Texas Debt Consolidation Programs

June 13, 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

People in Texas are no strangers to debt problems. According to the Federal Reserve Bank of New York, the average person in the state has $1,810 in overdue debt. That’s nearly 17% higher than the national average. 

Debt problems have a domino effect on household finances. Families that are struggling to make ends meet start to borrow faster than they can pay the money back. As their debt balances rise, first one payment, then another payment gets missed. Late fees and extra interest charges pile on top of the debt burden.

Once credit limits get maxed out and late payments start to mount, credit scores take a beating. People in Texas have an average FICO score of 693. The national average is 714. But credit scores look worse once people start to fall behind on their debt. The average person seeking help with their debt in Texas has a credit score of just 573, or 120 points below the state average. 

Falling credit scores make financial problems even tougher to bear. People with lower credit scores generally have to pay higher interest rates. If scores get bad enough, access to new credit may be cut off, leaving a household with fewer options for making ends meet.

Once you fall behind on debt payments, it can be hard to catch up. 70.2% of the people in Texas who work with Freedom Debt Relief had at least one delinquent payment within the prior six months. These seriously overdue payments are like fresh wounds—they need attention as soon as possible. 

What options do people with serious debt problems in Texas have? Fortunately, there are proven techniques for reducing debt and getting control of your finances again. These include coming up with a strategic payment plan, getting a debt consolidation loan, or negotiating with creditors to accept less than the full amount of your debt. 

Freedom Debt Relief can help you figure out which of these approaches is right for you. Creating a plan using some or all of these techniques can be the first step toward solving your debt problems. 

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