Debt Consolidation in Action: Tennessee

Finding a path forward from debt problems to achieve financial freedom.

Personal debt affects every family and household differently, but there are often similar stories for people who live in the same area – they share challenges with unemployment and face the same circumstances when it comes to the real estate market. The story of debt in Tennessee shows residents face no shortage of challenges, but many have overcome these issues – being proactive to find solutions that allow them to regain control.

The information is designed to help you understand the general state of debt in Tennessee today. You’ll also find helpful case studies of real clients from Tennessee who’ve found relief through credit counseling. If you’re struggling with credit card debt and need help, give us a call at or complete an online application to schedule a debt and budget analysis with a certified credit counselor. It’s free and confidential, so you have nothing to lose but your debt.

Debt Statistics in Tennessee

These statistics can help you understand the situation residents of Tennessee currently face with various types of personal debt:

  • Average credit card debt: $4,669 [1]
  • 90-day credit card delinquency rate: 1.53%
  • Average student debt: $24,585
  • Student loan default rate: 13.70%
  • % of homes underwater (mortgage more than value): 15.09%
  • Mortgage delinquency rate for underwater homes: 3.84%
  • % with past due debt (late, but not in default): 5.20%
  • % with some type of debt in collections: 39.10%
  • Average debt in collections: $4,466

[1] http://www.washingtonpost.com/blogs/govbeat/wp/2013/08/20/ranking-the-states-credit-card-debt/

All other statistics brought to you by America’s Voice on Debt (AVOD)

Denise from Memphis, TN

This is a wonderful service! You’ve been dependable and very helpful anytime I have a question.

Where she started:

  • Total unsecured debt: $22,041.00
  • Estimated interest charges: $12,845.21
  • Time to payoff: 14 years, 6 months
  • Total monthly payments: $881.64

After DMP enrollment:

  • Average negotiated interest rate: 10.00%
  • Total interest charges: $5,519.54
  • Time to payoff: 5 years, 3 months
  • Total monthly payment: $432.00
Time Saved:
9 years, 3 months
Monthly Savings:
$449.64
Interest Saved:
$7,325.67
Kathy from Lewisburg, TN

Everyone has been nice and very helpful.

Where she started:

  • Total unsecured debt: $13,988.00
  • Estimated interest charges: $7,767.32
  • Time to payoff: 12 years, 2 months
  • Total monthly payments: $562.76

After DMP enrollment:

  • Average negotiated interest rate: 0.80%
  • Total interest charges: $352.10
  • Time to payoff: 3 years, 6 months
  • Total monthly payment: $342.00
Time Saved:
8 years, 8 months
Monthly Savings:
$220.76
Interest Saved:
$7,415.22
Terry from Nashville, TN

Consolidated Credit has been a great help and it’s a top notch service. They’ve been very professional and I would recommend this service to anyone.

Where he started:

  • Total unsecured debt: $13,019.00
  • Estimated interest charges: $6,799.43
  • Time to payoff: 12 years, 3 months
  • Total monthly payments: $520.76

After DMP enrollment:

  • Average negotiated interest rate: 5.32%
  • Total interest charges: $1,905.38
  • Time to payoff: 4 years, 6 months
  • Total monthly payment: $277.00
Time Saved:
7 years, 9 months
Monthly Savings:
$243.76
Interest Saved:
$4,894.05