When a person is facing overwhelming credit card debt, some of the things that can come with that can include everything from wage garnishment to constant phone calls from creditors. Thanks to accumulating interest and minimum payments, it can be hard for a Tennessee consumer to figure how to find debt relief and claim a better financial future. One way a person may do this is by securing a personal loan.
Who has the most credit card debt?
Many people in Tennessee use credit cards for everything from daily purchases to emergency needs, such as medical bills. While many are able to manage their balances and make more than minimum payments each month, others may find they are not able to do this. Ultimately, credit card debt can lead to serious financial problems for many.
When medical debt and credit card debt go hand in hand
When people have financial struggles, it is often for reasons beyond their control, such as a medical emergency or loss of a job. An unexpected illness or surgery can result in medical debt that a person cannot effectively manage on his or her own. As a result, a Tennessee adult may end up depending on credit cards simply to make ends meet or make payments on hospital bills. For many people, medical debt and credit card debt go hand in hand.
Is it possible to discharge student loan debt?
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.
