The idea that unmanageable debt comes on suddenly may be one notion that many Tennessee residents hold. It is not surprising that individuals may be caught off guard by debt, as a considerable number of people believe that they have a handle on their finances when they actually do not. As a result, they could be consumed with financial issues, resulting in the need for information about debt relief.
A recent survey indicated that many individuals across the country believe that they know more about finances and their personal financial situations than they actually do. The survey had approximately 2,000 participants, and over half of those individuals believed that they deserved a high grade when it came to how much they knew about their finances. However, 70 percent of those participants also said that they were concerned about their financial affairs.
Many individuals also expressed a desire for information regarding everyday financial questions. Despite the high percentage of individuals who feel confident about their finances, many households continue to carry credit card debt. It was also noted that nearly 33 percent of households across the country do not pay off their balances each month.
Though many individuals believe that they are knowledgeable regarding finances, it is likely that a majority of parties know less than they think. As overcoming financial hardships can be difficult, Tennessee residents may find themselves facing considerable debt before they seek assistance. If parties determine that they do not have their finances on track, as they had once believed, gathering information from reliable sources about debt relief options may be beneficial.
Source: today.com, "When it comes to finances, Americans are clueless", Herb Weisbaum, April 7, 2015