An overwhelming burden of debt is stressful. You are behind, interest is accumulating and you do not know if you can ever catch up. Whether you owe thousands on credit cards or you are behind on your mortgage, your financial situation is already difficult enough, yet creditors and debt collectors can make it worse.
When Tennessee residents are living with overwhelming debt they can feel like their backs are up against a wall. Creditors might be constantly calling trying to collect a debt. The debtors may deal with embarrassing credit card declines, calls at work or even wage garnishment. These actions can make people feel like it is impossible to get ahead of the debt or have any financial freedom.
Many Tennessee residents struggle with credit card debt. In some cases, people have used credit cards to pay for medical expenses, every day expenses and other things when they cannot afford them. In this situation it is easy to fall behind on payments to creditors. With the high interest rates that accompany most credit card payments, a person's debt only gets worse in this situation, even if the person is not using the card.
There are signs of an improving economy all over Tennessee. As the recession has ended, people are still enjoying low interest rates, higher home values and rising stock prices. This, according to experts, has allowed consumer confidence to grow. Life isn't perfect for many people, however. Many Tennessee residents are still facing high amounts of credit card and student loan debt.
Those in Tennessee who have filed for bankruptcy or are considering it often have many concerns. Amongst them is how bankruptcy will affect one's credit. While it is true that bankruptcy will negatively impact an individual's credit score, it is not a mark that will doom an individual to a lifetime of financial ruin. In fact, there are many steps that can be taken after declaring bankruptcy that might help rebuild one's credit.
Credit card debt can be scary. Those who relied on them in a time of need can quickly be subjected to creditor harassment and even wage garnishment. In many cases, these debtors had no choice but to turn to credit cards. Unemployment, a sudden decrease in wages, a new medical condition, or another unexpected life event can leave them strapped for cash with nowhere to turn but their plastic. Though they may not have had an option in doing so, they do have options when it comes to finding debt relief.
As the economy seems to be slowly gaining traction, it may be easy to think that the debt load of people in Tennessee and around the country is getting lighter. This positive feeling can be buttressed by the fact that Americans paid off $32.5 billion in credit card debt last quarter. However, though that number may be impressive, that figure is less than the amount of credit card debt that was paid off by Americans at the end of the recession. In fact, Americans are expected to collectively accumulate $42 billion more in credit card debt by the end of this year compared to last year.
Both the old and young share a commonality in that everyone is subject to financial challenges. From credit card bills and student loans to an upside down mortgage and costly medical bills, getting derailed financially seems to be an American trend. Interestingly, while people of all ages deal with the same economy, how they cope is quite different. Tennessee readers might enjoy the following blog on Millennials, social media and financial education.
Filing for bankruptcy is far more common than many consumers realize. In fact, last year alone almost 1.2 million Americans filed for bankruptcy in the U.S. With a struggling economy, financial experts expect this figure to remain steady for the near future. While credit card debt and spending are often to blame for bankruptcy, the two most common reasons for filing are actually unexpected medical costs and lost jobs.
From harassing phone calls to threats of litigation, creditor harassment can be terrifying. While the threats are often empty, debtors can be sued for unpaid credit card bills. For many, the first reaction to the threat of litigation is to ignore it. Unfortunately, ignoring legal notification of a lawsuit is far different. Tennessee consumers facing threats of lawsuits over unpaid credit card debt might find the following blog interesting.