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 per household: $7,692 [1]
- Average available credit limit: $15,764 [2]
- Credit utilization ratio (debt vs available limit): 30.82% [2]
- Average number of cards: 3.06 [3]
- % of accounts that are delinquent (at least 90 days past due): 8.41% [4]
- Average credit score: 631 [3]
- Most popular type of credit card: Travel rewards [5]
Jessica from Dallas, TXEveryone 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
Karee from El Paso, TXPaying 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
Roxann from Wichita Falls, TXConsolidated 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
