Debt Consolidation in Action: Texas

Helping Texans overcome issues with credit card debt since 1994.


Debt Consolidation in Action – a case study from Texas

This month’s featured debt consolidation case is from El Paso, Texas. Karee had almost $16,000 in credit card debt when she came to Consolidated Credit.

The credit counseling team negotiated her interest rate down to 5.73%. And as a result, her monthly payments dropped by over 50%, from more than $600 a month to just over $300 a month. And instead of taking over 11 years to pay off her debt, it took less than 5 years.

Karee saved almost $6,500 in interest charges alone. And she had this to say about her experience: “Paying off my debt has been simple and stress-free from the beginning. Everyone has been very helpful and supportive. I never thought I’d ever be out of debt, but in less than a year I will achieve my goal!

Problems with credit card debt aren’t unique to Texas, but data shows Texans tend to carry a bit more unsecured debt that other Americans. According to statistics, the national credit card debt average is $4,965, but Texans are working to reduce $5,173, on average. That puts Texas in the Top 20 states for high credit card debt – at number 14 to be exact.

With that in mind, it’s no surprise that Consolidated Credit’s certified credit counselors have worked with so many Texas residents to overcome problems with debt. Below you’ll find information about some of your neighbors that we’ve helped. If you’re struggling with debt and looking for a solution, we can help. Call or request help through our online application.

Debt statistics in Texas

The following statistics give you an idea of the challenges Texans are facing with debt today.

  • Average credit card debt: $5,173 per borrower[1]
  • 90-day credit card delinquency rate: 1.55%
  • Average student debt: $25,244
  • Student loan default rate: 15.90%
  • % of homes underwater (mortgage more than value): 8.91%
  • Mortgage delinquency rate for underwater homes: 3.48%
  • Average debt in collections: $5,049

[1] https://www.washingtonpost.com/blogs/govbeat/wp/2013/08/20/ranking-the-states-credit-card-debt/

All other statistics are brought to you by America’s Voice on Debt (AVOD)

Jessica from Dallas, TX

Everyone has been very helpful and informative. Thanks, Consolidated Credit!

Where she started:

  • Total unsecured debt: $8,251.00
  • Estimated interest charges: $4,455.58
  • Time to payoff: 10 years, 5 months
  • Total monthly payments: $334.12

After DMP enrollment:

  • Average negotiated interest rate: 2.22%
  • Total interest charges: $741.27
  • Time to payoff: 3 years, 10 months
  • Total monthly payment: $196.00
Time Saved:
6 years, 7 months
Monthly Savings:
$138.12
Interest Saved:
$3,714.31
Karee from El Paso, TX

Paying off my debt has been simple and stress-free from the beginning. Everyone has been very helpful and supportive. I never thought I’d ever be out of debt but in less than a year I will achieve my goal!

Where she started:

  • Total unsecured debt: $15,698.00
  • Estimated interest charges: $8,912.28
  • Time to payoff: 11 years, 1 month
  • Total monthly payments: $627.92

After DMP enrollment:

  • Average negotiated interest rate: 5.73%
  • Total interest charges: $2,459.65
  • Time to payoff: 4 years, 10 months
  • Total monthly payment: $303.00
Time Saved:
6 years, 3 months
Monthly Savings:
$324.92
Interest Saved:
$6,453.33
Roxann from Wichita Falls, TX

Consolidated Credit was the best thing I could have ever done. They were honest, caring and understanding with me. I have recommended them over and over to others.

Where she started:

  • Total unsecured debt: $28,957.00
  • Estimated interest charges: $16,445.78
  • Time to payoff: 15 years, 4 months
  • Total monthly payments: $1,176.32

After DMP enrollment:

  • Average negotiated interest rate: 10.35%
  • Total interest charges: $3,594.00
  • Time to payoff: 4 years 3 months
  • Total monthly payment: $627.00
Time Saved:
11 years, 1 month
Monthly Savings:
$549.32
Interest Saved:
$12,851.78