Recently released statistics suggests that first-time homeowners are defaulting on their mortgages for the third straight month in a row. After months of stability, it appears that consumers are beginning to encounter financial difficulty. That could leave more individuals and families in need of debt relief services, in Tennessee and elsewhere.
Experts believe that part of the recent increase may be due to hurricane recovery needs in the south and southeastern areas of the nation. The Western region continues to struggle with wildfires, the effects of which are yet to be known. Hurricane damage alone has cost an estimated $70 billion in losses, including as many as 1 million lost automobiles. According to many, those numbers fail to include many everyday expenses that people take on when they are displaced from their homes.
Even those with insurance coverage will still face hefty expenses as they continue the recovery process. Some will turn to credit cards to finance interim living expenses, while others will tap into savings. Significant natural disasters can create financial disruption that may take many months to settle.
Tennessee was largely spared from damage related to recent natural disasters. That said, many individuals and families within the state are facing dire financial straits. A sudden job loss, an unexpected auto repair or even an unplanned move can all create financial turmoil. Understanding debt relief options can make it far easier to make an informed choice that aligns with one’s current and future needs. There are a number of debt relief services that can help consumers regain their financial footing, each with a unique set of pros and cons.
Source: mpamag.com, “September posts uptick in first-mortgage default rate“, Francis Monfort, Oct. 19, 2017