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Texas Debt Management License: 1900064636-215879

Texas Debt Management License: 1900064636-215879

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Reasons Why Your Debt Consolidation Application In Pasadena Can Be Denied

Four out of five Americans have more debt than they can bear. It’s no exception for people living in Pasadena, Texas. In most cases, when you are overwhelmed with debt, debt consolidation loans are often the first thing that comes to mind. However, getting a debt consolidation loan in Pasadena is not as simple as it sounds. If done the right way, it can help you repay your debt faster. But there are reasons as to why your debt consolidation loan might get declined.

Limited Income to Qualify for a Consolidation Loan

A debt loan payment requires a fixed monthly payment which can be more or less compared to minimum credit card payments. However, people recognize that they pay off debt much faster with a debt consolidation loan. But lenders know that you may not be able to afford a debt consolidation loan if you are having difficulty making the minimum payments with your credit cards.  

Credit card minimum payments can appear low, but they take decades to repay. However, you can pay debt consolidation off much faster. Consolidation loans term is usually three to five years, so if your credit card interest rates are already low, the new loan may cost you more. If your salary cannot afford the payments, your debt consolidation can be declined.

Too Much Debt

Credit unions and banks may permit you to have total debt payment that cost around 36% of your total monthly income. Debt-to-income will be an important consideration for a debt consolidation loan in Pasadena. Extremely high credit scores may not be very helpful if you cannot afford the new debt.

If you cannot afford a debt consolidation loan, you can find another option to settle your debt, like debt settlement in Pasadena. In addition, you can look for services like credit counseling in Pasadena to help you control your debts. A credit counseling program will lower your interest rates without the need to obtain a new loan. A debt settlement program is different as it will negotiate forgiveness of a large portion of your balances over a 24 to 48-month program. The payments for this program could be much lower than other options.

Your credit score

If you need debt settlement options in Amarillo, you need to have a good credit score. Having a medium to high credit score shows you have been handling your debts well. If the score is low, the chances of having your loan approved are meager. But they are not impossible. You can check with your credit reports to see if there are any mistakes.

No Security for the Debt Consolidation Loan

Most financial institutions in Pasadena ask for collateral when asking for a debt consolidation loan. They do this, mainly if you are having challenges keeping up with your payments or you have low credit scores. They may take the collateral if you fall behind or take other actions such as filing a lawsuit to ensure they get their money back, including interest.

Do not risk losing your home or vehicle if you are struggling with debt. Instead, opt for other options such as credit counseling or debt settlement to obtain debt relief in Pasadena.

Remember that wealthy people earn interest while poor people pay interest. If you need help to resolve your debt problems, always research before settling for a specific option to repay your debts.

How to Receive Debt Consolidation in Pasadena, 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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Pasadena Texas Debt Consolidation, Pasadena Texas Credit Counseling, and Pasadena 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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