Consumer debt is feared to be everlasting by many U.S. residents

Consumer debt is feared to be everlasting by many U.S. residents

| Dec 11, 2014 | Debt Management, Firm News

Having to deal with overwhelming debt is not unusual circumstances for many Tennessee residents. In fact, approximately one in every five U.S. residents fears never being able to get rid of debts. Consumer debt includes medical and credit card debt, along with home mortgages, car loans and student loans.

A CNBC All-America Economic survey recently revealed that a significant percentage of people have no hope of becoming debt-free before they reach the age of 60, while others are a bit more optimistic and hope to settle their debts by age 53. The holiday season is a time when many consumers who are already struggling to pay credit card debts fail to resist the temptation to spend even more. However, it is reported that a large percentage of those people intend to pay for these purchases within one month, while some believe they will be able to settle these bills within three months.

Many consumers would agree that there is never a shortage of friends, family and websites to provide lists of tips on how to become debt-free in no time. However, it is not uncommon for people to start digging into their savings or retirement funds in an effort to resolve the issues. It is said that the worst action to take in times of financial difficulties is no action at all, and a consultation with a financial professional may be beneficial.

Tennessee consumers may find comfort in knowing that help is available. Rather than allowing consumer debt to spiral into an unmanageable nightmare, an attorney who concentrates on helping consumers to say goodbye to debts may provide a solution. By understanding the protection that is offered by personal bankruptcy, consumers may be able to make informed decisions about their financial futures. Alternative methods of debt relief may also be suggested, as the circumstances of every individual are unique.

Source: thefiscaltimes.com, “18 Percent of Us Fears We’ll Never Be Out of Debt“, Marine Cole, Dec. 10, 2014