Not being able to pay bills and loans is an issue that plagues many individuals across the country, including in Tennessee. Unfortunately, this inability can lead to accumulated debt that can cause considerable financial trouble. In many cases, individuals may even be subjected to property repossession if they are unable to make the payments on purchases or loans.
It was recently reported that 35 percent of Americans were in collections for some sort of debt. This percentage has apparently been considerably constant over the years, though the overall amount of debt accrued across the country has lessened. It was also noted that states in the southern and western areas of the country are where a significant amount of the unpaid debt is being accumulated.
It was reported that income levels in particular sectors of the country play a key role in why those areas are more affected by debt. Being in collections is never a pleasant experience, and the situation could greatly impact an individual’s life. If a person is being contacted by debt collectors, they may be at risk of losing services or property due to nonpayment.
Property repossession can be a difficult situation that may leave some parties feeling embarrassed or ashamed about their financial circumstances. However, some Tennessee residents may be able to take advantage of debt management options that could potentially stop repossession attempts as they work to get their finances back on track. Information on bankruptcy options may help residents understand whether this method could be right for them.
Source: ABC News, "Study: 35 Percent in US Facing Debt Collectors", Josh Boak, July 29, 2014