Financial stress can be both physically and mentally devastating. The unending worry can lead to sleepless nights, difficulty focusing and more. Yet, many Tennessee residents find themselves facing overwhelming financial stress all too often. In some cases, Chapter 7 bankruptcy is the solution that they have been looking for.
Owing a significant amount of debt can have negative implications on many aspects of a person's life. It can lead to difficulties that include accumulating debt, calls from debt collectors and more. One specific possibility is learning that the bill was sent to a collection agency. Tennessee consumers will find it beneficial to learn what this means for them and what debt relief options may be available to them.
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.
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.
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.