Few U.S. families are strangers to debt of one form or another. From student debt to mortgages to the most insidious of them all, credit card debt, it seems many Tennessee residents owe money in one form or another, and for some households, that debt is becoming unmanageable. Thankfully, there are a variety of solutions to heavy debt loads that are not necessarily bankruptcy filings.
Stressed millennials could benefit from debt relief help
Consumers of all ages in Tennessee struggle with debt, but there are some who are carrying a more significant load than others. Millennials are a demographic that has more trouble with debt than other age groups, and for some, the financial burden can be unmanageable. Many of these individuals who are struggling with paying bills and catching up could benefit from seeking debt relief through various options.
Understanding the repayment plan under Chapter 13 bankruptcy
Bankruptcy filing means you concluded that you need help getting rid of some or all of your debt. With credit card accessibility climbing and the average income remaining stagnant, it is not a surprise that consumers find themselves deep in debt.
Extravagant weddings leave many needing debt relief
Engagement is an exciting time for Tennessee couples, but this excitement can cause some to make poor financial decisions. Many people want big, extravagant weddings, but not everyone can afford them. As a result, an engaged couple may buy things, pay for wedding services and pay for honeymoons on credit, leaving them entering their newly married life in debt. Some are quickly looking for ways to find debt relief.
Credit card companies want you to have more credit card debt
The main goal of credit card companies is not to protect the interests of the people using their cards. Their main priority is their own bottom lines, and they want people to have as much credit card debt as possible. This means more interest paid out over a longer period of time, which means more money for the companies. This is good for them but potentially financially damaging for Tennessee consumers.
Medical debt continues to be a problem for many Americans
Bills related to medical care and emergency needs are a significant financial burden for many in Tennessee and across the country. Even people with steady jobs, reasonable income and health insurance find themselves facing insurmountable medical debt after a procedure or just one visit to the emergency room. One problem is that many people don't know the cost beforehand of the type of care they are receiving.
