Texas Debt Consolidation Programs

May 30, 2023

According to Business in Texas, “If Texas were a nation, it would be the tenth-largest economy in the world. But while The Lone Star State holds position eight for its healthy economy, it ranks only 36th overall for criteria including quality of life, education, and opportunity. It’s per capita personal income in 2020 was $49,945, ranking only 32nd in the nation.

Based on Freedom Debt Relief’s June 2022 Credit Card Utilization Data, the average credit card utilization of people looking for debt relief in Texas is 77%. By comparison, per Experian, the average credit card utilization in the US in 2021 was 25%. High credit card utilization, in general, implies a greater likelihood of needing debt relief services. If your Texas income isn’t enough to handle your credit card debt, consider debt settlement.


Request a free debt evaluation to find out how we could help you:

  • Resolve your debt faster
  • Significantly reduce what you owe
  • Make one low monthly program payment

Texas Economic Statistics:

  • Biggest number of farms and highest acreage in the US

  • Ranked first for livestock and livestock products revenue generation

  • Ranked second for total agricultural revenue of $7.4 billion

  • Leads the nation in horses, goats, sheep, and cattle production

  • Leads the nation in cotton, wool, mohair and hay production

  • Grows significant amounts of cereal crops and produce

  • Large commercial fishing industry

  • Leads in creating cement, crushed stone, lime, salt, sand and gravel

That is a list any Texan could be proud of…however, not every Texan is flourishing from all the industry and output. Many residents still suffer from mounting debt due to not having a job, not being paid enough, or having too many bills each month. There are many reasons why consumers in Texas and across the country get behind with their payments and find themselves wondering if they’ll ever get out of the situation they find themselves in.

Solutions to Debt

The good news is there are ways out—multiple solutions for different situations. The key is to establish the best solution for your situation. One very popular and effective method is a debt consolidation loan. It’s popular because it makes sense for a great many people with varying financial situations.

  • You’re paying high-interest rates. It won’t make sense to consolidate your debts if you can’t get a lower interest rate. But as long as you have a good credit score, you should be able to get a favorable rate. If you don’t have a good score, there are actions you can take to improve your credit to bring your score higher.

  • You want to simplify and combine multiple credit accounts. When you get one loan to pay off your debts, it becomes easier to meet your payments. You don’t have to keep track of so many due dates and debt amounts. You only have to pay attention to one debt, which should make it easier to stay organized and avoid late payments.

  • You’re looking for more favorable repayment terms. Do your research and if you find a debt consolidation loan that offers better payment terms and fees than your original lenders offer—then go for it. That way you’ll be able to either pay your loan off sooner which will save you money in interest or spread it out over a longer period—whichever is more comfortable for you.

Note that credit card debt consolidation or debt management does not reduce what you owe. It just restructures the debt you have. If consolidation isn’t right for you, credit card debt settlement might be a more workable solution.

If you’re unsure how to get started, call Freedom Debt Relief at 800-910-0065. Our Certified Debt Consultants can help you figure out what your next steps are.

Texans and Debt

For all the promising statistics around life and money in Texas, there are a few negative ones too:

  • Third-highest in the nation for average debt

  • Personal debt (includes mortgage): $185,583

  • Average credit card debt: $5,960

  • Average credit score: 649

  • Average student loan debt: $26,250

Handling debt trouble in Texas

Having financial problems can be a lonely feeling. The truth is that you probably have more company than you think. According to the Federal Reserve Bank of New York, people in Texas are falling behind on their payments at a faster rate than the national average. 

In fact, just last month nearly 20,000 people in Texas took steps to learn about their debt relief options. They represent adults of all ages, though most are 36 to 50

One thing they generally have in common is that their financial problems have gotten to the point where their credit scores had suffered.

The average consumer in Texas looking for debt relief last month had a credit score of 571. That’s well below the national average of 716, and low enough to make it somewhat difficult to qualify for refinancing. 

People from Texas looking for debt relief last month had an average of over $16,000 in combined credit card and personal loan debt. Just over 30% had at least one credit account that was over thirty days past due, and more than 70% had had at least one delinquency within the past six months. 

Before you fall behind on your debts, refinancing could be a possible way to reduce your overall cost so that you can pay the debt off more quickly. This is especially true for people in Texas or anywhere else who carry a higher portion of their debt on credit cards. Credit card debt is generally very expensive, so there’s potential to save money by refinancing it. 

Unfortunately, by the time people run into problems, refinancing options may be limited or unavailable. 

Talking to a professional debt consultant is a good idea, because they’re knowledgeable about your options for getting out of debt. The key is to tailor an approach to your situation. You can get a free consultation and learn about what might be the best path forward for someone in your financial situation.

If you’re stressing over growing debt, know that you can do something about it. Don’t wait any longer to take it in hand. Find out what your best debt-relief strategy is by calling Freedom Debt Relief today at 800-910-0065. .

End Your Debt

Find out how our program could help.

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    One low monthly program deposit
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    Settlements for less than owed
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    Debt could be resolved in 24-48 months