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Understanding Debt Relief in Texas

Why Debt Management in Texas is Different from Other States

Here at Debt Quest USA, we understand that debt is different in every state across the country. Each state has its own laws regarding debt relief and the bankruptcy process. This is why debt relief programs in Texas are different from all other states. The factors that influence these differentiations in average debt across the country include a state’s median household income and unemployment rate.

Texans pride themselves in doing everything bigger. This holds true for the median household income, which is slightly higher than the national median rate. However, the average credit score is lower than the national average. This means that many Texans, despite having a higher than average income, are not keeping up on their debt payments. On the bright side, the state’s unemployment rate is lower than the national average.

For those that need help with debt management in Texas, Debt Quest can provide professional services. We will be able to help you decide what debt relief option is best for you, whether that is debt settlement, debt consolidation, consumer credit counseling or bankruptcy in Texas.

 

Laws Regarding Debt Collection in Texas

There are a few laws regarding debt collection in Texas that are important to understand. The state adheres to a set of laws known as the Fair Debt Collection Practices Act, or FDCPA. These federal laws deal with collection agencies and the law firms that collect debt.

It is also important to know about the state laws regarding debt collection. The Lone Star State has instituted a maximum interest rate that a collection agency can charge to 6%. Texas also offers 100% wage protection.

To better understand how these laws affect you, seek the legal advice of an attorney or a center that provides debt management services in Texas.

What the Statute of Limitations of Texas Means for You

The statute of limitations in Texas regarding debt is based on the maximum period of time in which legal action may be initiated against the consumer. These statutes of Texas are based on a period of time after the debtor has become delinquent on their payments. Because the statute of limitation laws vary from one state to the next, it is important to seek knowledge from a trusted agency that offers debt management programs in Texas.

How Debt Quest USA can Help You with Debt Relief in Texas

When you are working to become debt free in the Lone Star State, Debt Quest is your trusted source for professional debt management programs in Texas. Debt management in Texas provides for an array of options to help you become debt free in the state, including debt consolidation, debt settlement, credit counseling and even bankruptcy in Texas (both bankruptcy chapter 7 and bankruptcy chapter 13).

How Debt Management Services in Texas Work

Debt relief in Texas includes a variety of options to help you become debt free. After carefully examining your personal debt situation, a licensed professional from a debt relief company will be able to help you choose which form of debt relief is best for you, whether that is debt settlement in Texas, a debt consolidation loan in Texas or some other option. The good news is, in the long-run you will be able to save money with several of these options.

Debt Consolidation in Texas

Debt consolidation in Texas is one viable option for debt relief. A debt consolidation loan in Texas is when all of your debts are consolidated into a single loan with a lower interest rate, making payment of your debts more affordable. Texas debt consolidation programs are one of the most common options for debt relief to help consumers become debt free. When working with a debt consolidation company in Texas, that company will negotiate the terms of your consolidated loan on your behalf with your creditors.

When using a debt consolidation loan in Texas to become debt free, it is important to understand a few key points. In some cases, once you have paid down enough of your debts with a Texas debt consolidation program, some debt relief centers may choose to move to debt settlement in Texas with your creditors. It is also important to understand that debt consolidation loans in Texas do not lower the total amount of debts owed, only the interest rate on those debts. We recommend consulting with a trusted debt consolidation company in Texas to better understand your options and see if you qualify.

 

Consumer Credit Counseling

We are big on education here at Debt Quest, which is why consumer credit counseling is such a fantastic option for many debtors. Credit counseling are classes provided by the debt relief agency that help you learn better financial management practices. Credit counseling classes are designed to help set you up for financial success! Consumer credit counseling is often used in conjunction with other forms of debt relief, such as debt consolidation in Texas

Debt Settlement in Texas

Another option for debt management in Texas is debt settlement. Debt settlement in Texas is when a debt relief company negotiates with your creditors on your behalf to lower the principal amount of debts owed. The debt relief agency may also be able to lower the interest rate on your remaining debts. Because this type of debt relief in Texas eliminates some of the debt you owe through debt forgiveness, debt settlement Texas is a very appealing option. Most consumers will qualify for debt consolidation loans in Texas. By working with a trusted debt relief agency, you will be able to learn if debt settlement or debt consolidation in Texas is the right option for you.

 

 

Bankruptcy in Texas

Bankruptcy in Texas should not be your first solution. Instead, bankruptcy should be considered your last resort for debt relief in Texas. This is because the bankruptcy process leaves a long-lasting stain on your credit history.

Filing for bankruptcy in Texas includes two core options: bankruptcy chapter 7 and bankruptcy chapter 13. Before filing for bankruptcy, it is recommended that you seek advice from a debt relief company or bankruptcy attorney to make sure there are no other options available to you, such as debt consolidation in Texas.

Debt Quest can help take the stress out of becoming debt free in Texas! By consulting with one of debt relief experts, they will be able to understand your personal debt situation and recommend the best course of action for you.

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How Much Can You Save?

How much debt do you owe?

$1

$100k+

What is your desired
monthly program deposit?

$1

$5000

Debt Quest Debt Settlement

$500

Your monthly
program deposit

$5,750 Savings

Your Savings

39 months to pay off your
current debt listed above.

Your monthly program deposit:
$500

Your Savings:
$5,750 Savings

39 months to pay off your
current debt listed above.


Debt Consolidation or Credit Counseling

$500

Your monthly
payment

You pay $14,478 more

No Savings

79 months* to pay off your
current debt listed above.

*Assumed average interest of 15%

Your monthly Payment:
$955

No Savings:
You pay $14,478 more .

36 months to pay off your
current debt listed above.

*Assumed average interest of 15%


Paying Minimum Monthly Payments

$500

Your monthly
payment

You'll Pay $29,199 More than you owe currently

No Savings

9 years* to pay off your current debt listed above.

*Assumed average interest of 20%

Your monthly Payment:
$500

No Savings:
You'll Pay $29,199 More than you owe currently.

32 years* to pay off your current debt listed above.

*Assumed average interest of 20%

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