The economic hardships that the country has seen in recent years have affected individuals from various social and economic statuses. As a result, Tennessee residents were more careful in their spending and how their income was distributed. However, consumer debt has recently been on the rise, and that is not necessarily a negative thing. This rise could possibly indicate that consumers are feeling more positive about the improvement of the country's economy.
Paying down credit card and other debt has been the goal of many citizens and taking on more debt has been a task to avoid. Recently, Nashville has shown an increase in the debt that its residents are taking on. This increase could possible show that residents are feeling more stable and secure in their financial situations and their ability to pay off debt that has been accumulated.
The recession left many Americans shaken and uncertain as to the security of their employment status. As a result, less money was being spent on goods and more was focused on the reduction of debt. As this situation seems to be reversing in certain areas, the idea that consumer confidence is increasing is becoming more hopeful and popular.
Though an improvement in the state of the economy is much hoped for, consumer debt can still be an issue for some Tennessee residents. Being secure in a financial situation is an empowering feeling to hold, but it is important to realize that debt accumulation can quickly get out of hand. If parties find themselves facing a difficult financial situation, there are debt management options such as bankruptcy that could be available to them in order for them to obtain a better grasp on their finances.
Source: Nashville Business Journal, Why it's good that Nashville's consumer debt is up, Scott Harrison, Dec. 12, 2013