According to Business in Texas, “If Texas were a nation, it would be the tenth-largest economy in the world. The state ranks at the top of nearly every ‘best states to do business list,’ thanks to its unbeatable advantages to companies looking to locate or expand in the state.” Texans enjoy a low cost of living and a high quality of life with low-cost housing among the benefits.
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 2016 was $56,565, ranking only 29th in the nation. But Texas residents don’t pay state income tax, which is possibly why more people moved to Texas than any other state in 2016.
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- 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.
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
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 .