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Credit card debt costs Tennesseans more than $2,600

Consumer debt in Tennessee and across the nation is approaching $12 trillion. That comes out to more than $15,000 in credit card debt per indebted household. Carrying such a big debt comes with some serious costs, including yearly interest charges of over $2,600.

Why is credit card debt so high? One reason is that the cost of living has grown faster than income. For example, since 2003 household income has expanded 26 percent, while household expenses have ballooned 51 percent. To bridge that gap, households often need the help of credit cards. Unfortunately, with that comes interest payments, totaling roughly $6,700 per year.

Making those payments can be stressful, but not making them is even more stressful. In part, that is because credit card debt carries a stigma. For example, a Harris Poll found that 70 percent of Americans view credit card debt as the worst form of debt.

Nonetheless, when their credit card debt gets too high, Tennesseans do not have to live with the stress or the stigma of it. They can file for bankruptcy.

Doing so offers many benefits. As soon as a Tennessean files for bankruptcy, creditors must immediately halt their collections. That means no more worrying when the phone rings, no more dreading the next batch of mail. And, once the bankruptcy process is over, the person gets a clean financial slate.

Tennesseans interested in getting their own clean financial slate may benefit from discussing their situation with an experienced bankruptcy attorney. Doing so could be just what they need to put a tough time in the rear-view mirror.

Source: CPA Practice Advisor, "Average U.S. Credit Card Debt Hits $15,355 Per Household," Isaac M. O'Bannon, Dec. 13, 2015

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

Toll Free: 888-376-0282
Phone: 423-933-1606
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