Debt Relief

Tennessee Credit Counseling (TN)

Tennessee Credit CounselingDebt got you stressed? If that’s the case, we can help.  Credit counseling is a great way to get out of debt and back on track financially.  It is also highly affordable, offered by non-profit organizations, and results in no long-term negative impact on your credit rating.

Sound good?  Why not find out more by giving us a call?

TN Debt Relief

The Tennessee credit counseling agencies we work with can offer you a good many perks:

  • Less Expensive Monthly Payments
  • 3 to 5 Year Repayment Schedule
  • Consolidated Monthly Payments
  • Reduced Calls From Collections

Of Tennessee’s 6,346,105 inhabitants, it’s believed that 234,049 are delinquent on their credit card payments.  That’s a ton of people who are struggling to get out of debt and approved for future lines of credit, such as auto and home loans!

Anyone reviewing a credit application wants to know how much comes in in comparison to how much goes out. This is known in industry parlance as one’s DTI, or Debt-to-Income ratio.  Calculating this is simple.  Let’s consider some stats based on an income of $3,257 per month. For people in Tennessee, this is an average income.  Below we list the debt payments owed each month as a percentage of this salary, and how optimal (or not) this would make your DTI.

  • $1,173 (36%): Optimal
  • $1,205 to $1,368 (37-42%): Decent
  • $1,401 to $1,629 (43-50%): Cause for Concern
  • $1,629 plus (50%): Extreme

Managing Debt: Tennessee

If you have severe debt, your credit counselor will probably have you take part in a debt management program.  If you participate in a DMP, your TN credit counselor may able to cut deals for decreased APR’s and penalties from the companies you’re paying back.  Each month, you’ll send a set payment to your Tennessee credit counselor. They circulate the appropriate sums to each of your creditors.

TN Debt Management versus Settlement

Credit counseling and debt management should not harm your credit rating in any permanent way, but lending companies may be unable to say yes to a new auto or home loan if you are presently enrolled with a credit counseling agency in TN to get free from debt.

How to Find a Credit Counseling Agency in TN

Assuming that you get an established organization, credit counseling can be highly effective. Indeed, the Federal Trade Commission now requires it for people who want to file bankruptcy, but

stay away from any credit counseling agencies that claim that they’re able to:

  • Stop all debt collection calls
  • Negotiate secured debts
  • Stop creditors from suing you
  • Charge a fee ahead of time for their products and services

To learn more, look at this FTC post on the topic.

No need to work with a credit counselor you can’t trust. We want to help you find a good Tennessee credit counseling professional.

>> How Much Could Credit Counseling Save You? Find out!

How Much Will Credit Counseling Save You?

That all depends on your current debt, income, and other factors.  It’s important to remember that, with credit counseling, all of your original debt must be paid off. However, your monthly payments should be lower owing to interest and penalty savings.  Credit counseling saves you time and expense. Find out more today.

TN Debt Relief

Credit Counseling Pricing: Tennessee

Credit counselors in TN who work on a for-profit basis and offer services via telephone are prohibited by the FTC from charging their clients in advance.  Participating in a DMP should not be more than $100, and the monthly fees should be approximately $40.  How much will your monthly payments be? Generally 2.5% of the amount you owe.

Credit Counseling for Bankruptcy in Tennessee

Entertaining the idea of filing for bankruptcy? You are not alone.  We estimate that 46,580 of Tennessee’s 6,346,105 residents have filed for bankruptcy.

As of 2005, any individual in Tennessee who wants to declare themselves bankrupt must first receive an official document showing that they signed up for a credit counseling program in Tennessee.  You don’t have to go to your local credit counselor for this. Programs can be found on the web and over the phone, as well as in person.

The program typically costs $50 and requires just 1 hour 30 minutes.  For an approved list of approved pre-bankruptcy credit counseling programs for Tennessee consumers, simply click here. Alternatively, you can speak to an experienced debt specialist by submitting this form.

Credit and Debt Counseling in Your Part of Tennessee