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Does Credit Counseling Differ From Debt Relief In Rowlett, Texas?

Credit counseling is crucial for anyone struggling with debts and trying to find a way to pay off their debts. In Rowlett, organizations that deal with credit counseling are usually non-profit. They will give you the necessary financial advice on managing your debts and money. Their services are generally free except when you enter into a debt management program. These programs usually have a monthly fee, and they are also paid a portion of what they collect from your creditors. On the other hand, debt adjustment is a more manageable way to help you deal with a huge debt in smaller bits as agreed upon by the lender. Debt Relief In Rowlett Texas

What is Credit Counseling?

This is a non-profit organization mandated by the state and the federal government to provide individuals with the right information on debt and money management. Credit counseling in Rowlett has free resources and educational materials accessible to anyone who needs them at any time.

What is Debt Relief?

Debt restructuring is a form of debt relief in Texas that some corporations, organizations, or governments use to repay their debts. The repayment is made over a longer period and with smaller amounts than the initial agreed amount. Sometimes the amount paid back is less than the full balance making it a form of debt settlement in Rowlett, and it is less expensive and complicated.

How Credit Counseling Differ from Debt Relief

Credit counseling and debt adjustment differ in the following ways:

  • Credit counseling is non-profit and offers you advice on managing your money and debts as you budget for payments. On the other hand, debt adjustment is for-profit as they charge a specific fee for the services they offer. They also arrange a settlement plan of your debts with the debt collectors.
  • Credit counseling will not advise you to stop paying your debt, and it will also help you negotiate the monthly payments. On the other hand, debt settlement will recommend you stop paying the creditor until the debt settlement is negotiated with the creditors.
  • With credit counseling, your payment plans do not have any tax implications. For debt settlement, there may be debt forgiveness, which may have tax implications in the long run.
  • Debt settlement is usually able to provide a much lower cost and shorter time-frame to resolve the debt since the balances are negotiated, not interest rates.

Please beware of debt adjustment companies that will charge you up-front with a promise to settle your debt. Their fee should be paid once the debt has been resolved. Companies should be licensed in Texas and should not charge settlement fees above 17%. Out-of-state companies often charge excessive fees, and some are not licensed in Texas.

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

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