Debt Relief Options For Chattanooga Residents

Like many other cities that were industrialized early in the 19th century, Chattanooga experienced some problems in the latter part of the 20th century due to de-industrialization. The southeastern Tennessee city has experienced lay-offs, crumbling infrastructure, social division, and population decline. However, Chattanooga is the only major U.S. city to regain in the past 20 years the same proportion of population that it lost back in the 80s.

Luckily for its residents, the city’s economic situation has improved. The Chattanooga waterfront and downtown area have been developed at a cost of $120 million and the major waterfront attraction, the Tennessee Aquarium, which opened in 1992, has helped to attract more neighborhood development.

Life could be worse in the “River City.” But for many locals, it could be better too–if they could only get a handle on their financial situation. Many Chattanoogans—including yourself perhaps—suffer from a serious debt problem. However, there’s more than one way out of debt, and your debt relief solution could be just a phone call away. Call now for your free debt evaluation to find the solution that best fits your circumstances: 800-230-1553

Which Debt Relief Solution Is Right For You?

A variety of debt solutions are available to those struggling with massive debt. While there’s no such thing as a one-size-fits-all solution, there are options that might fit your debt situation better than others. Here’s an overview of what may be available to you in Chattanooga.

Debt Consolidation

Chattanooga residents with over $10,000 in debt could qualify for a debt consolidation loan. By consolidating your debt into a lower rate, you could save on interest and pay off debt faster. However, you may have to pay significantly more than your minimum payments each month if you choose this method.

Debt Counseling

Debt counseling could be right for you if you want a professional counselor to review your financial situation and figure out your next steps. A debt counselor may help you create a budget that meets your needs and helps you pay down debt. However, if you have large amounts of debt, this may not be enough, and a counselor may refer you to one of the other services, such as debt consolidation.

debt relief program

Minimum Payments

While it might seem like a good option to stick with minimum payments and tracking your progress as you go, this will most likely lead to you paying more over time thanks to compounding interest, and it also requires very strict budgeting to stay on track.

Debt Resolution

If you have a lot of debt, debt resolution could be the right option for you. With debt resolution, you work with a company to reduce and resolve debt. The company negotiates with your creditors for you to get them to accept less than you owe. In the meantime, you save into a program account you control. When the debt settlement company and your creditor reach an agreement, you use the funds you saved to settle the debt. The process repeats with all your enrolled creditors until your debt has been resolved.

There are other options besides debt counseling, resolution and debt consolidation. There are options like bankruptcy, though it is typically viewed as a last resort, especially since it may have a negative effect on your credit score. That’s why it’s important to call today for a free debt evaluation — find the right solution for you: 800-230-1553

Debt Consolidation in Chattanooga

From its depressed situation in the 1980s, Chattanooga has managed to transform its image. The city has been awarded numerous accolades, winning three national awards for outstanding “livability”, and nine Gunther Blue Ribbon Awards for excellence in housing and consolidated planning. In addition, “Chattown” was placed 8th out of 100 in a Forbes magazine ranking of “Bang For Your Buck” city, which measured overall affordability, housing rates, among other criteria.

All things considered, Chattanooga and its denizens should all be doing very well…but as you may know, that’s not always the case. If you’re burdened by massive debt, your outlook may be less positive. But your situation can change—if you just make that first phone call to look into what your options are for taking care of your debt. Debt consolidation may simplify the debt repayment process, and make your life less stressful.

Most consolidation loans require collateral — a high-value asset such as a home or a car — that you must leverage in order to receive the loan. Though it can help you get a lower interest rate, which means you pay less over time, you’re in danger of losing your leveraged asset if you fall behind. That means your house could be foreclosed on or your car seized.

Debt consolidation is only one of your options, and there are pros and cons to each one. It’s time to take care of your debt and live a life of freedom. Get started right now; call today for your free debt consultation to see which option is right for you: 800-230-1553

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