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Eliminate high-interest credit card
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Texas Debt Management License: 1900064636-215879

Texas Debt Management License: 1900064636-215879

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Midland Debt Consolidation: Will Your Program Do More Harm than Good?

Want to get out of debt? There are several options to do so. However, that doesn’t make all of them compelling and efficient for your situation. Surprisingly, some options seem viable, but others are not going to be ideal for you. That is why you should take time and research various debt payment options in Midland before you decide. Here are some debt payments options you should consider carefully.

Sticking to minimum payments

In this case, the creditor is happy when you make minimum payments. Although it keeps you from incurring penalties, you pay the debt for a longer time. To determine how long you will pay the debt, you can use a minimum payment calculator. It will help you see how much you will end up paying on interest. However, you can consider other options like debt consolidation in Midland save a lot of money and resolve your debt much faster

Direct deposit Advance

It might seem like a great deal, but it can end up crippling you due to high-interest rates. They give you a loan but take part of your paycheck when it’s deposited to the bank. It helps you solve your problem at that moment, but what about the following month? Even after you make several payments, you may still be in debt due to interest. If you use this option to make other debt payments, it would be better to look for companies that offer credit counseling in Midland and reduce your current debt payments so you can free up additional cash.

Using money from your 401(k)

Your retirement money should always be a no-go zone unless it is a dire emergency. So, before considering your retirement money, look for other debt repayment options. You can consider options like debt settlement in Midland if you don’t qualify for a consolidation loan. Note if you withdraw from your 401(k), you pay taxes and fees.

Car title loans

You will be able to secure a loan quickly, but you have to surrender your car title. The interest rates of this type of loan are very high, and they are short-term loans. In case you are unable to repay your loan on time, you risk losing your car. Before choosing a car title loan, you can consider some debt relief programs in Midland to reduce your existing debt. Debt relief programs cannot help you with a car title loan if you can not pay it in the future because the lender will want to take your vehicle before negotiating.

Debt Consolidation Options in Midland

If you need to reduce your debt and you are unable to obtain a debt consolidation loan, consider a credit counseling program to reduce your credit card interest rates. You can also consider debt settlement to negotiate down your balances so that you pay back less than owed. This is a hardship program and could resolve debt in as little as 24 to 48 months with monthly payments that are much lower than the minimum. Anytime you think of resolving debt, consider the options. The right option will help you get out of debt faster and avoid recurring debts.   

How to Receive Debt Consolidation in Midland, Texas

The fastest way to get help is to call to speak with a Texas Debt Specialist now. You may also fill the form above and one of our Texas Debt Specialists will reach out to provide you a free and no-obligation consultation.
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Midland Texas Debt Consolidation, Midland Texas Credit Counseling, and Midland Texas Debt Relief Consultations are Free of Charge with no obligation.  Clients who make monthly program payments generally experience approximately a 50% reduction of their enrolled balance before fees, or approximately a 35% reduction after payment of settlement fees over a 24-48 month period, not including optional and separate services such as legal representation provided by a Texas law firm or legal insurance plans. Individual results vary based on ability fund 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 a payment has been made to creditor. We do not assume consumer debt, make monthly payments, 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 full balance. Programs available in Texas. Logos used are property of their respective owners.

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