5 Things About Debt in Texas You Need to Know
By Space Coast Daily // July 21, 2023
Texans face some of the highest levels of debt in the United States and in this article, we’ll be talking about 5 debt facts relating to this State, some of which may be terrifying to read, while others may be reassuring when compared to other parts of the USA.
Although not the most prominent State for debt, Texans still face huge repayment plans that can go on for decades and this is why understanding where residents compare to other parts of America can provide a little peace of mind, or at least spur the debtor into action as they consider their debt relief options.
- Student Loans on the Rise
A little-known fact is just how much student debt has risen over the course of the past decade or more. Between the year 2006 up until 2018, student debt rose by almost $10,000. Considering that we are now firmly in the third quarter of 2023, this amount has increased even more substantially, with more students estimated to be in need of debt relief now than ever before.
- Household Debt is the Leading Cause of Borrowing
The vast majority of debt within Texas is related to factors such as borrowing for a home loan and mortgage. The good thing about this fact is that the amount owed per person is estimated to be just a little over $45,000, which might seem like a large amount, but when compared to America’s national average of roughly $52,000, Texans are actually in a better position, if such a thing exists when it comes to debt.
- Debt is Responsible for One of the Highest Rates of Suicide
Debt causes stress, anxiety, and depression to name just a few effects, and unfortunately, those that find their expenses spiraling out of control have sometimes fallen victim to suicide, which has seen an increase of 36.7% recently. Texas has a high rate of suicide among debtors, from individuals, right through to business owners. This is why many are turning to services such as Americor, with a team capable of helping loans to be consolidated and borrowing plans to be negotiated to reduce the amounts that are owed.
- Middle Credit
Due to the substantial amount of debt owed in Texas, not to mention outstanding repayments that have found themselves becoming overdue, this State is ranked 26th out of the 50 States in America for credit scores. This is just below the halfway point, placing Texas on the lower end of the spectrum with the average citizen possessing a credit score of 680. Although on the less appealing side of the scale, this score is fairly average and so those in debt can take reassurance from that fact.
- Elon Musk Could Pay Off Texas’ Debt
According to a survey back in 2015, Texas as a State had accumulated a debt of almost $50b, or $48,237,511,000 to be exact. This amounts to just over $48 billion USD. Although a huge amount, realistically speaking, the total debt in the United States reaches into the Trillions, and so Texas and its debtors only play a small part in what is owed. With that being said, one billionaire like Elon Musk could cover this cost and still retain the vast majority of his net worth.
Debt Relief Options
Repaying debt in any form can be daunting for most borrowers. From those that owe a few thousand, right up to six and even seven-figure sums – repayments can be a scary concept for most to deal with. This is one of the reasons why so many debtors are turning to third-party services such as Americor, for help with consolidating their loans into one tidy amount with a single interest rate, or negotiating fairer terms with a reduced rate of interest, or even the difference in a balance being negated by the lender.
Fortunately, there are many options out there that can be used to assist with debt management, and in an effort to avoid problems from arising, experts advise those dealing with debt to contact reliable agencies as soon as possible. For those eager to reach out to Americor, they’ll be pleased to learn that the agency provides a broad range of services, and can assist people from all walks of life, including residents of Texas that would like to consider their options.
With a range of debt relief programs in place, as well as the ability to act on behalf of the debtor when approaching lenders, Americor has a selection of services to choose from, that can be tailored to suit the individual in need.