An experienced debt negotiator in Athens, TN, will be able to reduce your debts down to 40-80% of their original amount.
At Tennessee Debt Consolidation, we can find you a debt settlement expert that can:
- Negotiate with your card issuers.
- Get you a written contract for debt forgiveness.
- Set up a program to pay back your credit card debt in 2-4 years.
There are zero commitments, and no fees for this service.
By law, Athens debt settlement agents must disclose certain information before you join. They disclose their prices, their savings requirements, and the hazards you are up against. Be certain that your Athens, TN debt settlement consultant is reputable. Verify how long they’ve been negotiating debt, how many clients they’ve managed, what their rate of success has been, how much they cost, and be sure they are qualified to do business in Tennessee.
Although debt settlement can lead to serious debt forgiveness, it is an extreme series of negotiations that requires a good bit of risk and sacrifice.
Approximately 2,350 of Athens’s 23,726 residents need help with debt. Debt settlement could potentially reduce your debt to $4000-$8000.
Before you decide to go with debt settlement, there’s something you have to know. Firstly, debt negotiation will be worse for your credit score over time than paying off your debt with a debt consolidation loan. All things considered, what you owe will not be paid in full. Moreover, your collection calls probably won’t be reduced greatly, as they would if you consolidate your credit card debt. The first settlement won’t be agreed upon for 180 days, and during that time your credit balances will increase.
Keep in mind, credit card providers are able to sue a borrower in order to collect a debt. There is a heightened potential for a lawsuit when it comes to debt settlement in Athens, TN since you quit paying your creditors.
Minimum Criteria for Debt Negotiation in Athens, TN
Debt settlement might be a good idea if you answer yes to these three questions:
- Have you been entertaining the idea of going bankrupt?
- Do you owe $10,000 or more in debt?
- Are you willing to tolerate bad credit scores if it’s necessary to break free from debt?
There are 23,726 people living in Athens, and 2,350 owe credit card balances of more than $10,000.
Income vs Debt: Athens, TN
If you’ve got a debt-to-income (DTI) of 50% or more, then debt settlement or consolidation is highly recommended.
Let’s imagine you make $1,336 each month, Athens’s average income. If have to pay less than $481 on credit cards, rent/mortgage, and any kind of loans, you have a recommended level of debt of 36%). If you are having to pay $494-$561 (37-42%), you should cut back how much you’re spending. If you spend $574 to $668 (43-50%), you’re on the verge of economic breakdown. If are spending more than $681, you are heading towards bankruptcy and really should get in touch with a debt consultant as quick as possible.
Needing to decide between consolidating and settling your debts?
Whereas debt settlement results in reduced debt, management doesn’t. Other forms of debt relief – for instance consolidation, management, counseling – are much better for your credit rating ultimately, but they are long-term alternatives in which you pay back all of what you owe. For more information, click here: credit counseling in Athens, TN.
How Debt Settlement Providers Receive Commission
No debt settlement firms in Athens should bill you upfront. Any reputable debt settlement firm in Athens, TN, will only bill you after an account is paid back. Most debt relief solutions typically involve flat payments.
The vast majority of settlement agencies will charge you roughly 20% of what you owe – which is significant! This fee is usually paid over a period of 1-2 years.
Have you considered debt settlement attorneysIn reality, legal counsel might be more expensive than a debt settlement firm. Some attorneys will charge you some kind of retainer, typically 5% of what you owe, in conjunction with a monthly charge. Furthermore, they are entitled to a hefty chunk of the debt they save you: one-third. This is typically more costly than the 14-20% you will be asked to pay a debt settlement company.
Debt Settlement Specialists: Athens (TN)
- Tennessee debt settlement company? Contact us for a free listing!