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Nonprofits act to help Chattanooga residents with credit

Debt can be overwhelming. What many Chattanooga residents stand to lose when their finances are in disarray could include assets like a car or home. A person's credit score could be negatively impacted and thus make it difficult to get approved for financing on an asset later on. If you or a loved one feels like they do not have a handle on their finances, there is a free credit counseling event in Chattanooga held by several local non-profits.

Tennessee has the highest bankruptcy rate in the nation. The nonprofits hope to educate resident about their finances and long-term goals in hopes of helping those who need it gain a sense of financial literacy and freedom. Also, it will serve as an informational session for those whose debt has gotten out of control. There has to be a way to tame it, to ensure that a person's financial situation gets back on track.

The event is scheduled for July. Appointments are encouraged but walk-ins are welcome. Credit card debt can quickly spiral out of control, leaving many Chattanooga in a bad place financially. It is important to remedy personal debt so that it doesn't continue to plague a person. Achieving financial independence is possible, but for those with an undesirable financial situation it can feel like a long ways off.

However, it's never too late to begin to get a handle on your finances. Becoming educated about how certain financial decisions can affect your credit is important to avoiding poor financial decisions in the future. Credit card debt can seem like a big financial challenge, but acknowledging the problem is the first step to absolving it. Filing for bankruptcy is one way to get a fresh financial start.

Source: timesfreepress.com, "Chattanooga nonprofits plan July 20 events to promote credit literacy, repair," Dave Flessner, July 4, 2017

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