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August 2014 Archives

Retirement savings and bankruptcy exemptions

Citizens around the United States are getting older. As baby boomers reach retirement age, more people are relying on retirement income to survive. However, the recent recession has also left many people struggling with large amounts of debt and very limited employment opportunities. Therefore, many Tennessee residents are considering bankruptcy as a way to solve their financial struggles.

Medical bills may have less impact on credit score

Too many Tennesseans struggle with medical debt. An unexpected disease or an accident could leave an individual with unmanageable debt, leaving him or her concerned not only about his or her physical health, but also about his or her financial well-being. One aspect that may worry those who have medical bills is how the debt will affect their credit.

Should I transfer my credit card debt to a new card?

Many Tennesseans are probably aware that certain credit cards are marketed to consumers as balance transfer cards. These credit cards often offer a low or zero interest rate for a certain period of time, which can make them appealing to those who have significant balances on several cards that are subjected to high interest rates. However, you should consider many factors before taking the plunge and getting one of these cards, as acquiring one of these cards could cause more headaches than they are worth if improperly used.

Millions of Americans have personal debt in collections

Those Tennesseans who are struggling with overwhelming debt are not alone. In fact, a recent study conducted by the Urban Institute and Encore Capital found that more than one-third, 35 percent, of Americans who have credit files have debt that has been turned over to collection agencies. That's 77 million individuals. The study assessed non-mortgage debts like medical expenses and credit card bills that were so overdue that the account was handed over to collections. The median amount in collections is more than $1,300, a significant amount. Of course, many face much higher debt amounts that can leave them financially debilitated.

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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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