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Tennessee credit card debt loads edge downward

The impact of the economic recession, and subsequent personal debt issues, has spread throughout the country. Finally, the economy is showing some signs of improvement. Along with positive economic signals, Tennessee residents are successfully managing their credit card debt loads.

Throughout the economic troubles, large credit card debt loads have been a frequent topic of discussion. It's understandable that when money is tight people turn to the most convenient line of cash: their credit card. Yet between 2010 and 2011, Tennessee's credit card holders decreased their average debt more than any other state. During the final quarter of last year, average credit card debt in Tennessee was $4,695, which is slightly below the national average. This is a sign that people are working toward managing their debt and getting on the path to financial health.

Despite signs of overall improvement in the state, people will continue to face the burden of credit card debt. Getting over your head in credit card debt is undoubtedly a difficult situation, but it's not the worst thing that could happen. There are ways out of debt. In fact, many people with significant debt loads have worked their way through it. One option for people with significant credit card debt loads is to consider bankruptcy. Depending on your situation, Chapter 7 or Chapter 13 bankruptcy may be the better path to choose.

Bankruptcy is a complex and sometimes difficult process, but it's the best option for some people. If you become overwhelmed by your personal debts, it may be a good idea to consult with a trustworthy legal professional to gain an understanding of all your options. With the right advice and personal commitment, you can work your way to a fresh financial start.

Source: Nashville Business Journal, "Tennessee's drop in credit-card debt leads the nation," Annie Johnson, Feb. 24, 2012

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Mark T. Young & Associates
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Hixson, TN 37343

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