Many consumers in Tennessee use their credit cards for daily purchases like groceries, as well as emergency expenses, such as medical bills. As a result, the average person has at least some credit card debt. It's easy to swipe and go, but for those who carry a balance over each month, this type of spending can come with unexpected costs. After months of minimum payments and accumulating interest, it's possible to end up with a lot of credit card debt and no way to pay it off.
Medical debt remains major concern for many Americans
Falling behind on payments for certain types of debt can lead to a number of unpleasant consequences. From wage garnishment to constant phone calls from debt collectors, owing a significant amount of debt can be stressful and overwhelming. One of the most common types of debts is medical debt. Statistics indicate that around 32% of American workers have this type of debt and approximately half have defaulted on it.
Is Chapter 7 bankruptcy a solution for credit card debt?
Facing an overwhelming amount of credit card debt can be stressful for a Tennessee consumer. After falling behind on payments, debt collectors may start calling and creditors may move to initiate processes like wage garnishment. Credit card debt has reached a startling new level in the United States, which means more consumers may need to consider the benefits of Chapter 7 bankruptcy.
Should a consumer try to settle credit card debt?
There are many unpleasant consequences that come with owing a significant amount of money to credit card companies. For example, a creditor may call at all hours of the day, or a debt collector may initiate the wage garnishment process after a certain amount of time. Credit card debt can seem overwhelming and make it feel impossible to get ahead. This is why some consumers in Tennessee explore the opportunity to settle their debt.
