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Tennessee consumers may search for holiday debt relief

Addressing high credit card debt can be a goal but also an apprehension of many Tennessee residents. During the holidays, it is likely that consumers accrued debt due to the cost of gifts and festivities, and many individuals may now be looking for some form of debt relief. There are some steps that may help in order to handle lower balances, but substantial debt may need direct action.

Reports indicated that during this latest holiday season, 37 percent of consumers garnered new debt through credit card usage. It was also noted that one out of every five of those consumers did not believe the balances could be completely paid off. Presumably, these individuals are facing a substantial amount of debt and high balances that seem overwhelming.

If individuals wish to take smaller steps for working on paying off debt, they may wish to look into moving balances to cards with lower interest rates or requesting lower rates from a card company itself. Such steps could keep individuals from accruing more debt from interest alone, but for those with considerable balances, paying off the already existing debt can still prove difficult. In such instances, individuals may wish to consider other relief options.

Bankruptcy and other debt relief methods could prove useful to Tennessee residents who are overwhelmed by their debt balances. Information on Chapter 7 or Chapter 13 bankruptcy could help interested parties determine whether they may qualify for such assistance. Furthermore, assessing their circumstances and consulting with an experienced legal professional could allow them to gain further insight and aid.

Source:, "Digging yourself out of credit card debt", Kelly Byrne, Jan. 6, 2016

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Ben Sissman, Attorney at Law
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Phone: 901-730-4958
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