Mark T. Young & Associates
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May 2014 Archives

How Tennesseans can respond to debt collector contact

In today's struggling economy it is not uncommon for an individual to be struggling with personal debt. In fact, one out of every seven individuals is currently being pursued by a debt collector. Medical debt, credit card debt, mortgage debt, and student loan debt can all mount, and before one knows it he or she is overdue on debt and is being harassed by creditors. In some instances, overwhelming debt can even lead to wage garnishment. However, certain protections are in place to protect consumers from debt collectors, and Tennessee residents should take note.

How credit card debt can impact a credit score

Many life events can cause Tennessee residents to fall behind on their credit card payments. The holidays can be a time of overindulgence and high bills for some. Others may run up large bills, while on vacation. Many people find themselves in over their heads with credit card debt when emergencies, such as accidents, cause them to quickly buy new cars or pay off medical bills.

Chapter 13 bankruptcy and rebuilding credit

One of the paradoxes of modern finances is that too much credit card debt can be disastrous, but a little bit of credit card debt is considered a sign of financial health. Many people struggle to get out from under debt, but they would like access to credit when they need it.

Medical bills reach devastating heights in America

Tennessee readers know how debilitating an unexpected medical condition can be. In addition to large medical bills from hospital stays and doctor visits, people faced with an unforeseen sickness often lose time at work, resulting in financial challenges being compounded. This is just one reason why medical debt is quickly becoming a real hardship for American's and why readers may find the following blog on medical debt and bankruptcy interesting.

Discussing financial challenges is key to starting over

There are many reasons that consumers delay filing for bankruptcy or delay in seeking debt relief assistance form a professional. For some it is simply a matter of pride, while others fear bankruptcy will be worse for them in the long run. In fact, the most cited fear consumers have about bankruptcy is that bankruptcy, whether Chapter 7 bankruptcy or Chapter 13 bankruptcy, will destroy their credit score and permanently harm their ability to access financial assistance for car loans, a home or even school. But this belief may not necessarily be rational or true.

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Mark T. Young & Associates
2895 Northpoint Blvd.
Hixson, TN 37343

Toll Free: 888-376-0282
Phone: 423-933-1606
Fax: 423-877-0363
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