Debt relief: Many worry they will remain in debt throughout life

The trials of dealing with debt are an unfortunate reality for many individuals in Tennessee and elsewhere. Studies suggest that more than 10 percent of those surveyed said they would likely remain in debt throughout the remainder of life. However, with some studies indicating that the actual number of Americans that are dealing with substantial financial concerns is significantly higher, many may be in need of debt relief.

Results from another recent study indicated that more than 70 percent of consumers carry some level of debt until the day they pass on. These studies suggest that the average amount of debt these individuals carry comes in at just over $60,000. Although a significant portion of these debts is contributed to mortgages, these studies indicated that many individuals also carried substantial amounts in credit card and auto loan debts.

Although the numbers may vary in each study, the fact remains that many consumers may worry that they will never be able to fully rid themselves of debt. Those who go through extended periods of financial struggle may deploy a variety of tactics to cut down on debt loads, such as the avalanche or snowball method. However, these methods might not always be effective, and a more long-term solution could be required.

Feeling as though one may never be completely free of debt can be a scary concept. Those who struggle under the weight of substantial monetary obligations could consult with a bankruptcy attorney for guidance on the available options to pursue debt relief. An attorney in Tennessee can examine a client’s financial situation, assist him or her in forming a plan to reduce or eliminate debts, and provide guidance on how to avoid similar issues in the future.