Debt Consolidation & Other Options in Liberty, Texas
You won’t find Liberty, Texas if you’re only paying attention to major cities on the map. But if you look a little closer, you’ll notice a historical town of less than 10,000 people nestled less than an hour northeast of Houston. Since its incorporation in 1837, Liberty has been many things, including a crucial river port, an oil drilling site, host of a prisoner-of-war camp during World War II and more. For good reason, its known as the “First City on the Trinity” because of its proximity to the river.
Speaking of history, there’s plenty for residents to enjoy. For instance, fans of live music can catch a show at the Liberty Opry, which has been housed since 1993 in the historic Park Theater, which was originally built in 1938. There’s also the Geraldine D. Humphreys Cultural Center, complete with a library and a community theater. Plus, there you’ll find the first true replica of the original Liberty Bell.
Liberty has a lot to offer its residents, but it’s also an area facing tough economic times. More than half of people residing in this city earn “low to moderate income.” Nearly 16 percent live below the poverty level. It’s also a city recovering from the devastation wrought by Hurricane Harvey. In fact, the data from the National Weather Service found that Liberty experienced 55 inches of rain during Harvey—topping even Houston’s whopping 51-inch record.
If you’re struggling with debt in Liberty, you’re not alone. But rest assured there are paths out of debt, whether you’re carrying hundreds of dollars of debt, or tens of thousands.
Finding the Debt Relief Solution That Fits
While there’s no one-size-fits-all way to escape debt, there are a handful of options available. Which one you choose depends on the specifics of your situation, such as the nature and amount of your debts. The first step is always doing your research, so keep reading.
Refinancing Your Mortgage for Debt Relief
If you’re one of the more than one-third of people in Liberty who own their home, a cash-out refinance may be on the table. If your credit is in decent standing, you have a steady income stream and you have equity on your home, you may be able to refinance your mortgage for a greater amount, then take the difference out in cash to pay off your debts.
Of course, you’ll still be paying your debt in full. But the advantage of adding it to your mortgage is that the interest rates are often lower than paying back, say, credit card debt. Plus, you’ll only be dealing with one monthly payment instead of several. You’ll have to get approved by a lender to pursue this strategy.
Ins and Outs of Debt Settlement
Debt settlement is a solution for significant debts exceeding $7,500. The goal is to negotiate with creditors to reach a lesser settlement. But you don’t have to do it alone. Enrolling in a reputable debt settlement program means trained negotiators will reach out on your behalf aiming to reach an agreement. Meanwhile, you’ll pay monthly into a dedicated account to save up money for said negotiations. When you reach a settlement with creditors, the money you’ve set aside goes toward zeroing out that debt. The process typically takes between 24 and 48 months.
As with any debt relief option for Liberty residents, there are downsides to consider. Many consumers end up ceasing payment on their balances so they can amass money to negotiate—a calculated risk, and something that tends to damage your credit score. This strategy will not put an end to collection calls, either. However, if you successfully stick with a program, you can find long-term relief from massive debt.
Debt Consolidation for Liberty, Texas Residents
There’s also debt consolidation in Liberty to consider, ideal for people facing multiple debts from multiple creditors each month totaling at least $10,000. By taking out a debt consolidation loan or personal loan to pay off outstanding debts, you simplify your repayment plan to a single loan over time.
The important thing here is to make sure you’re getting a lower interest rate. If you’re not, you’ll just end up paying more over time. You must also make sure you’re equipped to pay your loan back on time, in full. Otherwise you’ll be at risk of losing any collateral you offered up for a secured loan—like your home or vehicle—and lose the progress you’ve made on debt repayment.
More Debt Solutions to Consider
Cash-out refinancing, debt settlement and debt consolidation for Liberty residents are three options to explore, but they’re not the only ones available. There’s also the do-it-yourself approach, conducting a credit card balance transfer and bankruptcy for extreme cases.
Contact a Certified Debt Consultant for a Free Evaluation
Whether you’re still recovering from the aftereffects of Hurricane Harvey or, like many Americans, facing mounting credit card debt, it’s always hardest to take the first step: Comparing your options.
A solid first step is just picking up the phone and calling a Certified Debt Consultant from Freedom Debt Relief. This company is a founding member of the American Fair Credit Council that’s helped consumers settle over $9 billion in debt. To find out which debt relief option is best for you, call 800-910-0065 for a free evaluation.
End Your Debt
Find out how our program could help.
- One low monthly program deposit
- Settlements for less than owed
- Debt could be resolved in 24-48 months