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Best Debt Consolidation in Austin, TX

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Austin residents considering debt relief have several options, including debt consolidation, debt settlement, credit counseling and bankruptcy. Speaking to a reputable credit relief company helps you decide the best choice for your financial situation. We put together a list of the best debt relief companies in Austin to aid your search.

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Top 10 Austin Debt Relief Companies

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    austin skyline

    Because of the city’s recent popularity and growth, Austin’s cost of living is higher than many metropolitan areas across the country. As a result, Austin residents between the ages of 22 and 37 have the third-highest amount of personal debt compared to the 50 largest metropolitan areas in the country. The average non-mortgage debt for this demographic in Austin is around $26,000, which includes auto loans, student loans and an average of $6,900 in credit card debt.

    Can I qualify for debt relief in Austin, TX?

    Two of the most popular forms of debt relief in Austin are debt consolidation and debt settlement. Knowing the difference between the two helps you determine which is right for you.

    Debt consolidation allows people to merge multiple high-interest debts into a single, lower-interest payment. Austin residents typically do this with a debt consolidation loan. Before issuing a debt consolidation loan, lenders in Texas check your:

    • Credit history
    • Financial stability
    • Equity or collateral
    • Proof of income

    Most debt consolidation lenders in Austin require you to have a credit score of at least 620 to get a debt consolidation loan, and consumers with a disproportionate debt-to-income ratio often don’t qualify.

    If you don’t qualify for debt consolidation, consider debt settlement. Debt settlement involves hiring a debt relief company to negotiate with your creditors to pay off your debt with a lump-sum payment of less than what you owe. To qualify for debt settlement, you must be attempting to settle unsecured debt, such as credit card loans. Secured debt, which uses an asset as collateral, is not eligible for debt settlement.

    While in the debt settlement process, you make one affordable payment into an account set up specifically for negotiating purchases. Your chosen debt settlement company uses this money to offer lump-sum payments to your creditors. During the process, you do not make payments on your debts, which typically has a negative impact on your credit score.

    Austin debt relief FAQ

    Will debt settlement tank my credit?
    Debt settlement often hurts your credit score. When you participate in a debt settlement program, your credit score suffers because you aren’t paying on your existing debts. Many people who enter debt settlement are already behind on their bills, however, and the penalty to your credit score is typically less severe than bankruptcy.
    Will credit counseling hurt my credit?
    Credit counseling does not directly affect credit scores, and financial education courses do not appear on your credit report. However, the benefits of credit counseling in Austin should indirectly improve your credit score over time.
    How long does a lien last in Texas?
    In Texas, a lien stays attached to a debtor’s property for 10 years, even if the property changes hands. A judgment in Austin can be renewed indefinitely, but the creditor must issue and serve a writ of execution.
    What are the regulations on debt settlement in Texas?
    In Texas, debt settlement companies are not permitted to collect payment until they’ve settled your debt. Other state and federal laws work to protect people seeking debt relief in Austin, including limiting collection actions and minimizing credit card penalties.
    Can you go to jail for debt in Texas?
    No, Texans cannot go to jail for failing to pay civil debts such as credit cards, hospital bills or student loans. However, debtors may face jail time if they willfully violate a court order or fail to appear for a debtor’s examination.

    Not sure how to choose?

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      Austin debt relief company information

      Debt Consolidation Austin Texas

      Debt Consolidation Austin Texas is a 501(c)(3) nonprofit organization that helps people with debt consolidation and debt management programs. It offers month-to-month programs and does not require long-term contracts. Consumers can enroll online or by phone in as little as one hour. It also provides free debt and credit counseling.

      • Address: 700 Lavaca St., Ste. 1488, Austin, TX 78701
      • Phone: (512) 501-3955
      • Hours: M - F: 7:30am - 9pm; Sat - Sun: 10am - 7pm
      • Website: debtconsolidationaustintexas.com
      Debt Reduction Services Austin

      People seeking debt relief in Texas work with Debt Reduction Services for debt consolidation, bankruptcy services, credit counseling, student loan counseling and financial education services. The company also provides free debt consolidation consultations and free finance webinars. Spanish-speaking representatives are available.

      • Address: Serves Austin residents
      • Phone: (631) 473-7500
      • Hours: M - F: 10am – 9pm
      • Website: www.debtreductionservices.org/debt-consolidation/austin-texas
      Debt Consolidation Care Austin

      Debt Consolidation Care provides debt consolidation, debt management, debt settlement and payday loan consolidation to Texas residents. It also offers free debt counseling and helps clients lower their monthly payments, reduce credit card interest rates and limit calls from collection agencies. The company employs consultants certified by the International Association of Professional Debt Arbitrators to provide financial coaching.

      • Address: Serves Austin residents
      • Phone: (800) 332-8913
      • Hours: M - Sun: 11am - 9pm
      • Website: www.debtconsolidationcare.com/texas
      ConsumerCredit.com Austin

      At ConsumerCredit.com, Texans seeking debt relief can get debt settlement services, debt consolidation services, credit counseling and bankruptcy counseling. Its trained, independently certified counselors assess your finances, create a budget and work with your creditors to reduce finance charges and late fees. The company also helps with foreclosure prevention, reverse mortgage counseling and student loan debt.

      • Address: Serves Austin residents
      • Phone: (800) 769-3571
      • Hours: M - Th: 9am - 8pm; F: 9am - 6pm
      • Website: www.consumercredit.com/texas

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