As the adage goes, “Everything’s bigger in Texas.” Indeed the second-most populous state (behind California) also serves up a hearty debt total of $51 billion that includes credit card debt and medical debt, placing the Cowboy State at sixth on the rankings of the most indebted in the U.S.
Texas became an official part of the United States in 1848. Oil turned the Texas economy into a wealthy state in the early 1900s as the population more than tripled in the following six decades as would-be oil magnets settled in Texas looking for black gold.
Today several of the wealthiest public companies in Texas are in the oil business like Exxon Mobil Corp., ConocoPhillips and Valero Energy Corp. These industries provide some debt relief for the general public, but that doesn’t mean locals still don’t seek debt resolution.
Texas also boasts many global sports and pop cultural identities. Austin is not only home to the University of Texas Longhorns but also hosts the annual “South by Southwest” musical showcase. In Dallas, the Cowboys are “America’s Team”, while Houston is home to the recent World Series champion Astros. And then further south, San Antonio boasts a recent basketball dynasty with its Spurs.
But, even with success in certain industries and in sports, Texas still deals with debt at a very high rate.
The Overall Debt Situation in Texas
Texas actually lags behind the national average when it comes to medical debt. However, the state’s credit card debt is actually higher than most states while a Texan’s credit scores are far below those of the national average.
Credit cards in Texas average $5,960 per person, higher than the national average of $5,700. According to a recent study, there are three cities in Texas responsible for the majority of credit card debt: San Antonio, Dallas-Fort Worth and Houston.
Private student loan debt is also a problem in Texas as the total has surpassed $103 billion. The average student holds $26,250 in student loan debt. In fact, student loan debt in Texas increased by 61% from 2004 to 2012.
Texas Fast Facts
- Population: 28,304,596
- Median Household Income: $60,629
- Average Credit Score: 649 (national average is 669)
- Average Credit Card Debt: $5,960
- Average Student Loan Debt: $26,250
- State Debt Total: $152.8 billion
Debt Relief Laws That Protect Texans
Disclaimer: The information shared herein is intended to be a free resource for Texas consumers looking to dismiss debt and does not constitute legal advice.
Whether battling credit card debt, medical debt or private student loan debt, Texas has long been known for passing laws that aggressively protect its citizens.
If you are embroiled in a deepening debt situation in Texas, Resolvly can help find an expert team of debt resolution attorneys to help eliminate debt or at least dismiss debt as soon as possible.
The Fair Debt Collection Practices Act
There are many ways to find debt relief and fight harassing debt collectors and avoid or defend a debt lawsuit. In one case, every consumer has specific rights invoking the federal laws outlined in the Fair Debt Collection Practices Act (FDCPA).
The FDCPA as it relates to Texas residents specifies exactly what a third-party debt collection service can and cannot do. For example, a collector can only call an individual between the local hours of 8am and 9pm. In addition, collectors cannot harass individuals or threaten a citizen with bodily harm or the potential of arrest.
Texans in debt also have the ability to stop collectors from repeat callings by sending a physical letter to the agency requesting a cease and desist from the pestering calls. If the FDCPA is violated, a debt resolution organization can find you debt defense attorneys who can help you get out of debt and also seek damages and attorney fees.
The Fair Credit Reporting Act
Another consumer protection law designed to assist Texas residents from false or misleading credit information is the Fair Credit Reporting Act (FCRA). The FCRA protects the privacy and accuracy of your personal credit history. If an entity violates your rights outlined in the FCRA, there are legal actions that could not only dismiss debt, but earn monetary damages in addition to the recoupment of attorneys’ fees.
Let Resolvly Find The Right Consumer Defense Lawyer
When it comes to dealing with debt – whether medical debt or credit card debt – ignoring the problem won’t make it go away. Utilizing the legal referral service of Resolvly, can help you hire a lawyer to get out of debt by helping you understand your specific circumstances, and clear the path to debt relief and debt resolution.
We work with consumer protection lawyers trained in debt relief to protect your rights, fight harassing debt collectors and hopefully eliminate debt completely.
Resolvly helps you hire a lawyer to help dismiss debt so that you can live debt free. Our goal is to help you attain true financial freedom. We offer a free consultation designed to refer you to a consumer defense attorney who will work to eliminate your debt. Simply call 844-479-3457 to speak with a debt freedom specialist who will help guide you on the path toward debt resolution so you can once again be debt free.