SAN ANTONIO – Texans are struggling with credit card debt and personal loans now more than ever, due to the pandemic.
If you are struggling to pay high-interest credit card debt and personal loans, you are certainly not alone.
If you’ve considered debt consolidation or debt relief, Debt Redemption Texas Debt Relief explains why using a non-local debt relief company may not give you the help you are expecting.
But how can Texans know which debt relief or debt consolidation company to trust? Debt Redemption suggests starting locally.
“Unfortunately, we sometimes clean up the mess that non-reputable out-of-state companies put people in before they realize we are here to help them locally," said Jack Brandon, a representative for Debt Redemption. “They prey on Texans and are sometimes quick to take their client’s money without providing much help."
Some programs are designed to achieve interest rate reductions and resolve debt in about five to seven years.
Other programs negotiate the principal balances and may resolve debt for less than what is owed in as little as 24 to 48 months.
Sometimes negotiation programs are a better fit if someone can only afford half or even less than half of their current monthly debt payments. It is very important to choose a trustworthy company for whatever method of debt relief you choose. Some people enroll in debt relief programs but don’t research who they are doing business with, therefore may not realize until years down the road that they aren’t actually getting the help they expected or needed.
It is important any company offering debt management in Texas is registered with Texas Office of Consumer Credit Commissioner.
Any company not registered is breaking the law if they provide debt management, debt relief or credit counseling services to any Texas resident. Texas also has strong consumer protection laws, but many out-of-state companies don’t even know that Texas residents can benefit from them.
When choosing a company to either reduce interest rates or negotiate principle balances, these items you should research beforehand:
- Check that any company offering debt relief in Texas is licensed to do so.
- Research the company with the Better Business Bureau.
- Find out if the company is located in Texas or has offices in Texas.
- Find out how long the company has been in business.
- If it sounds too good to be true, it probably is.
If you struggle with more than $10,000 or even $100,000 in credit card debt or personal loans, you can get a free and no-obligation consultation with Debt Redemption Texas Debt Relief. The company is 100% Veteran owned and BBB Rated A+ and accredited. Consultations are available by phone or in-person for local clients.
According to Debt Redemption Texas Debt Relief, instead of throwing money away to high interest -- money that you may never see again -- you could put $1,000 a month into a mutual fund at a 10% return, which could yield more than $400,000 in 15 years.
About $30,000 in high-interest debt could end up costing $90,000, but the real cost could be more than $400,000 in a lost opportunity.