Amarillo, otherwise known as the “Yellow Rose of Texas,” is considered the economic center for the Texas Panhandle. In the late 19th century, the railroad and freight service provided by the Fort Worth and Denver City Railroad contributed to the city’s growth as a cattle-marketing center. Today, one of the major employers in the city is the meat-packing industry with 25 percent of the country’s beef supply processed here. Another major employer in this Northern Texas city is Pantex, the only nuclear weapons assembly and disassembly facility in the U.S.
Since Amarillo is the economic center of the region and home to several big employers, you’d be forgiven for assuming that the town and everyone in it is thriving, but sadly this is not the case. If you’re a local and you’re in debt, you’re not alone. Amassing debt is easy to do, but not quite as easy to reverse– but there are ways. You may be surprised to discover that there are a variety of debt solutions available.
Which Debt Relief Solution Should You Choose?
The trick is to find the best answer for your situation. Here’s an overview of what may be available to you:
Amarillo residents with more than $10,000 in debt might be good candidates for debt consolidation. It involves getting a consolidation loan to cover your debts. Instead of paying several bills to several creditors, you pay one to a debt consolidation company or bank.
Most consolidation loans require collateral — a high-value asset such as a home or a car — that you must leverage in order to receive the loan. However, if you do fall behind or can’t make your payments, you’re in danger of losing your leveraged asset. For example, your house could be foreclosed on or your car could be seized.
The other option is to get an unsecured loan. These may be harder to come by and usually carry much higher interest rates. An unsecured loan could help simplify your repayment process, but it could also lead to a greater amount of debt in the long run. Find out more about the different ways to consolidate debt.
If you have a lot of debt, debt resolution could be the right choice for you. With debt resolution, you work with a company to reduce and resolve debt. The company negotiates with your creditors on your behalf while you save into a program account you control. When the debt settlement company reaches an agreement with one of your creditors, you can settle the debt with the funds you saved. The process repeats with your enrolled creditors until all of it has been resolved.
While sticking with your minimum payments may seem like the easiest option with less repercussions, this will most likely lead to you paying more over time thanks to compounding interest. You also have to make sure not to add more to your balance as you try to pay it off.
Other options such as bankruptcy are available, but it is typically viewed as a last resort, especially since it may have a negative effect on your credit score.
If you feel overwhelmed by your options, call today for a free debt evaluation — we’ll help you find the right solution: 800-910-0065
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
Debt Consolidation in Amarillo
In addition to the “Yellow Rose of Texas, Amarillo goes by a few other nicknames too. Whether you prefer to call it “Bomb City” (the nuclear facility), “Helium Hollow” (productive helium fields) or “Rotor City, USA” (the hybrid aircraft assembly plant), you’ll still need to take steps to get your debt under control.
Debt consolidation in Amarillo could be worth looking into if you feel overwhelmed by your debt problem. Debt consolidation may simplify the debt repayment process, and make your debt less stressful.
Whether it’s resolution, counseling or debt consolidation, as a denizen of Amarillo, you have options. Don’t wait any longer. It’s time to take care of your debt and live a life of freedom. Get started right now; call today.