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Debt Consolidation in Edinburg, Texas: Everything You Need to Know

After the worst part of the Covid-19 pandemic, life became hard for many people due to a shift in the economy. Therefore, the government is trying to bring things back to normal. But before this happens, people have resorted to taking loans to survive. Still, on loans, firms have emerged to provide financial advice and assistance. If you are tired of dealing with multiple high-interest debts, consider getting help from a debt consolidation lender or company offering a credit counseling or debt relief service. Debt Consolidation in Edinburg Texas

But first, What is Debt Consolidation?

It is the process where you take a loan to clear other debts. Then, to ease things, the firm combines those debts into one. The better part is that they have better terms than the ones for settling the previous debt.

As a debtor, you might have interest in getting a consolidation loan. If this is you, here’s how it works.

How Debt Consolidation Work

Debt consolidation involves paying off different debts with a new loan and then paying one payment to that new loan. For instance, if you have different debts, you can request a loan, consolidate it into one liability, and then use it to pay off higher interest credit cards. The catch is you have to have stellar credit and a good debt-to-income ratio for any lender to take on this risk.

If you are looking forward to debt consolidation in Edinburgfind the lenders that provide these services will have different requirements. One thing that you have to note is that debt consolidation doesn’t clear the previous debts. Instead, it transfers your debt into a single loan.

Before opting for debt consolidation, watch out for things such as the type of loan, terms, or if they are secured or not. However, some firms offer debt settlements, which is not the same as debt consolidation loans. So, if you want to consider debt settlement in Edinburg, Texas, you should be in financial hardship and have exhausted your efforts to find a debt consolidation if you have good credit scores. Many Texans are denied a debt consolidation loan simply because they are over-extended, and banks don’t care about your credit score if they don’t think you can afford the debt.

To sum up, debt consolidation will help you resolve your debts quicker than minimum payments. However, it has some drawbacks. First, not everyone qualifies for debt consolidation. As a rule, having a poor credit score means no loan. You might qualify for a loan, but the interest rate might not be better than what you are currently paying.

Debt Settlement

Debt settlement does not require a new loan and could save you a lot of money by negotiating down your balances. This means you could be out of debt in as little as 24 to 48 months and possibly with a program payment that is less than half compared to minimum payments. There are some pros and cons to this option and any option you choose, so talk to a Texas Debt Specialist. The fees are going to vary widely, as well as the quality of services with this type of program. Check out the BBB website and look for an Accredited company based in Texas to help find a company that won’t overcharge you or provide poor quality services.

How to Receive Debt Consolidation in Edinburg, 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 Edinburg, Texas.

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Debt Consolidation Edinburg, Texas, Credit Counseling Edinburg, Texas, and Debt Relief Edinburg, 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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