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Texas Debt Relief Programs

Learn how Texas debt relief programs work here at

Texas debt relief programs include debt negotiation and settlement services, loan consolidation, debt validation, and consumer credit counseling. Texas residents that can’t afford to pay more than minimum payments, may want to consider debt settlement. Texas consumer credit counseling companies can also help with reducing high-interest credit card bills.

What is Texas Debt Relief?

Here at Golden Financial Services, our IAPDA certified counselors will teach you about how each Texas debt relief program works, so that you can make an informed choice about which route to take. You may decide not to use a program at all, and if that’s the case we even have free tools to help guide you along.

Debt Consolidation Programs in Texas

Need to consolidate federal student loans? You don’t need to hire a debt consolidation company in Texas to consolidate your federal student loans because you can consolidate on your own. The choice is yours. If you’re interested in consolidating your student loans on your own, here’s a step by step guide on how to consolidate, reduce your payments, and get loan forgiveness.

TX credit card consolidation loans are best provided by credit unions. We recommend if you’re contemplating getting a consolidation loan, Texas local credit unions would be the place to start.

Texas residents can get out of debt on their own without using a program in some cases

Need to pay off your credit cards faster but without using a program or a loan? Here’s a free debt snowball calculator tool to help you out.

Before using the snowball calculator, you may want to start off with creating a budget. Here’s a free budget calculator tool to get you started.

Is there a government debt relief program for Texans?

Government programs are available to help with federal student loans, but not for credit cards, unsecured loans, and collection accounts.

To learn about Texas credit card debt relief programs call  (866) 376-9846.  Programs can assist you in dealing with medical bills, credit cards, and most unsecured loans. Get the facts about each program, how they work, and find out what your best option is.

Is Debt Relief a Good Idea?

All debt relief programs come with pros and cons, which is what the remainder of this page will explain. It is important to learn all options and weigh the benefits and downsides of each. What option benefits you the most and is in line with your financial goals? Depending on your goals and needs will determine whether or not a particular program is a good idea for you.

How does a Texas debt relief program affect your credit?

The effect that Texas debt relief, settlement, and consolidation programs may have on credit scores will vary. Depending on what your financial situation looks like today, will play part in determining how a particular program may affect your credit.

Here’s an example:

Do you want to reduce your bills without having any type of negative effect on your credit score? If your FICO score is only 650 and you are one month behind on credit card payments, a consumer credit counseling program could re-age payments to be current again, resulting in a slight improvement to credit scores.

On the other hand, if you have a low credit utilization ratio and an 800+credit score, your credit score may go down at some point after joining a consumer credit counseling program because your credit card accounts will end up getting closed out at the end of the program, which can lower your credit score. So again, whether or not a particular program is a good idea for you, depends on what your situation looks like today and your goals.

There are additional factors that are outside a program that determines whether or not your credit score continues to go down or improves at some point. Are you staying current on the monthly payments on the accounts you left out of the program, like your car or mortgage payment? This payment history plays an important role in helping a person improve their credit score or lower it further.

Here are additional factors to consider that can boost or reduce credit scores

how to boost your credit score

Why use Golden Financial Services for Texas credit card debt relief programs?

We can help you get approved for the lowest payment with one of the best Texas debt relief companies. You will understand how each program works, including the benefits and downside of each. Our experienced enrollment specialists are trained by the International Association Of Professional Debt Arbitrators (IAPDA), ensuring you get reliable and trustworthy information. Our compliance team is constantly monitoring all phone calls, ensuring our enrollment specialists operate with the highest standards for debt relief.

Golden Financial Services is not a Texas consumer credit counseling company. Instead, we specialize in offering hardship programs, including Texas debt negotiation and validation plans to qualified consumers. Part of what we do is offer financial education to consumers, including education on debt management programs. Ultimately we leave the power in the hands of the consumer, empowering people by providing financial education and options, and making it easy to enroll.

We take pride in ensuring full transparency, which means ensuring you understand the benefits and downsides of all options. Based on specific criteria we will recommend the best Texas debt relief program for each person. Our enrollment specialists will ensure consumers understand all of their options and assist consumers with enrolling in the program of their choice.

How old is Golden Financial Services?

