You want to pay off your debts, but you just can’t. There are too many payments to make all at once, and you don’t make enough money to cover it all and continue supporting yourself and your family. And in trying to cover what you owe, you just keep going further into debt. Fortunately, there’s a way out. Texas debt help isn’t far off, if you know where to look. Here are some of the things you need to know.
The average debt amount in Texas is higher than average—$5,173, as opposed to the national average of $4,965. The average credit score is 3% lower as well, at 674. Also higher is the rate of delinquency. 0.59% of Texas borrowers are more than 90 days late with their payments, as compared with 0.57% in the nation. The per capita income is $27,828 a year, and 15.6% of Texas residents are currently living in poverty (the national poverty rate is 12.7%).
The Texas statute of limitations for most debt, including contracts, written instruments, and mortgage foreclosures, is 5 years. That’s how long a creditor has to bring suit against you, from the beginning of your delinquency. For certain other types of debt, that number is reduced to 4 years. However, if there’s already a judgment against you, the statute is 10 years, during which time they can take a number of drastic steps, including garnishing your wages, in order to collect.
There are a number of options you can explore to manage your debt before it comes to garnishment and foreclosure. You can consolidate it, reduce the amount, get debt counselling, budgeting help, and much more. There are experts out there who can help you with your situation and get you the debt relief you need.
If you’re looking to get out of debt, you don’t just need a financial expert. You need one who understands Texas debt laws and how they affect you and your situation. Fortunately, Americor has such experts on hand, ready to help you find the solutions you need to consolidate, reduce, and ultimately eliminate your debt once and for all. Call us today for a free consultation.