Debt Relief in The Colony, Texas: 3 Things to Know

Debt can happen swiftly. In May 2019, Marketwatch reported that millions of Americans were just one paycheck away from financial disaster. And then the pandemic hit. With one in three households already having a hard time making ends meet, and with unemployment levels also at a half-century low, things got considerably worse. While there was a federal relief package that helped lift about 18 million Americans out of poverty, the recession placed households under severe financial stress. Many went into debt.

Seeking Debt Relief

Low-income households in America were already spending half or more of their income pre-pandemic. When the coronavirus happened, many families were overwhelmed and started relying on credit cards to get by, ending up with a lot of debt. If that’s nearly more or less how it happened to you, you can seek debt relief in The Colony, Texas, to get your finances under control.

What is Debt Relief?

Debt relief includes a set of strategies that make it easier to handle your debt. You can get a loan for debt consolidation in The Colony, Texas. That means consolidating multiple debts into one, so you’ll have an easier time managing the payments. You can also choose debt settlement in The Colony, Texas, which allows you to pay less than what you owe. The strategies may be different, but they all have one end goal: to help eliminate your debt.

Where Can I Seek Debt Relief?  

Try local credit unions. Many of them are willing to give loans to customers with bad credit, assuming you have a great relationship with your credit union. You can also try local banks where you have done business before. For online lenders, there are platforms where you can find lenders that are willing to give you an offer. That’s much easier than having to reach out to these lenders on your own. The longer you go, the harder it is to pay off your monthly debt. That means you need a loan ASAP, but you can’t afford to rush and choose the wrong lender. With a platform, though, you can focus more of your time checking out their offers and reputations to help you decide and pick the best package. That package means you’re one step closer to seeing that end goal in sight.

Options Without a New Loan

Neither debt settlement nor credit counseling requires a new loan, so you may want to consider one of the options if you cannot afford to make your credit card payments and you want to avoid bankruptcy. If you haven’t made payments on your debt in over six months, or if some of your debt is from predatory lenders, your best option could be debt relief using debt settlement.