Golden Financial Services was created in 2004, in Boca Raton Florida. When first incorporated, we offered debt settlement. Over the years, we realized that we needed to be able to offer more than just one plan. That’s when we started facilitating partnerships with what we believe are the best companies in the nation. We don’t charge consumers, instead, we get paid by the companies that we work with. Consumers can talk to one of our enrollment specialists for a free consultation.


Our BBB rating of A+ with less than three resolve complaints in over three years backs up that the advice we provide is trustworthy and reliable.


Texas TX debt management team at Golden Financial Services
The Golden Financial Services Team

Our management team of counselors, including well-known leaders in the debt relief industry, includes Rick Sorrentino, Wesley Hendrickson, and Paul J Paquin the CEO.

Part of the criteria that we base our recommendations on include, Texas debt relief companies that:

  • offer the lowest payment for Texas debt relief and settlement programs
  • abide by rules and regulations, including charging no up-front fees and offering full disclosure for clients
  • maintain a high Better Business Bureau rating with few complaints or that are BBB accredited
  • have a long track record of success
  • are proactive in dealing with the potential downsides of Texas debt relief programs, like if a consumer is served with a credit card lawsuit (–Will the company defend the client?)

Texas consumer credit counseling, debt relief, settlement, and consolidation programs all have a negative side associated with them, so it’s important that you understand each negative so that you know how to deal with situations if they were to occur and can successfully make it through whichever program you choose to join, not letting obstacles prevent you from being successful.

At Golden Financial Services, we are A+BBB rated and IAPDA Accredited.

Texas BBB Debt Settlement.Negotiation.Consolidation.Iapda.Accredited .jpg
Click Image to View BBB Profile for Golden Financial Services

Talk to one of our Debt Enrollment Specialists Today for Free at (866) 376-9846.

Texas Debt Negotiation & Settlement Fees

With debt settlement programs in Texas that we recommend, the maximum fees that any debt settlement firm will charge equals 15% of the total debt enrolled. No fees get charged until after each debt gets settled and at least one payment has been made to the creditors, in accordance with federal laws. With fees and all interest included, Texas debt settlement programs allow you to pay a significant amount less than the total amount owed, but is this savings worth the negative effect that this type of program can have on credit scores? The answer to this question is not the same for everyone. How is your credit score today? Do you have maxed-out credit cards that you can’t afford to pay? Have you been late on monthly payments in the past? Do you have creditors calling you and harassing you over debt collection accounts?

Texas Consumer Credit Counseling Company Fees

When it comes to consumer credit counseling programs in Texas the only fee that is allowed to get charged is the monthly fee that cannot go above $50 per month, but you will pay your entire credit card balance back in full, plus interest. Consumer credit counseling programs in Texas will cost more than debt settlement in the end, even though the fees are much less due to the fact that all of your balance must get paid in full.


Texas Debt Relief Program Benefits Include:

  • Become debt-free faster (within 18-48 months with debt settlement) (within around 54 months with consumer credit counseling)
  • Save money and eliminate a portion of your high-interest rates with consumer credit counseling
  • Get one lower monthly payment (with all settlement and consolidation options)
  • Have your balances negotiated down to an amount that you can afford to pay

Texas Debt Statistics

texas debt statistics


Before learning about Texas debt relief options, it’s important to know a few facts about the state’s overall debt problem.

  • Average Debt Per Consumer in Texas: The average citizen in Texas carries around $13,500 in debt.
  • Credit Scores: Texas residents have among the lowest credit scores in the country.
  • Identity Theft in Texas: Texas has one of the highest rates of identity theft in the country as well.
  • Student Loan Debt: The average student in Texas has $22,140 in student loan debt.
  • Credit Card Debt in Texas: Three Texas cities rank in the top ten for consumers with the highest credit card debt. San Antonio ranks first at $5,177. Dallas ranks fifth with $4,936. Austin comes in eighth with $4,791.
  • Bankruptcy: Bankruptcy filings in Texas dropped in all three federal judicial districts in the state. The Northern District saw a decline of 2.4 percent, while the Western District saw a decline of 8.4 percent. The Southern District had the biggest drop with 11.4 percent fewer filings between 2011 and 2012.

