Consolidation – A Better Choice for Debt Relief in McKinney

 Debt is a common problem. In recent years, especially, many people in Texas and all over the United States have found themselves struggling with it. 

While debt is usually accrued through avenues like medical costs, educational expenses, or large purchases, it can also happen as a result of job loss, change, or other financial upheaval. This is the situation that so many people find themselves in in recent years as the result of the coronavirus pandemic. 

If you are struggling with debt, you don’t have to feel trapped. There are options for debt relief in McKinney that can help you get back on your feet and make sense of your financial future – all without drastic measures like bankruptcy. 


Why Avoid Bankruptcy? 

You might be asking yourself why you should avoid bankruptcy in the first place. Isn’t it designed to help people who are overwhelmed by debt? 

While bankruptcy can be a good choice for those who are struggling with insurmountable debt – which they do not have the means to repay – it isn’t the right choice for everyone. Those who want to avoid damage to their credit or the potential loss of property and other assets would likely be better served with other options. 

A Better Choice for Debt Relief 

You may have heard of things like debt consolidation, debt settlement or debt consolidation loans in Texas, but how do these option work for families like yours?

Debt consolidation in Texas is what it sounds like – the consolidation of debt. This means that your numerous outstanding debts will be compiled into one. It also means a single, manageable monthly payment.

When you go through debt consolidation, you do not risk losing your assets.  A debt consolidation loan will eliminate suffering damage to your credit report. However a credit counseling program may affect your credit score, but you do not need to qualify for a new loan with this method.  Debt settlement is also a type of consolidation but it is more aggressive because your balances are negotiated for less than you owe. It is often the least expensive way out of debt without bankruptcy. Either way you.

To learn more about this and all of your options for debt relief in McKinney, be sure to speak to a Texas debt specialist or credit counselor. They can help you make the right decision for your unique situation!


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