Falling into debt is an extremely difficult situation to remedy, especially if your accounts are spread across multiple creditors. It can be all too easy to get behind on one or more payments, and this often snowballs into a stressful cycle of debt collection calls and worrying about how to pay your bills.
In circumstances like these, many people are able to find relief through a Texas debt consolidation program. If you are not familiar with this approach to clearing up your debt, then it’s important to your situation that you understand how debt consolidation works and why it is so beneficial.
What is Debt Consolidation?
Before making any decisions, it is important to understand what exactly debt consolidation is. In a nutshell, the idea is to take all of your various debts from credit cards, unsecured loans, cash advances and medical bills and roll them up into a single payment.
For most people, a major source of stress regarding their debts is the fact that each payment has a different due date, minimum amount to be paid and interest rate. This means that you can never fully gain control of your finances because you are forced to constantly worry about making your next payment on time.
When you work with a debt consolidation company like Christian Debt Counselors, we take stock of all of your debts and allow you to pay off your creditors with a lump sum from us. From that point on, you only have to worry about making one payment every month for a fixed amount of time.
How Does Debt Consolidation Benefit Me?
There are numerous benefits to choosing debt consolidation in order to get back in control of your life.
1. Lower Interest Rates
When your debts are spread across multiple lines of credit, it is common to end up paying a considerable amount in interest. In fact, many people end up accruing more interest than the initial principal amount. Credit cards tend to have fairly high interest rates, and if these rates fluctuate over the years, you can end up saddled with even more debt in the long run.
Once your debt has been consolidated, you will only have to worry about one payment with a lower interest rate. As long as you are prepared to make your payments in a timely manner, you can save yourself a lot of money.
2. Fewer Bills
Constantly getting bills in the mail and calls from creditors can be enough to make anyone’s stress levels spike. When you’re constantly fielding bills and debt collectors, you have less time to relax and recharge. This can affect your ability to earn and even cause you to fall behind on more payments.
Consolidation offers a sort of “light at the end of the tunnel” for many Texans who are struggling with debt. When you take this route, you have one bill that comes at a fixed time every month, and you don’t have to worry about being hounded day and night by debt collectors.
3. Faster Payoff
Because debt consolidation offers you significantly lower interest rates, every payment you make puts you much closer to your goal of becoming debt-free. More of your payment goes towards the actual debt, and this allows you to pay off what you owe much more quickly.
4. Better Credit Scores
If you have a sizable amount of debt spread across multiple accounts, chances are good that your credit score has taken some serious damage. Every time you make a late payment or default on an account, it lowers your credit score. This can make future purchases more difficult and severely limit your financing options for many years.
When you consolidate your debt, it becomes much easier to get out in front of the situation so that it doesn’t spiral out of control. You will only have one payment to keep track of, and every time you pay on schedule, it can help to boost your credit score.
How Christian Debt Counselors Can Help With Your Texas Debt Consolidation
Dealing with debts of any size can be frustrating and stressful. It’s easy to become bogged down by constantly feeling like you’re barely treading water, especially if you’re dealing with a barrage of letters and phone calls from creditors who are demanding payment.
Despite the fact that Texas residents have less student loan and mortgage debt than the national average, the unfortunate truth is that Texans throughout the state are struggling with crushing amounts of credit card debt and other forms of consumer liability. 
Recent studies have shown that the average amount of credit card debt in Texas is well above the national average.  The same study suggests that it may be more difficult to pay down these debts in Texas than in other regions of the United States, which can cause long-term damage to credit scores and overall quality of life. 
If you are facing down what feels like an insurmountable pile of debt, you should know that you no longer have to struggle alone. There is a light at the end of this tunnel.
Christian Debt Counselors has been helping Texans consolidate their debt for years, and our team of experts is ready to help you get the relief that you deserve. Call or contact us today so that you can get back to enjoying life without debt weighing you down.