Massive student loan debt is one of the rising economic problems in the United States. This debt now totals over $1.6 trillion, and many politicians have looked for ways to relieve students of this burden. For the time being, this debt is merely a way of life for many people who just wanted a higher education.
Southerners carry a greater burden of credit card debt
Most people have credit cards, but many users are able to pay of balances each month or manage their balances to the point where they are not a problem. For many, particularly in the southern United States, credit card debt is unmanageable, leading to various types of financial struggles. Consumers in Tennessee may find that their balances are beyond their control after even just a few missed payments and accumulated interest.
Many people may need debt relief due to personal loans
People take on debt for many reasons, but it is often because they feel it is the only solution to their current situation. For example, Tennessee families may end up with a lot of medical debt because of an unexpected emergency. One of the fastest growing categories of debt in the United States is personal loans, which a consumer may take on because it seems like a smart option by which to deal with certain financial needs or debt relief concerns.
