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June 2019 Archives

Many consumers unaware of their own credit card debt

Many Tennessee consumers use their credit cards to pay for daily purchases, including everything from groceries to gas to clothes. Because people use these cards so often, it is easy to see how a person's debt could accumulate quickly, perhaps at a rate that surprised the consumer. Studies have found that a significant number of consumers are actually unaware of how much credit card debt they have. 

How much debt is too much?

Debt is often crippling for Tennessee families. According to a recent report, on average, Tennesseans have more debt than they earn. That is, residents of the Volunteer State make roughly $52,400 per year while owing 108% of their incomes to debt. 

Many college students already have credit card debt

Tennessee college students often struggle with finances, with many of them juggling full class loads and part-time jobs. Because money is tight for students, many of them rely on credit cards for daily purchases. This is trend that is becoming a serious issue as many of these college students end up graduating with a significant amount of credit card debt.

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