For some college graduates, the high cost of tuition and associated expenses will come as a shock once those student loan bills start to roll in. Faced with the need to cover living expenses while working at an entry-level position, many will turn to credit cards to cover costs. Before long, a serious debt situation can arise, and the need for debt relief can become acute. Unfortunately, there are numerous companies in Tennessee and elsewhere that exist to prey upon that need.
Faced with a mountain of debt, many Tennessee residents will do virtually anything to regain financial stability. Unfortunately, that leaves some wide open to falling victim to a debt relief scam. Any time there is a situation where people are in dire need of assistance, there are literally hundreds of unscrupulous people who are all too eager to take advantage of that situation. It is important to be able to distinguish between legitimate debt relief programs and scams that will relieve consumers of nothing but their hard-earned money.
Despite regulations established by the now former president, student loan debts continue to rule. Delinquencies remain a serious problem as most borrowers are behind on their payments. Since 2013, the average past due balance increased by 17 percent. Currently, 42.4 million people in the United States have student loan debts exceeding a combined $1 trillion.