Experienced Knoxville Attorney Helps Clients Overcome Debt Problems

Experienced Knoxville Attorney Helps Clients Overcome Debt Problems

Tennessee ranks low for financial literacy in the United States

Are there parts of the United States that are less finally sound than the rest? Yes, there are always areas with more poverty or fewer possible job outlets, but there’s also the fact that residents of states simply don’t manage their money as well.

If you’re struggling with money, you know that the first step is to get a balanced budget. You have to figure out where you’re spending that you can cut back, and if you can’t, you may need to talk to your attorney about credit counseling, debt reduction techniques, or even bankruptcy, which can help you come out on top financially.

Practicing good money habits is important to get to a point of economic prosperity; this prosperity leads to job growth, tax revenue, and other benefits. However, over 40 percent of adults in America rate their understanding of personal finances as a “C” or below, and only two out of five say they keep a budget to track their spending. Without keeping a budget or monitoring spending, it’s easier to rack up credit debt and to even overdraw the accounts you already maintain.

What does that mean for those people and potentially the areas where they’re from? They could be less stable economically speaking. Tennessee ranks 46th out of all states for financial literacy. Overall, it ranks sixth worst in the nation. What’s the worst trait for the state? Credit history. The average credit score in the state ranks at number 40, while the state ranks 27th for the percentage of the population spending more than it earns.

Source: WDEF.com, “How smart are Tennesseans about their money? Not so much as our neighbors,” Collins Parker, April 13, 2016

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