North Texas is becoming a popular destination for debt relief companies looking to set up shop. The region has become home to a range of firms including United Debt Counselors (UDC).
The region has seen significant investment in retail and office space over the past decade. This has resulted in many small to mid-sized services firms relocating to the area to take advantage of cheap office space and the proximity to Dallas’ financial district.
UDC is based in Frisco, Texas. They are one of the many debt relief companies that are located in the North Texas region. The mid-sized firm places a special emphasis on debt settlement programs.
North Texas has become increasingly popular in recent years for all types of business. The lack of state income tax makes it easy for companies to recruit top talent. In addition, many of the areas surrounding Dallas have put substantial investment into creating a business friendly environment — hundreds of square miles of office space have been developed over the past decade.
Years after the economic collapse in 2008, debt relief companies are still prevalent throughout the United States. The recession that followed the last financial crash led many families to accumulate debt in order to compensate for stagnant wages and a contracting economy. This saw a surge in the amount of debt relief companies opening throughout the country. Despite economic conditions returning to relative normalcy, debt settlement remains a big business.
“What we are seeing is the continued after-effect of an economic crash that hit families hard.” says a spokesperson from United Debt Counselors in Frisco, Texas, “People were not expecting the economy to fail in 2008. Because families were tied down to previous commitments and mortgages, we saw a substantial increase in the amount of credit being used in the economy. People are still struggling with large amounts of consumer debt.”
Debt settlement, such as that offered by UDC, has been able to help tens of thousands of Americans return their lives to normal. Many individuals live under the assumption that their debt situation cannot be changed, when in fact there are many routes that can be taken to mitigate their current circumstances.
According to a spokesman for UDC, “Creditors do not tell their clients about the options they have to alleviate debt. This is because if people are paying off their debt via refinancing or settlement, the lender is missing out on the potential interest repayments they could have made. Therefore, it’s up to companies like ours to ensure those consumers are aware of the best ways to find relief.”
“There is a lag in the amount of people that are aware of debt settlement,” United Debt Counselors says, “Many people have been simply making the minimum payments on high-interest debt for the past 10 years without considering the alternatives. Americans have suffered at the hands of creditors for the past decade, which is why we’re hoping that as debt settlement becomes more popular, individuals will be able to escape debt more easily.”
Photo Credit: UDC