In 2003, 88,687 middle-class families in Texas filed for personal bankruptcy, up a stunning 49% from 2000. The fact that this figure calculates out to mean one family every 6 minutes declared personal bankruptcy is chilling. It becomes sadder when we realize that those families could have found assistance through a debt reduction service. When so may suffer from this stress-filled situation, it is important to realize it does not have to be faced alone. Texas Debt Settlement is a powerful, viable option to avoid the trauma of bankruptcy in Texas. Don't face it alone. As defined in an earlier article, I discussed your Texas Bankruptcy as being a waste of your time and money. You home, wages and most all assets are forever protected under Texas laws. One way to know if a collector is not telling you the truth; he is talking.
Fact is your credit is maxed out, you can't keep the payments up any longer, the damage to your credit is done. Fine, what do you plan on buying now any how. You have already overspent, and your budget is not working. It see, s time for change, but what can you do. Debt consolidation, as I discussed is also a waste of your future, secured assets, and long term financial worth.
To put this point in perspective, however, it's important to remember the following:
*any third party program and even debt consolidation loans from finance companies like Beneficial/HSBC will affect your credit negatively in the eyes of lenders,
* the effect on your credit in the long-term is minimal, given the fact you'll be eliminating all your credit card debt (amount owed is 30 percent of your credit score, compared to credit history, which makes up 35 percent of your score) and 3) if you're falling behind or about to fall behind anyway, then your credit has been or will be affected negatively anyway.
Tom Bates, CDA
Absolute Debt Solutions, Inc,