Mounting credit card debt is an issue that plagues many Americans, including residents of Tennessee. Credit cards have often been a tool used to help those struggling financially pay for the expenses gradually. Recent economic hardships have caused many more Americans to turn to credit cards in order to pay for their expenses. However, this helpful tool can quickly become a source of stress if payments cannot be made quickly enough to eliminate the credit card debt.
This debt can cause many people to make lifestyle changes in order to better focus their income on decreasing their debt. Some expenses that can be considered unnecessary are cut from personal budgets without much consequence in order to commit more income to paying off debt. However, some debtors are so concerned with the interest that accumulates over time on their debt that instead of using their income for medical treatment, they put it toward paying off credit card bills and interest payments.
As credit card debt is considered a ‘bad’ debt, this postponing of medical treatment is seen in higher numbers in those who have debt due to credit cards rather than those with student loan debt or car loan debt. Student loan and car loan debt are often seen as ‘good’ debt as it represents those who are creditable. Nevertheless, the avoiding of medical expenses can lead to significant issues in a person’s life that can be detrimental in the long run, especially if children are involved. Finding the best solution to a debt situation can help avoid future problems.
Instead of avoiding necessary expenses in order to pay off debt, those with significant and burdening credit card debt may want to look into other options for reducing their debt. Finding information about the different types of bankruptcy could help those consumed with debt work toward significantly managing their finances. There are several factors that go into deciding which type of bankruptcy would be best for each individual situation and for which type a situation qualifies. Knowledge of Tennessee bankruptcy laws may help ease a financial burden.
Source: chiroeco.com, “Credit card debt leads some to skip medical care,” May 6, 2013