Thinking about debt relief, debt consolidation? Some things to consider before diving in

Any business offering debt management in Texas must be registered with Office of Consumer Credit Commissioner, this company says

Thinking about debt relief, debt consolidation? Some things to consider before diving in | SA Live | KSAT12
Thinking about debt relief, debt consolidation? Some things to consider before diving in | SA Live | KSAT12

Many Texas residents are struggling with tens of thousands of dollars in credit card debt and personal loans, made even worse due to financial problems caused by the COVID-19 pandemic.

There are options to resolve overwhelming debt problems without a new loan or bankruptcy, and Debt Redemption Texas Debt Relief might be your answer.

Many people are unable to qualify for Debt Consolidation Loans because of the very high borrower requirements.

Debt Redemption Texas Debt Relief says it can provide multiple plans to help eliminate the stress caused by overwhelming debt -- without new loans.

One form of management offered will provide lower interest rates, often between 6 to 10%. Known as traditional Credit Counseling, these programs do not require a good credit score, and can help to pay off credit card debt in about 60 months.

Depending on your current interest rates, you may also receive lower monthly payments compared to your combined minimum payments.

Another program negotiates forgiveness of a large portion of the principal balances. The extra savings provided by negotiating down the balances rather than just the interest can allow Debt Redemption Texas Debt Relief’s clients to eliminate debt in a little as 24 to 48 months, often with a monthly cost that is half, or even less than half, compared to making high-interest minimum payments.

Debt Redemption Texas Debt Relief also offers an exclusive Advanced Hardship Program for those who are in more severe financial hardship, and need the lowest monthly cost possible without bankruptcy.

It’s also important that companies understand the consumer protections specific to Texas, so that you can take advantage of them during your plan for debt relief. Always research a company with the Better Business Bureau before doing business, advises Debt Redemption Texas Debt Relief.

When choosing a company to either reduce interest rates or negotiate principle balances, research these items 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 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.

Consultations with a Texas debt specialist are provided via phone or in-person at one of the office locations, including in San Antonio.

For Texans struggling with more than $10,000 or even $100,000 in credit card debt or personal loans, Debt Redemption Texas Debt Relief says it offers free, no-obligation consultations.

The company is 100% veteran-owned and BBB Rated A+ and Accredited. Click or tap here to learn more.