What Golden Financial Services offers, that other debt relief companies in Texas don’t offer:

  • At Golden Financial Services, IAPDA Certified Debt Counselors will give you a FREE credit report analysis to spot identity theft
  • You get to learn all of your options within a single phone call. Many Texas debt relief companies offer you only one program, so you would have to call multiple companies to get the same information that you can get in a single phone call at  Golden Financial Services.
  • Golden Financial Services is one of the debt relief companies in Texas that maintains zero unresolved Better Business Bureau complaints and an A+ rating (click to verify at

Do you qualify for a Texas debt relief program?

To find out if you’re eligible for a debt relief program, TX residents must follow these few quick steps:

Debt Settlement Texas, Debt Relief Texas, Debt Consolidation Texas

Step 1: Talk to an IAPDA Certified Texas Debt Relief Professional

You start off with a free consultation with one of our IAPDA Certified Texas debt relief counselors. IAPDA stands for the International Association of Professional Debt Arbitrators.

Talk to an IAPDA Certified Expert for FREE @ (866)-376-9846

Step 2: Texas residents can get a free credit report and score

You can get a free credit report. One of our IAPDA certified counselors will review your credit report with you. We need to see what creditors you owe, the balances on each account, and payment history. On our end, we will plugin your creditors’ names and all of the information into a password encrypted software that will give us all of your debt relief options in a matter of seconds.

Your private data remains safe and confidential in our software, and will only be accessed by our team at Golden Financial Services and our approved partners that assist in getting you out of debt.

Step 3: Learn what Texas debt relief program you qualify for

Your monthly payment options will be presented to you for each program. Whichever program you qualify for, will offer flexible monthly payment options. You can pick how fast you want the plan to go, ranging from 18-48 months (depending on how fast you can afford to become debt-free). Keep in mind, with settlement programs you can choose a plan (i.e., 24 months, 36 months, 48 months), but these are just estimated timeframes based on past results. That means, you may become debt-free faster with debt settlement than what is originally quoted, but on the other side of the coin there’s no guarantee that all creditors will even settle.

Before we recommend a settlement program, it’s important that collection agencies prove that they are legally authorized to collect on an account. Debt validation programs offer consumers the ability to dispute a debt, forcing a collection agency to prove that they are legally authorized to collect on a debt. If a collection agency can’t validate a debt, it can become legally uncollectible. A legally uncollectible debt is one that does not have to get paid, and it can’t legally remain on a person’s credit report. A validation program can be an effective method for dealing with third-party collection accounts and making it easy for consumers to act on consumer protection laws that are available.

What if I get sued while enrolled in a Texas debt relief program?

We will go over exactly how each program works, including the benefits and downsides of each plan so that you can intelligently pick your best option. If you understand the potential downsides and the solution if a negative consequence was to occur, you have a much better chance of making it through the program successfully and becoming debt-free. You should not be scared about potential downsides occurring, instead, the company should reassure you that if a potential downside was to occur here’s how it would be dealt with.

For example, if you get sued, will lawsuit defense be provided? What are you supposed to do after getting served with a summons for a credit card debt? Are you clear on the process? Any Texas debt relief company helping you should get in front of the fact that you could get sued while enrolled in a program. They should address the steps that will take place following you getting served with a summons. How will the company resolve the lawsuit? Are they putting all the work on you, or will they actually be the ones responding to the summons and working to get it settled or dismissed? Will you be required to pay additional legal fees to an attorney?

Transparency and disclosures are at the forefront of what we do here at Golden Financial Services. Here’s why: We’ve found that, in order for clients to be successful in resolving their loans and bills, they need to understand what potential consequences could occur and how these potential consequences will be dealt with if they were to occur. Which brings us to step four:

Step 4: Get TX debt relief program disclosures & compliance call

We send you the paperwork to review and sign electronically. You then need to complete a thirty-minute phone call where one of our compliance managers evaluate your program and all of the disclosures, ensuring you understand all aspects of the plan. Each page of the client agreement will be reviewed with you by one of our enrollment specialists here at Golden Financial Services.

