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debt management Archives

This simple debt management tool can change one's life

For Tennessee residents who've gone through personal bankruptcy, regaining control over their finances is often a top priority. There are tips and tools that can make that process easier. One of the most powerful is using software and apps to automate a monthly budget and pursue debt management goals. 

Borrowing money can sometimes help with debt management

When most Tennessee residents think about managing their debt, they envision a system under which taking on new debt is absolutely forbidden. In reality, however, signing on for a new loan may actually improve one's overall bottom line. That is especially true in terms of debt management and credit repair. An example is found in financing the purchase of a new automobile.

Debt management and boosting your credit score

Most Tennessee residents are aware of the importance of developing and maintaining a positive credit score. This all-important number factors into virtually every lending decision, from securing a new auto loan to opening a new line of credit at a hardware store. For those in Tennessee who struggle with debt management, the impact that those struggles can have on credit scoring is often a concern. Fortunately, there are a number of steps that consumers can take to ensure that their credit scores shows an accurate picture of their financial history.

Ranking student loans in a debt management approach

Faced with a heavy burden of debt, many Tennessee residents understand that they need to sit down and chart out a course of action. For many, devising a debt management plan is a challenge. The entire process may seem overwhelming, and it can be difficult to know where to begin. A powerful starting point for those who have student loan debt in addition to other financial obligations is to determine how to prioritize student loans in relation to other types of debt.

Debt management can negatively impact personal relationships

Being in a relationship can be an exhilarating experience, when the world seems full of possibility. For many people, the relationship reaches a point where the focus tends to turn toward long-term compatibility. Financial management is a critical area of concern, as differing approaches can lead to conflict and strife in a relationship. This is an area where debt management can either make or break a relationship for Tennessee residents.

Avoiding scams during debt management efforts

The fear of losing one's home is a serious matter for Tennessee residents who are facing ongoing debt issues. Often, individuals or families have saved for many years to afford a home of their own. Once that goal has been reached, the house becomes a significant source of pride. Facing the risk of foreclosure can be extremely distressing, and can lead many reasonable people to follow a debt management path that leads directly toward a scam.

Debt management and debt reduction tips for millennials

Many Tennessee residents assume that debt problems are something that only impacts older Americans, and that young people have little to be concerned about when it comes to financial obligations. After all, most people in their early 20s have yet to purchase a home, start a family or tackle many other big ticket efforts. That view, however, neglects to consider the cost of funding a college education, or the risks that young people encounter when they rely on credit as they get their start in adult life. Many millennials have serious debt management needs, and are looking for ways to get and stay out of debt.

How does credit utilization factor into debt management?

When faced with serious financial strain, many Tennessee residents feel overwhelmed and uncertain about how to proceed. They know that filing personal bankruptcy is an option, but they fear the repercussions that might come with that move. Having a damaged credit score is part of that stress and is one of the primary things that hold individuals back from moving forward with the bankruptcy process. It is important to understand that implementing proper debt management strategies in the months and years that follow a bankruptcy can help rebuild credit scores to pre-bankruptcy levels, if not higher.

New numbers suggest renewed need for debt management

According to recent statistics, American consumers have reached a new milestone in the accumulation of household debt. Researchers place total household debt at $12.7 trillion, which is more money than was owed at the peak of the 2008 credit bubble. That previous high mark was achieved at the same time that the global financial system started to collapse. The numbers suggest that more and more consumers in Tennessee and beyond have a growing need for debt management solutions.

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