Debt Relief

Credit Counseling: Lafayette (TN)

Credit Counseling Lafayette TN If it feels like everything has gone awry debt-wise, you aren’t the only one.

We have partnered with credit experts companies to help you get the help you’re looking for.

Should you look into credit counseling? Lafayette locals may may benefit from:

  • Less Expensive Monthly Payments
  • Quicker Freedom From Debt
  • Single Monthly Payment

>> Get Your Free Credit Estimate!

Do You Need Credit Counseling in Lafayette, TN?

Credit Counseling Lafayette TN

Your ratio of debt to income helps to evaluate whether or not your state of affairs warrants credit counseling.

Wages DTI Debt Degree?
$2,489 36% $896 Recommended
$2,489 43% $1,070 OK
$2,489 50% $1,245 Assistance Needed!

Lafayette (TN) Debt Management

Let’s suppose you’re having to spend $1,245 on a monthly basis and you only earn $2,489. In that case, your credit counseling specialist might have you sign up for a debt management program (DMP). A DMP is a method of debt consolidation, in that the money you owe each month is consolidated into one monthly sum. However, no loans are involved. This is different from some other types of debt consolidation in Lafayette, TN, which use secured loans to pay down your credit card balances.

All you’ve got to do is deliver just one payment to your Lafayette credit counselor. They’ll deliver the proper portions to your creditors.

Credit Counseling Lafayette TN

Always remember, credit counselors can help you completely pay down your debts faster and with a discounted APR. However, you’ll still be repaying all of your debts. Sure, a debt settlement would help reduce the amount you have to pay back, it just might devastate your FICO scores.

Selecting a Credit Counseling Service in Lafayette (TN)

As a program, credit counseling has been vetted by the FTC and other government regulators, but legitimate credit counselors should present you with:

  • Roughly 1 Hour of Introductory Counseling
  • No Costs Upfront
  • A Personalized Plan Of Action
  • Certification Credentials

To learn more, read this FTC article on the subject.

Needless to say, at Tennessee Debt Consolidation, we can assist you in finding the most suitable credit counseling or debt management program based upon your specific situation.

How Much Will Debt Management Help You Save?

Credit Counseling Lafayette TN

Credit counseling doesn’t decrease the original amount you owe. However, you might not have to pay as much every month as you have been paying, if your credit card providers accept the terms of the debt management program.

Credit counseling helps save time and cash. Find out more today.

For profit Lafayette credit counseling companies who provide solutions via phone are forbidden by the FTC from charging consumers upfront.

Participating in a debt management plan should not be more than $100, and the monthly fees should be about $40.

If you can pay back 2.5% of the amount you owe every 4 weeks, you could pay off your debts in about 3.5 years, assuming that your credit counseling firm is able to freeze your APR. With interest, it’ll take substantially more time. Below is a table that depicts how much you might have to pay, given varying stages of total debt.

Debt 2.1% 2.5%
$5000 $105 $125
$30,000 $630 $750
$40,000 $840 $1000
$50,000 $1050 $1250
$55,000 $1155 $1375
$65,000 $1365 $1625
$70,000 $1470 $1750
$75,000 $1575 $1875
$95,000 $1995 $2375
$100,000 $2100 $2500

Credit Counseling and Debt Management in Lafayette, TN