Keeping up with the spending habits of individuals across the country can say a lot about the state of the economy. It can also give an idea of how the average American utilizes credit cards and controls his or her spending. In some cases, spending records may point to a considerable increase in credit card debt, and some Tennessee residents may be among those looking for debt relief.
It was recently reported that Americans are well on their way to accumulating $900 billion in debt this year. Though this spending may point to individuals feeling better about their financial affairs, it could also lead to households facing considerable debt. By the end of the year, the average household could be close to having nearly $8,000 in debt.
Debt accumulation can happen quickly, and individuals may not have the means to pay down thousands of dollars of debt in a reasonable time. Though consumers reduced debt in the first quarter of the year, that $35 billion reduction was almost obliterated as more than $32 billion was spent in the second quarter. True, not feeling stress and anxiety about spending may be a good things, but increased spending and debt accumulation could quickly bring back those feelings.
At times, it can be difficult to stay on top of household spending. If individuals have accrued a considerable amount of credit card debt, they may wish to better understand who to handle that debt. For some Tennessee residents, bankruptcy may be a viable option to consider. Information on Chapter 7 and Chapter 13 bankruptcy options may allow interested parties to determine whether either of these routes could suit their case.
Source: fa-mag.com, “Consumers Spend More, Debt Climbs“, Karen Demasters, Sept. 9, 2015