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Chapter 7 could possible help decrease consumer debt nationwide

The amount that consumers spend in the United States is kept up with through studies in order for those spending habits to have a yearly comparison. These comparisons often help present facts indicating how much debt citizens have accrued over certain parts of the year and over the year as a whole. Certain trends are found through the keeping of these records, but those trends do little to suggest a significant decrease in personal debt. Many Americans, including those in Tennessee, are still victims of burdening debt and could possibly benefit from Chapter 7 bankruptcy.

Trends in spending often seen through the year show consumers paying off debt during the first quarter of the year but accruing more debt during the second quarter. Statistics for this year keep up with that trend, though they do suggest that less debt was accumulated during the second quarter this year than last year. However, that same amount of debt is 75 percent higher than what was amassed three years ago.

These statistics suggest that though there seems to be an improvement in consumer credit card use, it is not necessarily a change in a better direction. Debt is still continuing to mount at a slightly slower pace. As a result, many Americans face difficult financial situations due to their reliance on credit cards.

These financial situations may seem like a great burden, and many consumers are at a loss as to how to free themselves from difficult financial situations. Fortunately, there are options for those who have accumulated significant debt. The circumstances of an individual's situation could determine which route would be best, but information on Tennessee laws regarding Chapter 7 and other forms of bankruptcy could help debtors create a fresh financial start and possibly reduce nationwide debt.

Source: fa-mag.com, Consumer Credit Card Debt Mounting, Karen Demasters, Sept. 11, 2013

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