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Life in Tennessee Keeps Getting Pricier

Tennessee is home to the Great Smoky Mountains National Park, Jack Daniel’s world-famous whiskey distillery, and the Bristol Motor Speedway. Of course, it’s impossible to talk about the state without mentioning its main cultural export: music. Memphis was integral to the development of blues and rock ‘n’ roll, while Nashville was (and is) the global epicenter of country music. Millions of excited tourists flock to Graceland, Dollywood, and the Ryman Auditorium every year.

It’s not just visitors that are attracted to Tennessee. The state currently boasts around 7 million residents, and that number is expected to grow to over 7.5 million by 2025. That’s significant for a state that had only 6.3 million residents as recently as 2010. That said, the population isn’t the only thing on the rise in TN. According to a recent Tennessee Business Leaders’ Survey, 43% of respondents either raised prices or were planning to raise prices to combat inflation.

Tennessee Debt Relief

With the increasing cost of living in Tennessee, many individuals have resorted to consumer debt to meet their financial obligations. Presently, the average outstanding debt for credit card holders in Tennessee stands at approximately $5,688. While this figure is slightly below the national average, it doesn’t tell the whole story.

According to the most recent census, Tennessee’s median household income is approximately $10,000 below the national average. As an increasing number of borrowers become trapped in a minimum payment cycle, alternative methods for debt relief in Tennessee are gaining relevance.

Why are minimum payments a debt spiral?

Credit cards come with a minimum monthly payment which tricks people into thinking they are repaying their credit card debt. 

Banks charge interest on any loan they provide, and credit cards are a type of loan. Minimum payments only include the interest on your debt. When you make the minimum payment, you are not paying back your debt; you are merely recycling it. 

If you continue to use your credit card, the balance balloons. Despite making minimum payments, you can become trapped in a debt spiral.

The minimum payment amount depends on the interest rate on your credit card and the overall balance. Larger balances come with higher minimum payments.

It’s very easy for Tennessee residents to fall into a credit card debt trap that can become a nightmare, wreaking havoc on their finances and their household’s well-being.

What happens if I don’t make the minimum payment? What exactly is delinquency?

The credit card delinquency rate in Tennessee is 6.67%. The delinquency rate refers to people in Tennessee who have failed to make the minimum payment on their credit cards for two consecutive months. 

When a credit card debt becomes delinquent, the credit card owner is charged late fees. If they fail to make the minimum payments, the debt can be sent to collections, and the bank may declare the credit card debt as being in default.

What Causes Credit Card Debt?

Credit card debt is common because life is unpredictable. Low incomes and the rising cost of living can easily overwhelm the finances of any household.

Low income

Low incomes often can’t cover living expenses, especially with high inflation and the rising prices of gas, utilities, and groceries. People in Tennessee find it hard to manage their finances, especially towards the end of the month and until their new paycheck comes through.

When you find yourself needing to pay for everyday necessities with an empty bank account, it’s only natural to resort to your credit cards. However, if you choose to make only the minimum payment on a growing credit card balance, you will soon find yourself trapped in a cycle of debt.

Unforeseen life events

A divorce, unemployment, or a funeral can shake people’s finances. Many Tennessee residents find it hard to regain their financial stability after experiencing such life events. Whether they resort to credit cards or personal loans to cover their expenses, skillful financial management is required to break free from the debt spiral. 

Often, people find themselves overwhelmed by debt, but that’s where Americor debt specialists come in to help them embrace a brighter, debt-free future.

Unexpected expenses

Just like life events can surprise us, unexpected expenses can also catch us off guard. Whether it’s a broken car or a home repair, these situations can easily impact the income of a Tennessee household. If you don’t have an emergency fund to cover such expenses, the only other options available are credit cards and personal loans.

Credit card debt and personal loan debt must be repaid, requiring households to allocate their existing incomes toward debt repayment. This can often be challenging, leading people in the state of Tennessee to seek debt relief.

Tennessee Debt Relief Solutions

Americor debt specialists can help Tennessee residents understand all their options regarding debt relief. It’s good to know that you are not alone and that a professional debt specialist has got your back to help you escape from your debt spiral.

Credit Counseling in Tennessee

Credit counseling services can help people in Tennessee better understand their finances. Credit counselors review your income and expenses, and suggest ways to streamline them, leaving room for debt repayment.

