High credit card bills send Music City residents looking for debt relief. Our partners at ConsumerAffairs researched the best debt consolidation in Nashville to help you choose a partner for debt settlement.
Nashville’s average income per resident is $49,891. Overall, Tennessee ranks 41st in the United States for median income. Here is how Nashville compares to the rest of the country for overall debt and income:
Average credit card debt
Average household income
Although Nashville has lower credit card debt, residents are still in need of financial freedom. Car loans, student loans, medical emergencies and family situations can quickly lead to crushing amounts of debt.
There are several forms of debt consolidation in Nashville. Residents can choose what best suits their financial goals:
Debt consolidation: If you owe more than $10,000 in debt, debt consolidation may be a good choice. This option requires getting a single consolidation loan to cover all of your unsecured debts. Rather than paying various bills to different institutions, you pay one bill to a debt consolidation company. This option groups your debts together, making it easier to pay off, so long as the interest rate is lower.
Debt counseling: A debt counselor can help you create a plan that meets your debt requirements and chips away at what you owe.
Debt resolution: A debt resolution company negotiates with creditors on your behalf to lower rates, payments and other factors affecting your debt. In the meantime, you continue to save money into a specific program account until you can pay off your debt. This process continues until all of your debts have been repaid.
As with any financial strategy, debt consolidation has pros and cons.
Fewer phone calls and discussions with creditors
A simplified payment process
Potential for a smaller interest rate
Lower principal amount due
Avoids credit score damage (unlike bankruptcy)
Longer payment term
May require collateral (home, vehicle) depending on payment plan
As an absolute last resort, you could file for bankruptcy. To determine which option is best for your situation, discuss your finances with a professional debt consolidation company in Nashville.
As one of the country’s largest debt relief companies, National Debt Relief has accreditations with institutions such as the International Association of Professional Debt Arbitrators and the American Fair Credit Council. To prove their success, users can view actual debt settlement letters on the company’s website.
For debt relief solutions, CreditAssociates works to settle debt in 24 to 36 months. Good credit is not required and customers get a free, no obligation consultation by speaking to trained advisors who are experts in negotiating down debt. Customer reviews speak highly of agents for being professional, helpful and communicative.
With over 600,000 clients enrolled, Freedom Debt Relief is a nationwide debt consolidation company that offers a four-stage debt relief plan. The company has an online dashboard that allows clients to track their debt payoff progress. Online testimonials from Nashville praise their efficient, easy-to-use programs.
Accredited Debt Relief does not have a physical Nashville office but assists residents with free online or over-the-phone quotes. This debt consolidation company boasts various awards and certifications, such as membership on the AFCC (American Fair Credit Council). Positive online reviews say agents are patient and work hard to acquire manageable monthly payments for clients.
Cornerstone Financial Credit Union
This Middle Tennessee credit union provides a multitude of banking services in addition to debt consolidation and counseling. The credit union has been helping Music City residents since 1955. Clients acknowledge the friendly agents and tellers as one of the reasons they chose Cornerstone Financial Credit Union.
Mariner Finance provides clients with a variety of loan options, including loan education and debt counseling services. The Nashville branch is conveniently located off of Nolensville Road. Online reviews discuss professional customer service, but note higher interest rates than other loan opportunities.