The impact of owing a significant amount of debt can be significant. In addition to the stress that comes with bills are piling up and interest accumulating, many people also face the threat of losing personal property and calls from debt collectors. In fact, many Tennessee residents will start 2020 looking for effective debt relief options.
Debt is often the most significant financial roadblock consumers are facing. Often, it accumulates because of circumstances beyond a person’s control, such as a medical emergency, job loss or other unexpected expense. Debt can be especially crippling for working families who don’t earn much more than what they require each month. Some individuals owe so much they have no reasonable hope of ever catching up on their own.
According to statistics, many Americans believe their debt will keep them from reaching their financial goals next year. Almost 60% of people polled believe they would have to find a way to make more money in order to pay off some or all of their debt, but only 35% of people polled believe that making and following a budget would make a difference in their financial situation. One in four people say they feel stress most of the time because of their debt.
Owing a lot of money can be distressing for the average consumer in Tennessee. However, there may be a reasonable way to obtain debt relief and gain a fresh financial start. By filing for bankruptcy, a consumer can deal with certain types of debt and find the ability to look to the future with confidence.