Corpus Christi is a city in the Southern portion of the state of Texas situated on the Gulf of Mexico. The city was founded in 1839, and it is home to beaches, an interesting aquarium, and the USS Lexington. While in Corpus, you can enjoy bird watching, riding horses on the beach, or you can attend a minor league baseball game. The population is just over 300,000. It is a relaxing place to live. Unfortunately, some people who reside in the city of Corpus are facing debt problems. Credit card bills and loans can really add up, and before you know it, you cannot make the payments. In cases like this, debt settlement might be your best option.
Economics of Texas
In terms of population and land, Texas is the 2nd largest state in the country. As stated on http://www.dshs.texas.gov/hcquery/report/?mode=soci&areas=255_271_272, 20% of Texans did not complete high school. More than 4,000,000 people are living in poverty. The unemployment rate stands at 4.60%, which is just below the nation’s average. The average credit card debt is just below $6000, and the average credit score is around 650. Texas is known to have some of the lowest credit scores in the country. In addition, the state boasts a large number of identity thefts. Lenient consumer protection laws are to blame for much of the debt problem in the state.
Texas Debt Relief Laws
Texas is home to the Texas Debt Collection Act. The goal of this act is to protect people from unfair and corrupt debt collection practices. Debt collectors are forbidden from misleading consumers or using threatening and abrasive tactics to collect a debt. This practice applies to anyone trying to collect a consumer debt. Collectors cannot sue consumers after four years have passed. Debt collectors are forbidden from collecting more than the debt agreed upon. However, additional fees can be applied. You are required to give the debt collector written notice if you are disputing the debt that is owed. Wages are allowed to be garnished only if the court orders you to pay child support, back taxes, and student loans that are defaulted. The law in Texas prohibits calls at work without your permission. Creditors cannot call you before 8:00 a.m or after 9:00 p.m.
What is Debt Settlement?
Debt settlement involves settling the debt for less money than you actually owe. You normally hire a debt settlement company to act on your behalf. You can also try to settle the debt on your own. A creditor will agree on taking less money, and you can pay off the debt faster. You will pay a lump sum. With this option, you can avoid high interest loans, and you can get fees and interest reduced.
Advantages of Debt Settlement
Having debt can be a very stressful experience. Therefore, debt settlement has numerous benefits. Some of the advantages include:
- Lower monthly payment
- ‘One monthly payment
- You will pay much less than what you actually owe
- You can avoid bankruptcy
- Relief from massive debt
- Repay debt quicker
Who should Consider Debt Relief?
In most cases, debt settlement should be considered if you have more than $10,000 in qualifying debt. It might be a good option for those who cannot make the minimum payments on their bills. If you are considering bankruptcy, you might look at debt settlement first.
In the city of Corpus Christi, you can find numerous debt settlement services. Make sure you do not choose a company that offers upfront fees, and do not give out personal information unless you know you are working with a reputable company. While you are in a debt settlement program, make sure you to not add more debt, or you could end up in worse financial shape.
Financial hardship can occur to anyone. If you are out of options and want a solution to take back your finances, consider debt settlement. You can pay off your debt quicker, and get back on track with your finances. You can then enjoy being debt free.