Debt Relief Tennessee
What You Need To Know About Debt Relief In Tennessee
A little bit country and a little bit rock ‘n’ roll, Tennessee is home to seven genres of music. Although the state is smaller than more than half of the nation by area, Tennessee is 16th in population with almost 7 million residents. To their credit, Tennesseans are in the top 10% of states with the lowest average household credit card debt.
Even though residents have some of the lowest average household debts at just over $6,200, families are still exploring ways to reduce or eliminate debt such as debt Relief in Tennessee. How to reduce debt and become debt free is a topic of discussion in every state, regardless of their average debt.
Taking Time to Understand Debt
Obtaining and using a credit card means you are agreeing to the terms of a contract. Missing payments means you are in default. Credit card companies generally will first impose late payment penalties or higher interest rate charges. As more payments are missed, however, you should expect to receive phone calls and official letters in the mail asking for payment.
Holding an active credit card means you are legally bound to repay any money you charge to the card. After a certain amount of time, credit card companies may consider taking legal action against you. Or, they may decide to sell your debt to a debt collection agency who then may sue you if they are unsuccessful in collecting on their debt.
As with any lawsuit, there is a tremendous amount of money and time required to try a case. Because of the extensive effort required, suing card holders is normally the last course of action credit card companies want to take. This gives debt holders a chance to explore solutions including debt Relief. In Tennessee, there are a few avenues one can take to tackle credit card debt.
Debt Relief Tennessee
An option for many to attack debt is with a Debt Relief program. Tennessee luckily has numerous organizations with professional programs for debt Relief. Tennessee has no restrictions for those wanting to work with such organizations to get a handle of their financial situation.
Simply put, Debt Relief is a general phrase describing debt relief programs where debts are combined into a single, monthly payment. There are several plans available to match your budget and long-term objectives. The lower interest rates offered allow participants to contribute more of every dollar toward the principal balance.
UmbrellaDEBT representatives have decades of experience and have assisted thousands of families to take control of their finances and regain their independence from debt. A phone call into one of our courteous and knowledgeable counselors is completely confidential. Your first call will help determine your total outstanding debt. After identifying your budget allowances, your counselor will share the different options that will help you reach your debt free goal.
How Tennessee Debt Laws Can Assist You
It’s important to learn what laws can protect you as a consumer and the basics of debt Relief. In Tennessee, federal laws concerning debt and debt collection are the primary protections offered. Other than the laws provided at the federal level, the Volunteer State doesn’t do much more to protect consumers.
Tennessee does, however, have a six-year statute of limitations. This is similar to almost every other state except a select few, such as California, where the limitation is four years. Although attempts to collect debts must end after six years, your debt is not erased. Believing this is a viable option is a mistake that will prevent the ability to obtain new, favorable credit for decades to come.
UmbrellaDEBT is proud to have helped faithful families reduce and eliminate their debt. Contact us today to begin your journey toward a debt-free future.