Texas debt settlement and validation program disclosures

  1. With debt settlement and validation programs, accounts must go to third-party collection status before each debt can get negotiated down and settled, or disputed. Consequently, a person’s credit score will go down over the first year of the program, and late marks and collection accounts will get inflicted on credit reports. By settling a debt, this action will not remove late notations and collection accounts from a person’s credit report but if an account gets proven to be legally uncollectible through a validation program, in this case, it can no longer legally remain on credit reports.
  2. If you don’t pay your creditors in full every month there is a chance that they can attempt to sue you. All debt relief programs in Texas that we offer at Golden Financial Services include some type of lawsuit protection or method to resolve a summons, where a negotiator that specializes in settling lawsuits will go in and attempt to negotiate an attractive settlement prior to the court date. The downside with settling a debt after legal action has occurred is that settlements won’t be as attractive and will cost more, but you’ll still likely save more than by paying the account in full and on your own.  If you get sued while on a program you’ll need to send the summons over to the TX debt negotiator handling your case so that they can prioritize settling the lawsuit and help you resolve it quickly. Just make sure whatever Texas debt relief company you’re talking to is being upfront and transparent about the fact that you could get sued and make sure they have a clear plan to action that will be taken if a lawsuit was to occur. Now do keep in mind, one of the main benefits of using Texas consumer credit counseling programs is that creditors do get paid on a monthly basis, so when enrolled in this type of plan you should not get sued.
  3. With Texas debt settlement/negotiation programs, after an account is reduced and paid off for less than the full amount, a portion of the debt gets forgiven. The amount that gets forgiven (your savings) is seen by the IRS as “taxable income”. Talk to your accountant about this aspect of the program, but solutions are available that most accountants can help you with in order to illustrate insolvency so that you don’t have to pay the tax liability. For example, IRS Form 982 has been used by clients to determine under certain circumstances (as described in section 108), “the amount of discharged indebtedness that can be excluded from gross income”. In other words, clients that have received a 1099 over a settled debt asking them to pay taxes on the savings, have been able to use this Form 982 to avoid having to pay the taxes.
  4. Just to reiterate, your creditors are not paid on a monthly basis with debt settlement programs in Texas. Instead, your payments go into a special savings account (also called an FDIC insured Trust Account) that you have full control over. After a deal is made with one of your creditors to settle a debt for less than the full amount, you’ll get notified about the deal and must approve it before the settlement gets finalized and funds are released from your savings account. When one of your creditors agree to reduce a balance and you agree to the terms, at that point the funds get released directly from your savings account and paid to the creditor. If you cancel your program before an account is settled and resolved, 100% of the funds in your savings account are returned to you. After the deal is finalized with one of your creditors and at least one payment is made to that creditor towards the agreed-upon settlement amount, at that point, the debt settlement company’s fee gets charged and comes out of your savings account. This fee will already be available inside your savings account, it’s not an additional fee that you’ll have to pay on top of your regularly scheduled monthly payment, it’s already been incorporated into your scheduled monthly payments.
  5. There’s no guarantee any creditor will settle for a certain amount, what we provide you is a quote based on past client results. No Texas debt settlement company can tell you an exact amount that creditors will be willing to settle for. Your creditors are not legally obligated to settle a debt for less than the full amount owed, but in most cases, they will agree to a settlement because we’re dealing with collection agencies that have purchased the debt for a cheap price and the original creditors have already written off the debt.
  6. Not all clients make it through debt validation or settlement programs due to various reasons, like maybe they can’t afford to continue making payments for the entire plan and end up canceling and filing for bankruptcy debt relief. Texas residents are legally entitled to canceling any debt relief program in Texas at any point. We do not offer any type of bankruptcy referral services at Golden Financial Services. If you cancel a program before finishing it you may end up with higher balances and in worse financial shape than before you started. After joining a settlement or validation plan interest and late fees continue to accumulate making balances grow even higher, so if you drop out before finishing the program you could end up with more debt than what you started. However, late fees and interest do get mitigated into the settlement at the time the debt is settled and paid, so nothing additional is owed after the debt is settled.

Consumer Credit Counseling – Texas Disclosures

Texas consumer credit counseling programs do have a negative effect on credit scores, but this adverse effect occurs at the end of the program when credit card accounts get reported closed.  Also, after joining a credit counseling program it is reported on your credit report that your accounts are being managed by a consumer credit counseling company, and some creditors frown and look down upon this type of credit notation.

Therefore, even though payments are made on time every month to creditors, consumer credit counseling will still have an adverse effect on credit.

Credit scores can also improve after joining a credit counseling program because accounts can go from being delinquent to getting re-aged to show payments are current. In many cases, consumer credit counseling programs have less of a negative effect on credit scores at first compared to financial hardship programs that require you to stop making payments to creditors each month.

