Want to pay off your debts, but you just can’t? Sometimes there are just too many required payments to keep up with. Plus you may not even make enough money to be able to cover it all and continue supporting yourself or 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 to finally find relief from debt in Texas.
The average debt amount in Texas is higher than the average—$5,173, as opposed to the national average of $4,965. The average credit score is 3% lower as well, at 674. Also, the higher the rate is 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: Consolidation, settlement, bankruptcy, and more. Here are a few of the most popular debt relief program options. You can consolidate it, debt consolidation, which means getting a loan or line of credit to move all your unsecured debts into one larger debt with a lower interest rate. You can reduce the amount, debt settlement, which means negotiating your delinquent debt to a lower amount. There are experts here at Americor who can help you find the best debt relief solution for your situation.
If you’re looking to get out of consumer debt, you don’t just need a financial expert. You need one who understands Texas debt programs and your situation. Fortunately, Americor has such experts on hand, ready to help you find the solutions you need to eliminate your debt once and for all. Call us today to get the relief you’re looking for to find debt freedom.