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Help for Tennesseans struggling with credit card debt

A little Tennessean credit card debt can become a big financial problem when a Hamilton resident starts to make delinquent payments. He may not even notice how quickly the problem balloons. A first late payment may be penalized with a late fee, and then that fee may be incorporated into the past due balance on his account. A few more months of using the card and not making payments may lead to an overwhelming amount of debt on a single credit card account.

A debtor's first inclination may be to try to fix the problem himself. In fact, some debtors are able to handle their credit card debt on their own. Debtors who are able to prioritize their debt based on interest rates are often able to pay off their most significant debts first and then are able to tackle debts with less serious terms. Some choose to consolidate their debts with balance transfers.

When using personal debt relief strategies like these and others fail to accomplish a debtor's goals of becoming financially solvent, he may feel like there are no other options to free himself from his financial burdens. This feeling, however, is not always a truth. Debtors have options for managing their financial obligations through legal opportunities such as bankruptcy.

A bankruptcy proceeding brings a debtor's creditors, including credit card companies, together into a single process. The process liquidates or reorganizes the debtor's obligations so that the debtor may make a clean financial start. Readers of this Tennessee bankruptcy law blog who have struggled to take control of their credit card and other debt may choose to work with legal professionals to explore their bankruptcy and other legal options.

Source: FOX Business, "4 Easy Ways to Conquer Credit Card Debt," Kristin Bianco, April 3, 2015

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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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