Tim Wilkins of Affordable Debt Consolidation joined Studio 512 co-host Stephanie Gilbert to talk about debt and how some programs can help.
“Many Texans have suffered financially from the pandemic and are now grappling with crushing credit card debt and personal loans. Sometimes it can seem impossible to pay off the debt because of the high interest. Others are struggling to make minimum payments or have fallen behind in payments. For those who have missed payments for several months, many lenders are suing the Texans in an attempt to collect the debt. “
Non-Texas Debt Relief Companies
“There are many out-of-state debt relief companies that advertise on the Internet and on cable TV. Unfortunately, many Texans find themselves with high fees and broken promises. Affordable Debt Consolidation is a registered DBA of Debt Redemption Inc., a Texas-based company dedicated solely to providing solutions to Texans who struggle with tens of thousands of credit card or personal loan debt.
Below are options that might help you solve your debt problems:
Texas Debt Consolidation Loans
“Using a low interest debt consolidation loan to pay off high interest credit card debt can be a great way to manage your finances better. You may be able to save a lot of money each month and pay off the debt in a few years instead of decades. Unfortunately for many people, these loans can be difficult to meet the qualification requirements. Lenders expect a very high credit score and low debt to income ratio to reduce their risk when offering an unsecured loan to pay off a large chunk of credit card debt. Applying to multiple lenders can be frustrating. Affordable Debt Consolidation is not a lender, but rather offers an affiliate platform to buy from dozens of lenders who provide debt consolidation loans to Texans. There is no charge to review offers, and it will not affect your credit score.
Texas Credit Counseling
“A credit counseling debt management plan can be a good option for people who are not eligible for a debt consolidation loan because there is no need to be eligible or take out new loans.” . A credit counseling program is considered a hardship plan and will generally reduce credit card interest rates to 10% or less. Any credit counseling or debt relief plan is not designed to allow you to keep making changes while you are registered. Usually our monthly payments will be lower than the minimum payments in a credit counseling plan, and they are designed to pay off debt in about five years. Affordable Debt Consolidation uses a nonprofit debt management partner for clients who feel this is the best option for their situation.
Texas Debt Relief
“This is often the best option for those who are really in trouble and want to pay off their debts as quickly as possible for as little money as possible without bankruptcy. These programs are not new loans or credit counseling programs, and you do not pay your creditors on a monthly basis. Instead, you deposit your program payment into an FDIC Special Purpose Savings Account while each account is negotiated and settled one by one, to the minimum possible. The monthly program can cost less than half of the minimum payments, and the programs are typically structured for an estimated duration of 2 to 4 years, depending on your budget. Affordable Debt Consolidation can also help Texans who are now facing lawsuits against creditors. One of their debt specialists in Texas can discuss your situation and help you decide which option is best for you. Upon request, Affordable Debt Consolidation can also refer you to Texas Bankruptcy attorneys if you decide not to pursue a non-bankruptcy debt solution.
“If you’re struggling with credit card debt or personal loans, call 800-816-1003 or visit AffordableDebtConsolidation.org to speak to a Texas debt specialist. You will learn about credit counseling, debt relief, and debt consolidation options in Texas. Affordable Debt Consolidation Telephone or office consultations in Texas are free and without obligation. Due to COVID-19, in-person consultations may not be available in all locations. “
This segment is paid for by Affordable Debt Consolidation and is intended as an advertisement. The opinions expressed by guests on this program are solely those of the guests and are not endorsed by this television station.