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Debt Consolidation in San Marcos, Texas: 4 Things You Should Be Wary Of

Debt problems can compromise your mental and physical health. If you’re struggling with monthly payments, start looking for options that can help you. Debt relief services can be the best way to resolve your problems, including debt consolidation loans and credit counseling. Like any other strategy, consolidating your debt comes with a few drawbacks. Here’s a list, so you’ll know how to deal with them. Debt Consolidation in San Marcos Texas

Added Costs

One of the first things you need to know—before you choose debt consolidation in San Marcos, Texas—is that you’ll need to spend on costs related to getting a new loan, like transfer costs and origination fees. The point of getting the loan is to take advantage of the cost savings that a lower interest rate will give you. So, even if you need to pay off those costs, you’ll still end up saving more money in the long run.

Reckless Spending

When you get the proceeds from the loan, use it to pay off your debts. Lots of borrowers make the mistake of using the money for something else. Getting the loan doesn’t make your debts disappear. So, if you use the money you intend to pay those debts off for something else, that will create more trouble for you. Keep your spending in check.

Dodgy Service Providers

Most banks and lenders with low interest rates are reputable. Predatory lenders can take you for a ride with interest rates well over 100% APR. Also, if you are going to use a debt relief service instead of a new loan, make sure you look for reputable companies here in Texas by researching the Better Business Bureau. Go over the experience of the firm, their expertise, and background. How long has it been around? What services does it offer? How can it help you? Ask about the process if you plan to get debt consolidation in San Marcos, Texas. A trustworthy company shouldn’t have any problems walking you through it.

Missing Payments

The debt consolidation loan will only work if you don’t miss any of the payments. Otherwise, you’ll be dealing with more financial problems. Negotiate the monthly payment amount when you apply for a loan to make it more manageable for you. If you can’t afford the payments of a debt consolidation loan, or you do not qualify, then credit counseling or debt settlement could be more affordable options.

How to Receive Debt Consolidation in San Marcos, 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 San Marcos, Texas.

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Debt Consolidation San Marcos, Texas, Credit Counseling San Marcos, Texas, and Debt Relief San Marcos, 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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