With the Affordable Care Act, or ACA, being put into place, many Tennessee residents may have been under the impression that medical expenses may be reduced. Unfortunately, it has been reported that medical debt can continue to be an issue for many individuals even under the new insurance programs. As a result, seeking debt relief may still be an undertaking that certain consumers wish to explore.
As many Tennessee residents can attest, credit card debt can create an overwhelming burden on the lives of those under its strain. Many people find themselves avoiding possibly necessary expenses, such as medical care, in order to focus their money on decreasing their debt. Unable to take the stress of their debt any longer, those with significant credit card debt often turn to debt management programs that offer quick and easy solutions. Unfortunately, not all of these programs can provide the services they claim.
Even as the economy shows signs of improvement, the Great Recession had a huge impact on Tennessee residents' finances, and many are still dealing with economic issues related to the downturn of the last few years. The unemployment rate is still high, underemployment is 14.4 percent and over a million Americans filed for bankruptcy, including Chapter 13 bankruptcy, last year. The good news is that once someone has filed for bankruptcy and their debts have been discharged, it is not impossible to attain a great credit score again. People can start working on their credit rating as soon as their bankruptcy goes through, and using secured credit cards along with gas and retail charge cards can help rebuild a person's credit. With diligence, consumers can even attain a rating of 700 or higher by the time their bankruptcy falls off of their credit report.
The Consumer Financial Protection Bureau has announced a plan to provide additional oversight for student loan collections practices, helping to ensure that borrowers with student debt are not subject to the stress and difficulty of dealing with disorganized creditors.
Regulators at the Consumer Financial Protection Bureau have announced that they are investigating the practices of payday lenders, which are banks and other organizations that make loans to individuals using a post-dated check as collateral to advance a paycheck. The loans are associated with high fees and interest rates.
Across the country, and right here in Memphis, students are returning to college after a long break. However, the Federal Reserve reports that more students have student loan debt and few debt management solutions.
Often, the news about student loans and debt management involves talking about the negatives of student loan debt. Memphis residents may be interested in a new study that has revealed that the growing number of student loans does have an upside, despite any concerns over future debt relief.
While people nationwide continue to take out loans, they are doing so cautiously to avoid the need for filing for bankruptcy. The result is that across the country, Chapter 13 bankruptcy filings are down.
Many residents of Tennessee are struggling with college debt and the debt management issues that result - but they are not alone. More and more, students' parents and grandparents are also feeling the strain of student loan debt, often having to seek debt relief for themselves for their part of the $1 trillion in student debt now owed across the country.
Students all around the country and right here in Memphis, Tennessee face growing student debt. Many students are concerned about debt management after they graduate from college. As more and more students graduate with debt, more and more organizations are coming out to try to help students.