The bottom line:

Texas residents with a high credit score that can afford to pay more than minimum payments comfortably, should avoid debt relief programs at all costs because high credit scores are not easy to build. Check out the 10 best ways to clear high credit cards for 2020.

Step 5 – Your TX debt relief program starts

You get approved or denied for the TX debt reduction plan at this point.

Your monthly payment won’t start immediately, it will be scheduled for 1-3 weeks out.

It is important at this point that you send in all correspondence including any documentation and collection letters sent to you from creditors to your Texas debt relief company.

Debt Consolidation Texas

In Texas, debt consolidation allows the consumer to combine all credit into one monthly payment. Credit card debt relief in Texas can be achieved by consolidating your cards into one lower interest payment, saving you money in interest.

Often with consumer credit counseling programs in TX, the credit counselors work with your creditors already. Consumer credit counseling companies have arrangements already in place with most credit card companies to lower the interest rates on credit cards.

This means payments become more manageable and allow the consumer to have more disposable income for savings or retirement by using consumer credit counseling services. There is also a reduced risk of credit-damaging late payments, as well as the late fees that come with them, due to “forgetting” one of the many different debt payments the consumer is dealing with without debt consolidation.

For many consumers, debt consolidation Texas programs offer a simple, easy solution to managing debt.

Debt consolidation loans are also available to consolidate debt. Here at Golden Financial Services, we recommend you check with a local credit union for the lowest rate loan. If you plan to apply for a consolidated loan make sure your credit score is high, or else a loan could end up being more costly than what you’re currently paying. Do the math and don’t forget to check the small print! Make sure that you know all of the fees (including the interest) that’s involved in a loan. Figure out the true cost of a consolidation loan before deciding on this route.

Many consumers call Golden Financial Services needing help with a consolidation loan that they can’t afford to pay. They originally applied for the loan to help with debt relief, but in the end, that loan ended up putting them deeper in debt and now they can’t afford to pay it.

Debt Settlement Texas

Debt settlement in Texas is different from consolidation. Also known as debt arbitration or debt negotiation, the practice involves negotiating with creditors to accept a lower balance that the creditor accepts as a balance paid in full. A lot of the TX credit card relief programs touted online are merely offering a program to settle your debt.

Although the practice of settling debt may result in a lower credit score temporarily, the debtor pays off the balance sooner at less than what is owed. TX debt settlement programs often help consumers avoid bankruptcy.

How the settlement process works:

A settlement program includes only one monthly payment for each client.  That payment is deposited into a trust account (also known as a “Special Savings Account or SPA).  As money accumulates in the SPA, one by one each creditor is settled and paid until a person is debt-free or until all accounts included in the program are satisfied in full.  Creditors are not paid on a monthly basis, like with consolidation and credit counseling services, but rather paid in lump sum payments.  Fees and settlement funds are all included in the monthly payment.

Once the negotiators have reached an agreement with each creditor (that the client also approves of), the money in savings is then sent to the creditor and the balances are considered “satisfied in full” or “settled”. Each creditor varies in what percentage deduction they will accept for a settlement. No reputable or qualified debt settlement company in TX will guarantee a certain percentage deduction.

Texas Debt Relief Reviews about Golden Financial Services

Check out the Top 10 Debt Relief Companies by Trusted Company Reviews.

Check out the Top 10 Debt Consolidation Companies for 2020.

Check out Texas consumer reviews at the Better Business Bureau (

Check out debt relief program reviews by consumers in Texas on Google.

Check out Yelp reviews 

See what Texas clients had to say on Facebook

See Texas debt relief program reviews on Shopper Approved 

Check out reviews on Golden Financial Services (more than 90% of reviews are positive)

Student Loan Debt Relief in Texas

Owe federal student loans? You can consolidate them through and then apply for an income-based repayment plan that offers a low monthly payment and loan forgiveness. These plans are primarily based on family size and income. If you have a low income and several family members that you help support, your monthly payment could be as low as zero dollars per month. Police officers and teachers in Texas can get loan forgiveness in only ten years. There are some fantastic income-based student loan debt relief and consolidation programs for Texas residents to turn to, that you can learn about by visiting this page next.

For more information on how debt relief programs work, including Texas options, visit this page next.

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