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3 Things to Help You Understand How Debt Consolidation in Bryan, Texas, Works

Combining several debts into a single payment is a double-edged financial tool. It can work for you, but there are several risks and conditions. Understanding the process and what it entails will help you determine if you should go with a consolidation loan or not.

3 Things to Help You Understand How Debt Consolidation in Bryan Texas Works

You May Not Get a Lower Interest Rate

Before you apply for debt consolidation in Bryan, Texas, evaluate your credit score. You can possibly get a lower interest rate if you have a good score. That’s the main reason many consumers choose to consolidate their debts. A lower interest rate means you pay less and can finish your payments sooner. If you have bad credit, you may get a higher interest rate than you currently have with your creditors, or you may be denied altogether. Consider your finances and choices before you apply for a consolidation loan.

You Need a Budget Management Plan

Even if the loan gets approved, that’s only the tip of the iceberg. You’re only streamlining your monthly payments, making it easier and faster to pay off what you owe. That doesn’t mean you’re out of the debt cycle yet. You still need a plan detailing how you plan to tackle your debts. A budget management plan should provide comprehensive steps on which creditors to pay off first and how.

Your Spending Habits Matter

The consolidation loan may be successful this time around. That doesn’t mean this solution will work every time. Determine what triggers the problem in the first place. Why do you go into debt? If it’s medical bills, you’ll need to start taking care of yourself better. If a financial emergency blindsided you, start setting up an emergency fund. And if you got reckless with your spending, fix it. Some people shop to cope with stress. If that’s a trigger, find other ways to entertain yourself without hurting your finances.

Denied a Consolidation Loan?

If you cannot qualify for a debt consolidation loan, you can try some other options. Ask a family member for a low or zero-interest loan to pay off your debt. You may consider selling an asset that you no longer need. A credit counseling program could help if you need lower payments. A debt settlement program may provide lower payments than credit counseling. However, both credit counseling and debt settlement are hardship programs that may negatively impact your credit score. Once you are out of debt, you can rebuild your credit relatively fast if you take the right step. With any option, you can always get a good credit score back, but you cannot get the money lost to interest.

How to Receive Debt Consolidation in Bryan, Texas

The fastest way to get help is to call to speak with a Texas Debt Specialist now. You may also fill out the form above and one of our Texas Debt Specialists will reach out to provide you with a free and no-obligation consultation for Debt Relief or Debt Consolidation in Bryan, Texas.

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Debt Consolidation Bryan, Texas, Credit Counseling Bryan, Texas, and Debt Relief Bryan, Texas Consultations are Free of Charge with no obligation. Affordable Debt Consolidation is not a lender but offers a platform to receive offers from participating lenders.  Credit counseling clients generally obtain an interest rate between 6% and 11%.  Debt negotiation clients who make their scheduled monthly program payments generally experience approximately a 45% reduction of their enrolled balance before fees over a 24-48 month period, not including any optional and separate services such as legal services provided by a law firm.  Our settlement fees are 15% of the enrolled balance compared to 25% charged by most competitors. Individual results vary based on the ability to fund the program, and the creditors enrolled. Statements made are examples of past performance and are not intended to guarantee that your balances will be reduced by a specific amount or that you will resolve debt within a specific time period. Settlement fees are not charged until a debt is reduced and payment has been made to the creditor. We do not assume consumer debt, make monthly payments, or provide tax or legal advice. We are not a credit repair firm. Please contact a tax professional to discuss any possible tax consequences of paying less than the total balance. Debt Relief programs are exclusively offered to Texas residents. Logos used are property of their respective owners.

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