Most people in Tennessee have credit cards, and many people carry over at least some of their balance from month to month. However, there are some people who are not able to manage their credit card debt well, and they can quickly fall behind and come to a place where they are unable to make a dent in the amount they owe. According to statistics, millennials are prone to carry their credit card balances for a year or longer.
Twenty-three percent of all millennials have credit card debt they admit to carrying for at least one year. One in 10 millennials have credit card debt they have carried for approximately five years. Credit card interest rates are exceptionally high right now, making it more difficult for Tennessee consumers to effectively manage significant credit card balances.
For millennials, credit card debt is largely comprised of expenses associated with daily needs. From groceries to entertainment expenses, younger consumers tend to rely on their credit cards for most of their payments. Another additional factor that can add to financial trouble related to credit card debt is a medical emergency. Younger people are less likely to have the savings necessary to pay for an unexpected sickness or accident. As a result, they have to put more on credit cards.
Millennials are more likely than other generations to recognize the danger of significant credit card debt and other types of debt. This may mean they will seek out ways to practice better financial management and deal with their debt once and for all. One option for solving problems associated with significant credit card debt is to seek bankruptcy protection.