Tennessee college students often struggle with finances, with many of them juggling full class loads and part-time jobs. Because money is tight for students, many of them rely on credit cards for daily purchases. This is trend that is becoming a serious issue as many of these college students end up graduating with a significant amount of credit card debt.
In addition to the credit card debt that many college students graduate with, many of these same students are also graduating with student loan debt as well. Before they have even entered the workforce and started to gain a financial footing, some of these students are already behind, carrying a debt burden they cannot manage on their own. According to statistics, around 36% of college students have at least $1,000 in credit card debt.
In addition to college students using their credit cards for daily expenses, some have to use theirs for emergency expenses. One specific student mentioned having to use his card to cover car repair costs because he did not have the cash to pay for it. Additional studies find that many of the college students who carry credit card debt are behind on payments.
Many Tennessee consumers have credit card debt they cannot manage. Like college students, people often need their credit cards for emergencies and daily needs. Ultimately, this can lead to missed payments, accumulating interest and financial struggles. For many of these individuals, it may be prudent to seek bankruptcy protection as a way to deal with this specific type of debt.