Most Tennessee consumers have credit cards, and many of them are able to pay them off at the end of each month. Each generation has a different approach to financial security and making prudent money decisions, and some of the younger generations are carrying a significant amount of credit card debt. Statistics indicate that Generation Z tends to rely heavily on purchasing things on credit, yet they are often only able to make minimum payments or less each month.
Every financial situation is unique, and while most people have and use credit cards, the way that debt is accumulated differs from person to person. In Tennessee and elsewhere, many assume that when a person is struggling to manage his or her credit card debt it is a result of an emergency or unexpected expense, but that is not always the case. Sometimes, these balances accumulate due to unchecked discretionary spending.
The so-called millennial generation has been described in multiple ways, and "financially savvy" would have been one such descriptor. Unfortunately for Tennessee residents of a certain age, those days are apparently over, with credit card debt showing a sharp rise among millennials. In an uncertain economy, there are multiple tactics millennials can use to overcome credit card debt, including debt restructuring, counseling and even bankruptcy.
First there's the outfit that will be perfect for the job interview. Then, the kids need new clothes for school. Before long, the little things combine with the bigger things and the Tennessee resident finds him or herself facing overwhelming credit card debt. Many individuals discover that credit card debt can quickly become a problem. For whatever reason, debts begin to accumulate and getting the situation under control can become daunting if not seemingly impossible.
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.
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.
Most Tennessee consumers have credit cards, and many people use them for daily purchases, including groceries, clothes and much more. For many, their credit card is their option for emergency funding in case of an unexpected situation, such as an injury or other types of expenses they cannot pay for. Because of these reasons and many others, the amount of bad credit card debt in the United States is on the rise.
With a strong economy and low levels of unemployment, consumer confidence is high. This leads to increased spending, which may leave some consumers with a large amount of credit card debt. Rising levels of credit card debt are especially concerning considering that most people in Tennessee received smaller tax refunds or no refunds at all, and wage levels continue to remain stagnant.
When a person is unable to manage his or her debt, it can often result in various negative consequences, including calls from creditors, accumulating interest and even wage garnishment. Credit card debt is one of the most common types of consumer debt, and many people with credit cards have accumulated balances that are far beyond what they can hope to pay off on their own. Some Tennessee credit card holders are subjected to wage garnishment as a result of late credit card payments.
The popular perception in recent years has generally been that the credit card debt load of consumers was under control. The bankruptcy numbers were down, the recession ended, and the prior dramatic reports of a credit card crisis were at a standstill. Recent data from the Federal Reserve, however, reveals that U.S. credit card debt hit an all-time record high of $870 billion as of Dec. 2018, a trend reflected in Tennessee as well as most other states.