Best Texas (TX) debt relief, settlement, and consolidation programs
Texas debt relief programs include debt negotiation and settlement services, debt consolidation, debt validation, and consumer credit counseling. Texas residents are eligible for all of these options, but depending on your particular situation is what will determine the right plan for you. You will get to make a choice based on what suits you best, and not based on how your creditors will benefit the most.
Texas Debt consolidation can help you get out of debt fast and improve your financial situation, but if you get on the wrong plan you may find yourself deeper in debt! It is important to take your time and go through every paragraph on this page, or simply call one of our IAPDA Certified TX counselors for a free consultation now at (806) 553-8037.
- Become debt free fast (within 18-48 months)
- Save money and eliminate interest
- Get one low monthly payment (you choose a plan)
- Resolve credit and debt problems all-in-one plan
Here is a Summary of Your Debt Relief Options in Texas
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. 59 in student loan debt.
- Credit Card Debt in Texas: Three Texas cities ran in the top ten for consumers with the highest credit card debt. San Antonio ranks first with $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 debt relief options within a single phone call. Other 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 can enroll you in whatever program you choose!
- Programs include credit repair to dispute derogatory items that don’t belong on your credit report (for no additional cost)
- Hardship debt relief programs offered through Golden Financial Services can save Texas residents up to 40%
- Golden Financial Services is the oldest debt relief companies in Texas that maintain zero Better Business Bureau complaints and an A+ rating (click to verify at BBB.org)
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:
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 International Association of Professional Debt Arbitrators. Reputable debt settlement and consolidation companies in Texas are all members of this organization. The IAPDA makes sure that your debt specialists are highly trained and operate correctly.
If you have student loan debt, we will transfer you to a student loan relief certified expert. All of our student loan relief counselors are approved and accredited by the Association for Student Loan Relief. This organization trains our student loan relief experts on the different student loan relief related laws and on the newest regulations.
Talk to an IAPDA Certified Expert for FREE @ (866)-376-9846
Step 2: Texas residents can get a free credit report and score
You will get a free credit report. One of our IAPDA certified debt 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 within 60 seconds. Your private data remains safe and confidential in this debt relief 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 debt relief program. Whichever program you qualify for, will offer flexible monthly payment options. You can pick a 12-48 month long plan, depending on how fast you can afford to become debt free.
You get the power to make a choice based on what suits you best, here at GoldenFs.org.
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.
Step 4: Get TX debt relief program disclosures & compliance call
We send you the paperwork to review and sign electronically. You need to complete a 10-20 minute phone call where one of our compliance managers evaluate your program and all of the disclosures. This short phone call is to make sure that your IAPDA certified specialist didn’t miss anything and to make sure you fully understand each part of the plan. We need to be 100% certain on our end that you will make it through this plan successfully and get out of debt. (Your success = Our success)
Step 5 – Your TX debt relief program starts
You get approved or denied for the TX debt reduction plan at this point. 9 out of 10 times if you’ve made it this far you will get accepted. Our professionals at Golden Financial Services do a phenomenal job at pre-qualifying and getting clients approved for the right plan.
Your monthly payment won’t start for up to 2-3 weeks out, depending on when you last paid your creditors.
Debt Consolidation Texas
In Texas, debt consolidation allows the consumer to combine all credit into one monthly payment. Often, the credit counselors work with creditors through the consolidation process to lower interest rates in order to keep the consolidated monthly payments affordable. This means payments become more manageable and allow the consumer to have more disposable income for savings or retirement. 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. (money/howstuffworks.com/personal-finance/debt-management/debt-consolidation1.htm)
Debt Settlement Texas
Debt settlement in Texas is different from debt 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. Although the practice may result in a lower credit score temporarily, the debtor pays off the balance sooner at less than what is owed. Debt settlement often helps consumers avoid bankruptcy.
A debt settlement program includes only one monthly payment for each client. That payment is deposited into a trust account. As money accumulates in the trust account, one by one each creditor is settled and paid, until a person is debt free. Creditors are not paid on a monthly basis, like with consolidation services, but rather paid in lump sum payments. Fees and settlement funds are all included in the monthly payment.
At Golden Financial Services, their servicing negotiators will often lump together hundreds of client’s worth of debts at a given time when negotiating. This creates leverage that allows our negotiators to solidify larger savings for each client.
Golden Financial Services pays their debt negotiators the settlement fee when each debt is settled.
All of this information is clearly disclosed verbally to each client on their first consultation, on the client agreement that every client must sign prior to them being approved on the program and on the compliance call that every client must complete before they are approved on the program.
Once the negotiators have reached an agreement with each creditor, the money in escrow is sent to the creditor, and the balance is considered paid. Each creditor varies in what percentage deduction they will accept as debt settlement, which is why it is critical to work with a qualified debt settlement company in order to achieve the best results.
Student Loan Debt Relief in Texas
Because student loans are normally federally insured loans, they may not be eligible for debt consolidation or debt settlement Texas programs. However, in an effort to encourage employment and help consumers with the rising cost of post-secondary education, the government offers several options to help students manage student loan debt. Plans include:
- Income Contingent Repayment Plan – For Federal Direct Loans, but not PLUS loans. Payments are based on income and may be as low as $5 or nothing. If the loan is not paid in full within 25 years, the government cancels the remaining balance.
- Income-Sensitive Repayment Plan – For FFEL loans. Payments are based on annual income, family size and the amount of the loan. However, payments must cover the interest that accrues on the loan, and it must be paid in full within ten years.
- Income Based Repayment Plan – For both Direct and FFEL loans, but borrower may not be in default to qualify. This plan offers more flexibility, and debt is eliminated after 25 years of payments.
- Hardship Repayment Plans for Perkins Loans – Perkins Loans require repayment of at least $40 per month, but repayment may be extended for an additional ten years due to prolonged unemployment or illness.
For students without financial hardship, there are still options available, including graduated payment plans, longer repayment terms, or consolidation of student loans into one monthly payment. Golden Financial Services offers a program that helps students with getting signed up for the right student loan debt relief program, in order to have the lowest monthly payment.
For Texas consumers struggling with debt, learning more about Texas debt settlement or debt consolidation can reduce stress, eliminate the collection calls and help them get a fresh start toward financial freedom. This easy-to-use debt calculator can help you review all options available to you.