Sometimes, people don’t have a clear picture of how much money they earn and how much they spend. Credit counseling can assist them in assessing their financial situation and finding intelligent yet achievable ways to reduce their expenses, enabling them to repay their debts.

Debt Consolidation Loans in Tennessee

Debt consolidation loans combine existing debts into a single loan. If you are struggling with multiple credit card debts or personal loan debts, Americor debt specialists can provide advice and information, and assist you in applying for a debt consolidation loan.

With the new loan, you can repay all of your existing debts, and you will only have to repay the consolidation loan. Debt consolidation loans are easy to manage, and they often come with lower interest rates than credit cards and significantly lower rates than payday loans.

Debt consolidation loans can be repaid within 12 to 72 months, which helps households manage their finances in a predictable way. They also come with fixed interest rates and a fixed monthly payment, which makes it much easier to incorporate into your everyday finances.

Debt Settlement in Tennessee

Americor debt specialists can assist you with debt settlement if your debt level becomes unmanageable. In such cases, you can contact your creditors and request a reduction in the total amount due. 

Americor can aid in negotiating your debt settlement, potentially reducing your debt by up to 50%. If your creditor agrees to the arrangement, you will only need to repay the remaining balance.

Debt settlement requires adept negotiation skills, which Americor specialists possess. They can work on your behalf to reach the best deal for your financial situation.

Debt settlement can impact your credit score, but if you keep your finances in check and avoid incurring additional debt, your credit score can recover over time.

If you find yourself drowning in debt and you need help, you need to know your options. As one of the leading debt settlement companies in the nation, Americor can negotiate with your credit card companies and help you find debt relief. 

Debt Management in Tennessee

Debt management involves a Debt Management Plan (DMP) that outlines the concrete steps you will take to reduce your debt level. It encompasses negotiating for lower interest rates on your loans and credit cards, extending the repayment period, and potentially obtaining waivers for late fees and other charges.

Debt management can restructure your debt in a more manageable way and is tailored-made for each Tennessee household, depending on your income, debt level, and overall expenses.

Bankruptcy in Tennessee

If push comes to shove, filing for bankruptcy may be your last resort if your debt situation is overwhelming, and you need a fresh start. 

When you file for bankruptcy, you hire a lawyer who will present your case to the court and demonstrate that, based on your income and assets, it is impossible for you to repay your debts. This is why you are seeking debt relief.

The court decides how much of your debt should be forgiven and whether you have to sell part or all of your assets as part of the agreement. Bankruptcy takes time and stays on your credit report for 10 years. It also negatively impacts your credit score, making it very difficult to apply for a loan or mortgage in the future. 

Bankruptcy is the ultimate debt relief solution, and it should not be considered lightly.

Financial freedom is right at your fingertips

If you’re struggling with debt, contact us for free debt advice and discover our debt relief programs. Our service is available to residents of Tennessee and North Carolina, as well as New Mexico, South Dakota, and New Jersey. We will help you understand how a debt relief program can affect your credit report and credit scores, as well as how you can pay off credit card debt and other types of unsecured debt.

Tennessee debt relief doesn’t have to be complicated. Stop making payments that go nowhere and start getting ahead of your debt using these great options:

Our blog can also help you get more information on the various debt relief options available, useful budget tips, financial resources, and advice on the best debt solutions that may be able to reduce your monthly payments and high-interest rates.

Our Clients Say...

  • Lannie D.
    Stars Stars Stars Stars Stars

    “In 2020, I was drowning in debt. I enrolled in Americor for my 10 creditors for $110,000… and today (three years later) I have cleared my entire balance. It was not an easy process, but Americor guided me through and I am debt free!”

  • Matthew E.
    Stars Stars Stars Stars Stars

    “I was down $80k in business debt, and I remember hearing Americor radio advertising. My credit score was down to 570 from 810. I’ve been in the program for over 3 years. It works, just be patient. And my credit score is currently back up to 710!”

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Andrew M.
Andrew wanted more than anything to take his family on their dream vacation to Disney World, but outstanding credit card debt continued to make this vacation stay a dream rather than a reality. His credit cards became maxed out by paying expensive daycare costs, in the end he was over $20,000 deep in debt.

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