Many Tennessee consumers use their credit cards to pay for daily purchases, including everything from groceries to gas to clothes. Because people use these cards so often, it is easy to see how a person’s debt could accumulate quickly, perhaps at a rate that surprised the consumer. Studies have found that a significant number of consumers are actually unaware of how much credit card debt they have.
For some, not only are they unaware of how much debt they owe, they have no idea the debt exists in the first place. Statistics indicate that Americans now have over $1 trillion in credit card debt, and many of the people who carry this debt are not even sure of how much interest they pay. Around 24% of the people who owe credit card debt have around $10,000. These are only a few statistics that underline the serious nature of America’s credit card debt problem.
Consumers often get in over their heads with their credit card purchases without really realizing what they are doing. Others find themselves relying on credit cards as a sort of emergency fund. This can quickly increase balances when an unexpected expense arises.
Credit card debt can lead to a host of financial issues, including difficulty making ends meet and trouble paying off balances. Some Tennessee consumers may actually find their debt is beyond what they can hope to manage on their own. Individuals in this situation may find it useful to learn more about their options regarding bankruptcy protection and how this step may help them regain their financial footing.