Getting out of debt doesn’t have to be difficult. It can take some time, and more importantly, dedication. But if you’re really serious about taking control of your debt, then financial freedom isn’t as far away as you think. If you’re looking for Tennessee debt relief, here’s what you need to know.
The average borrower in Tennessee has 6% less debt than the national average—$4,669, to the country’s $4,965. However, Tennesseans also have a higher than average delinquency rate, with 0.66% of debtors being overdue on payments by 90 days or more. The average credit score is lower too, at 682, to the nation’s 696. The per capita income is $26,019 per year, with 15.9% of residents living below the poverty line—somewhat higher than the national average of 12.7%.
For those who do owe money, the statute of limitations in Tennessee for all breaches of contract or open accounts is six years from the time of delinquency. That means creditors have six years from the time of delinquency to bring suit against you. It doesn’t mean they can’t still call you after that, just that they can’t use the court system to try and collect. If you already have a judgment against you, whether in Tennessee or somewhere else, the statute is 10 years.
If you’re sick of living paycheck to paycheck, unsure of how you’re going to make ends meet due to the mountain of debt looming over you, then it would behoove you to take action to get that debt under control. By consolidating it, you can turn all your different debts into a single monthly payment. There are also other options, such as reducing your debt, getting debt counselling, and more. But if you’re going to take advantage of them, you’ll need some help.
At Americor, we understand Tennessee debt law and how it affects you. We can work with you to find a solution that meets your specific needs and helps put you on the path to living debt free. Call our financial experts today, to schedule a free consultation.