In these tough economic times, many residents of Tennessee and across America are struggling with high credit card debt and hoping for assistance - even in the form of a grant. As payments pile up and interest rates continue to rise, carrying debts from multiple credit cards, as well as unsecured debts (like medical bills, retail store charges, or utilities), can become increasingly stressful. Seeking help, many people who are in debt are looking for debt grants or government grants to help them pay off their debts. While the government is certainly interested in helping consumers who are experiencing financial problems, there are no grants issued by the government to give consumers debt relief.
Fortunately, there are many debt relief options that can help either by providing you with a single, more affordable and more predictable payment plan made to a credit counseling agency - as is the case with debt consolidation. Another viable option is debt settlement, where you can settle, or negotiate with creditors, for substantially less than your original debts. Both options have become popular alternatives to bankruptcy, which can affect one's credit in a long lasting and devastating way.
To see how debt relief can help you and how much you can save, request a free debt relief analysis and savings estimate today. It only takes minutes to complete the form.
"What Can Consolidation Do for Me?"
Many residents in Tennessee carry debt from several sources such as medical bills, utilities, department stores, and credit cards. For many consumers, debt consolidation through a credit counseling agency can provide a single, easier-to-manage, and more structured payment plan, that if followed faithfully, can help you pay off your debts at a more predictable and accelerated pace.
Facilitated by debt or credit counselors, relief through debt consolidation generally involves combining all your credit card and unsecured debts into one, more manageable and more predictable payment plan. With their expertise, credit counselors can act as intermediaries between you and your creditors; they can work to get your creditors to grant you a reduction of interest rates and a waiver of late fees and/or penalties. Through this process, you can whittle your various debts down to a single, more manageable debt, enabling you to focus your payments toward the principal - and not just the accumulating interest.
Debt Settlement Programs
When you enroll in a debt settlement program, you are hoping to settle or negotiate with your creditors for significantly less than what you originally owe. That is the main difference between settling your debts versus consolidating your debts through credit counseling - where you are paying the entire amount of your debts, just at lower interest rates. However, debt settlement has risks:
As the term "debt settlement" implies, credit card companies are certainly not legally required to "settle" or accept your settlement proposal. In many cases, you will be advised to stop making payments on your credit cards to save up funds, over a period of time that you can later use to make a reasonable settlement offer. While in the process of saving up funds and not making payments, many consumers are essentially defaulting on their credit card agreements and face the threat of a lawsuit from creditors seeking to collect debt. In addition, many consumers who default on the terms of their credit card agreements typically see a decline in their credit scores.
But in spite of the risks, debt settlement remains a popular alternative to bankruptcy - which, as mentioned previously, can have a more serious and longer-lasting effect on your personal credit.
Get Debt Relief and Breathe Easier
If you are a resident of Tennessee who is ready to tackle your personal debt crisis, it is a good first step to find out what your debt relief options are and how they can help you manage and resolve your debts. It is also worth noting that if you are struggling financially, you can get help from the various state-sponsored services or programs that are designed for low-income residents. The state of Tennessee offers many programs that can assist with job training and employment, access to health care services, and other basic necessities like food and childcare. Also, the state's Housing and Development Agency has programs in place to help residents with their housing and mortgage concerns, including avoiding foreclosure.
The bottom line is, whichever debt relief option you choose, the important thing to remember is that you are not alone and there is help available. Finding the right debt relief program for you can certainly help relieve the pressure of your debt situation, answer lingering questions about finding help, and get you on the right path to getting out of debt. Find out how you can get help through debt relief by requesting a free debt relief estimate along with a savings quote. It only takes minutes to complete - begin now.