of charge with no obligation. Clients who make monthly program payments generally experience an approximate 50% reduction of their enrolled balance before fees, or a 35% reduction after payment of settlement fees over a 24-48 month period. Individual results may vary based on 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, 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, provide tax, bankruptcy, accounting, or legal advice. Debt Redemption is not a lender but provides a platform to receive offers from multiple lenders. 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 available in Texas. Logos used are property of their respective owners.