Texas ranks one of the highest states when it comes to the adult population carrying credit card debt. The good news is there are several options for Debt Relief in Fort Worth. While there is no “one-size-fits-all” solution, choosing the right solution to meet your needs and accomplish your goals will be easier with more information about the various options. Below are some options to consider to resolve the high-interest debt.
Increase Your Income
It doesn’t mean you need to quit your current job. You simply need to add additional work than what you’re already doing to increase your earnings. Side jobs can offer you the extra funds you need to pay off your debts. Today, you have more options to explore among side jobs than ever as the GIG economy has boomed. You can always ask for a raise, but some companies are not too enthused about offering any increase in salary with our current economic climate.
Adhering to a predetermined budget can help you escape debt, especially when combined with a program providing Debt Settlement Texas. Look for ways you can reduce your monthly expenses. What are your “needs” versus your “wants.” You may be paying for several items every month that you do not use enough to make the expense worthwhile. Remember, you can increase your budget once you eliminate your debt if you wish.
Pay Off Credit Cards with a Debt Consolidation Loan
If you have credit scores over 700 and an excellent debt-to-income ratio, you may be able to obtain a low-interest debt consolidation loan to pay off your high-interest credit cards. If you use this method, be sure not to reload your credit cards, or you may end up in a situation much worse than today. You can obtain a debt consolidation loan with your bank or credit union. The best way to obtain a Debt Consolidation Loan in Fort Worth is to shop multiple lenders at the same time. Go to https://debtredemption.com/ to apply with up to 25 or more lenders offering debt consolidation loans in Fort Worth. This service is free for you to use, and it will not affect your credit score to receive loan offers.
Credit Counseling Programs
Not everyone can increase their income or qualify for a debt consolidation loan, but there are other options to resolve the high-interest debt. Using Credit Counseling in Fort Worth can offer some of the benefits of a debt consolidation loan. This will include lower interest rates in many cases under 10%. The other important benefit is one monthly payment that could be less compared to making minimum payments. For many people, the most important benefit is being able to pay the debt off in about five years. Keep in mind that this is a hardship program, so if you want to continue charging on your credit cards, credit counseling will be for you. However, if you are considering this option, your goal should be to pay off debt and not obtain more debt if you want to succeed in eliminating it.
Settling the Debt
Another hardship program that can offer a lot of Debt Relief in Forth Worth is a debt settlement program. These are also hardship programs that can provide one easy monthly program payment that could be less than half of your minimum payments. The other benefit is resolving the debt in as little as 24 to 48 months, depending on your budget and the amount your creditors settle for. Unlike credit counseling, monthly payments are not made to your creditors. You simply save money in an FDIC insured settlement savings account while your debts are negotiated, and then funds are transferred to pay off the debt. The savings are enormous because creditors will usually forgive a large portion of your balance.
Final Thoughts for Debt Consolidation in Fort Worth
If you decide to use debt settlement to resolve your debt, keep in mind that not all companies offering this service are created equal. Check the Better Business Bureau for a company rating, accreditation and read any complaints. Also, use a Texas-based company that is focused on helping Texas residents. Our state had many additional consumer protections that most other states do not afford their residents. These protections can help you when resolving your debt. Another problem with out-of-state companies and even some companies in Texas is that they charge very high fees.