As credit card balances are continually on the rise, many families in Tennessee and elsewhere have begun to experience the challenges of dealing with debt. Credit card debt can place a substantial financial weight on a person and leave him or her scrambling to come up with ways to address monetary concerns. However, knowing how best to approach similar debts can be difficult, and the decisions one makes during this period could have consequences.
Recent studies suggested that nearly 70 percent of those surveyed about credit card debt admitted to being uncertain how they will manage to pay off their balances. Some even advised they would go to great lengths and give up something they cherish to pay off their credit cards. Just under 10 percent even stated they may never be able to fully pay off credit card balances.
When facing similar forms of debt, experts suggest that a person could benefit from forming a budget and a strategy to deal with monthly payments. In some cases, a person may also find it helpful to pursue a second job or look for aid through home equity. In some cases, those who fall behind on payments might also be able to speak with creditors and negotiate a reduction to interest rates.
Unfortunately, many of those who struggle with credit card debt might not be fully aware of the severity of the situation until they begin to experience significant financial hardships. Those who face similar concerns may wish to explore the available options for relief, but they might be uncertain where to turn for advice. A bankruptcy attorney can help a person in Tennessee gain a better understanding of each available option and subsequently assist him or her in pursuing relief through the necessary outlets.