Guiding You Toward A Brighter Financial Future

Where do most Tennessee residents fall re average household debt?

On Behalf of | Nov 16, 2017 | blog, Firm News

Whether you’re a spender or a saver, there have likely been times in your life when you had to pull the purse strings a bit tighter to ride out a financial crisis. Perhaps you sustained an unexpected income change or someone in your family faced an urgent medical need that caused undue financial hardship across the board. It’s easy for things to get out of hand once the scales tip toward debt.

Current statistics suggest that debt is typically highest in households with the most income. There are also certain regions of the nation that appear to have higher rates of debt than others do. That doesn’t necessarily mean, however, you are immune to money problems if you happen to reside in a low-debt area. The good thing is that there is usually support available if you run into a major problem and need help finding a debt relief solution.

Facts on debt in America

Tennessee is a long way off from the state with the highest debt rate, which happens to be Alaska. However, the following facts regarding credit card debt throughout the nation may alert you to potential problems in your own financial portfolio, as well as point you in the right direction if you need help overcoming a particular obstacle:

  • Alaskans have an average household debt that exceeds $6,000.
  • Tennessee’s not far behind with average debt numbers falling somewhere in the range of $5,500.
  • Those ranging in age from 45 to 54 are at the greatest risk for the highest credit card debts.
  • Surprisingly, Millennials and those over age 74 have the least amount of debt.

Interestingly, if you’re a woman, you likely prefer to use a debit card instead of a credit card. Men tend to have more debt than women do. If credit card debt causes disputes in your marriage, that’s a whole other can of worms you probably hope never has to open.

A key to overcoming major debt problems is to set achievable goals then work toward them, such as determining to eat out less or only shop with cash. If you feel you need extra support to address a particular debt matter or your lender threatens foreclosure against you because problems have exacerbated, you may be able to find a peaceful solution if you know your rights ahead of time and seek guidance in choosing the most viable option for debt relief that fits your situation.

Where most Tennessee homeowners turn for support

Experienced bankruptcy attorneys are great sources of help to those who experience setbacks due to major financial problems. A quick call to an attorney could be the first step toward immediate debt relief and restored financial stability.