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Debt consolidation may not be effective debt relief in Tennessee

Many Tennessee residents may not feel confident in their financial state. They may have accumulated a considerable amount of debt and wish to discharge that debt, but are uncertain how to do so. Being confused about debt relief options is understandable as there are many companies offering assistance that seems helpful, but that could potentially be a scam or otherwise more damaging than beneficial.

Debt consolidation programs are one option for debt management that may seem too good to be true. Companies offering such opportunities may advertise a free phone call in order to answer questions about this option that interested parties may have. However, while the interested individuals may think they are making a simple phone call, they could end up in a situation where they feel pressured into consolidating their debt.

Companies offering consolidation may also offer other incentives such as settling debts for a considerably lower amount than individuals may owe. These incentives may not always be as true as they seem as companies often require substantial fees for their services. An individual may make payments thinking he or she is paying off portions of debt, but in reality, a majority of those payments may be going toward fees charged by the company.

When individuals want to effectively handle their debt, considering reliable debt relief options may be prudent. Bankruptcy is an option for which many Tennessee residents may be qualified, and because bankruptcy is a legal process pursuant to federal law, parties may feel more comfortable moving forward. Information on the different bankruptcy proceedings and how individuals may qualify could help interested parties determine whether it could be right for them.

Source:, "The truth and lies about those debt consolidation offers", Denise Hnytka, Nov. 17, 2015

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