Credit card debt affects many adults, including in Tennessee

Credit card debt affects many adults, including in Tennessee

| Feb 25, 2015 | Credit Card Debt, Firm News

For many Tennessee residents, their financial situation can be a source of embarrassment. They may believe that their struggles are the result of their inability to responsibly handle their money and that they should be ashamed. However, financial struggles can result from a multitude of scenarios, and realizing that there is a problem could help parties take the first step to dealing with credit card debt.

It was recently reported that a substantial number of adults have more debt than savings. These numbers come from a survey in which approximately 1,000 adults participated. The survey indicated that 37 percent of those who participated have debt that could place them in a difficult financial situation. In the event that an emergency takes place, many of those parties would likely not have the funds to handle the situation.

A stable financial situation could be the saving factor if an emergency or other unexpected expense arises. However, that stable financial platform must first be reached and then maintained. Many individuals may be able to achieve financial stability by paying down credit cards and adding to savings, but others may need more extensive measures.

For parties who feel that they are drowning in credit card debt, bankruptcy could be a helpful option to consider. Rather than taking many small steps in order to work toward financial stability, bankruptcy could help individuals who qualify take a bound in the direction of getting their monetary affairs in order. Tennessee residents who feel that they may not be able to get back on track on their own may find information on bankruptcy beneficial.

Source: marketwatch.com, “1 in 3 Americans on verge of financial ruin“, Catey Hill, Feb. 23, 2015