The economic state of the country can play a considerable role in how Tennessee residents handle their finances. Because the country faced a recession, many individuals lowered their spending and credit use due to facing financial difficulties of their own. However, as the economy improves, consumer credit card debt has increased as individuals feel more confident With regard to their finances.
It was recently reported that consumers are accumulating debt at a rate similar to that which was occurring before the recession. Reports indicated that at the end of 2014, consumers had accrued approximately $57 billion in debt. This amount was considered to be a historic high, and some individuals may be concerned that consumers are not spending money or utilizing credit wisely.
It was also noted that the average amount of household debt in the country is over $7,000, and that amount is at the highest level that is has been in six years. Though it is encouraging when the national economy is doing well, these consumer debts can wreak havoc on the individual. Those who are facing several thousands of dollars in debt may find themselves having difficulty paying down those financial obligations.
Many Tennessee residents may believe that they can handle their credit card debt appropriately, but before too long, they may find themselves overwhelmed. Debt can accrue more quickly than some individuals may imagine, but those affected do not have to simply accept their debt problems. There are debt management options, such as bankruptcy, that may be able to help individuals handle their debt in ways that suit their circumstances.
Source: mysuncoast.com, “American households have the highest credit card debt since recession“, Omar Etman, June 23, 2015