Tim Wilkins of Affordable Debt Consolidation joined Studio 512 Co-Host Stephanie Gilbert to talk about debt and how some programs may help.

“Many Texans have suffered financially from the pandemic and are now struggling with overwhelming credit card debt and personal loans. Sometimes it may seem impossible to pay down the debt due to high interest. Others are struggling to make the minimum payments or have fallen behind in making payments. For those who have missed payments for several months, many lenders are filing lawsuits against Texans in an attempt to collect the debt.”

Non-Texas Debt Relief Companies

“There are many out-of-state debt relief companies advertising on the internet and cable TV. Unfortunately, many Texans end up with high fees and promises that are not kept. Affordable Debt Consolidation is a registered DBA of Debt Redemption Inc., a Texas-based company solely dedicated to providing solutions to Texans who are struggling with 10’s of thousands in credit card debt or personal loans.”

Below are options that may be able to help you resolve your debt problems:

Debt Consolidation Loans in Texas

“Using a low-interest debt consolidation loan to pay off high-interest credit card debt can be an excellent way to manage your finances better. You may be able to save a lot of money every month and pay off the debt in a few short years instead of potentially decades. Unfortunately for many people, these loans can be challenging to meet the qualification requirements. Lenders expect a very high credit score and a low debt to income ratio to reduce their risk when offering an unsecured loan to pay off a large amount of credit card debt. Applying with multiple lenders can be frustrating. Affordable Debt Consolidation is not a lender but instead offers an affiliate platform to shop dozens of lenders who provide Debt Consolidation Loans to Texans. There is no fee to review offers, and it will not affect your credit score.”

Credit Counseling in Texas

“A credit counseling debt management plan can be a good option for people who cannot qualify for a debt consolidation loan since there is no need to be eligible for or take out any new loans. A credit counseling program is considered a hardship plan and will usually reduce credit card interest rates down to 10% or less. Any credit counseling or debt relief plan is not designed to allow you to continue to make changes while you are enrolled. Usually, our monthly payments will be lower compared to minimum payments in a credit counseling plan, and they are designed to pay off the debt in approximately five years. Affordable Debt Consolidation utilizes a non-profit debt management partner for clients who feel this is the best option for their situation.”

Debt Relief in Texas

“This is often the best option for those who are really struggling and want to resolve debt the quickest way possible for the least amount of money 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 at a time, for the least amount possible. The monthly program could cost less than half compared to making minimum payments, and the programs are usually structured for an estimated 2 to 4 years, depending on your budget. Affordable Debt Consolidation can also assist Texans who are now facing creditor lawsuits. One of their Texas Debt Specialists can discuss your situation and help you to 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 are 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 more about options for credit counseling, debt relief, and debt consolidation in Texas. Affordable Debt Consolidation Texas phone or office consultations are free of charge with no obligation. Due to COVID-19, in-person consultations may not be available at all locations.”

This segment is paid for by Affordable Debt Consolidation and is intended as an advertisement. Opinions expressed by the guest(s) on this program are solely those of the guest(s) and are not endorsed by this television station.