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.
Credit card debt often accumulates faster than a person realizes. One reason is because it is easy and fast to simply swipe a credit card, but there are also tactics that companies use to get people to spend more and get their balances high at a faster rate. One way they do this is by offering promotions to get people to apply for the cards, such as a one-time cash back bonus or gift card.
Another tactic is by including hidden fees. The terms for these fees are often included in the small print of the application and contract, which may leave a person unaware that they even exist. A consumer could be accumulating a balance that includes fees and charges for certain things, yet he or she may not know about this possibility until the bills comes in the mail.
Credit card debt can quickly overwhelm a Tennessee consumer. Some people with this type of debt may find that they are unable to manage their balances, and eventually they may fall so far behind they are not sure they can catch up. In these circumstances, a person may want to consider the benefits of filing for bankruptcy.