Debt Consolidation: Lubbock Residents Have Options Available

August 3, 2022

Lubbock, Texas has a lot of things going for it. Fans of the late music legend Buddy Holly know Lubbock as his hometown—and perhaps even like to visit the city’s Buddy Holly Center to pay homage. Many students call Lubbock home because they’re one of the nearly 40,000 attending Texas Tech University. Forbes named Lubbock metropolitan area the 90th “Best Place for Business and Careers.”While the “Hub City” has unemployment rates under the national average, the average price of a home in Lubbock increased by almost 4 percent this year. No matter where you live—Lubbock, Texas or anywhere else in the U.S.—it seems like the cost of living is always on the rise.

While the “Hub City” has unemployment rates under the national average, the average price of a home in Lubbock increased by almost 4 percent this year. No matter where you live—Lubbock, Texas or anywhere else in the U.S.—it seems like the cost of living is always on the rise.

Looking for Debt Relief in Lubbock? Explore Your Options

If you’re a Lubbock resident facing what feels like an insurmountable pile of debt right now, you’re not the only one. It’s entirely possible to regain control of your finances so you can enjoy all the great things about living in Lubbock. Here are a few strategies that might help.

The Ins and Outs of Debt Management

Sometimes what you need most is a plan. If you’re seeking moderate debt relief in Lubbock, consider credit counseling with a Debt Management Plan (DMP) can help you get organized. Enrolling in a plan helps you work out a payment plan that’s affordable for you. Your credit counselor may also be able to get you lower interest rates, known as “concession rates.”

The upside here is that you will only have to focus on one monthly payment under a DMP. Plus, lower interest rates will help you get a handle on repayment. However, you will pay a fee for this service. You may also find yourself unable to open additional credit lines until you’ve completed your DMP.

Different Ways to Consolidate Debt

Debt consolidation in Lubbock also aims to make repayment simpler. It doesn’t reduce the amount you owe, but it can help people with serious debt get a handle on interest rates.

The first strategy that falls under the general umbrella of debt consolidation is conducting a credit card balance transfer. Let’s say you owe money on a card with an interest rate of 25 percent. If your credit score is solid enough to qualify, you could transfer that balance—for a fee—to another card with a lesser interest rate. Just make sure you know the terms and conditions on the first card, like whether the favorable rate is a limited-time introductory offer.

Debt consolidation for Lubbock residents may also take the form of a personal loan, which consumers use to pay off outstanding debts. This frees them up to focus on making a single monthly loan payment each month. This strategy only works if you can get a loan with a lower interest rate than your current debts carry and commit to repaying it on time.

Debt Settlement 101: The Basics

Debt settlement is a little bit different because its goal is to decrease the actual amount you owe, which will require negotiating with creditors. But a leading program like the one offered by Freedom Debt Relief lets participants focus on making monthly deposits into a special account. Trained professionals handle the actual negotiations when the time comes, using the money in your account to try to leverage a settlement on your behalf.

The biggest advantage debt settlement offers is the opportunity to zero out your balances for just a percentage of the original amount owed. The disadvantages are that your credit score will take a hit, and the program typically takes 24 to 48 months to settle all of your enrolled debts.

Talk to a Certified Debt Consultant Today

Want to discuss debt relief solutions in Lubbock with a specialist? Call 800-910-0065 to speak with a Freedom Debt Relief Certified Debt Consultant today!