A set of new federal rules were recently put in place to assist people who took out student loans under misleading circumstances. Qualifying Tennessee borrowers who are able to prove that their school used fraudulent means to induce them to take out loans may be eligible to have their federal student loans discharged, according to the Washington Post.
When used responsibly, credit cards can give people in Tennessee a financial boost. Credit cards help consumers establish a credit history that in turn helps those people qualify for bigger loans such as home mortgages and auto loans. However, if a person applies for a credit card but gets rejected, he or she may be left wondering why. There are a few common factors that often lead to a rejected application for credit.
You may be under the impression that everyone who files for bankruptcy in Tennessee is a low-income individual. While a little over half of people who file for bankruptcy earn less than $30,000 per year, the rate of higher income people filing for bankruptcy is on the rise according to the Fiscal Times.
The numbers are in and it looks like people in Tennessee and across the nation are doing better financially. If you feel more confident about your situation, you are not alone. Compared to 2009, most American families have seen improvement in a number of areas, according to Forbes.
Many states, including Tennessee, have laws in place called usury laws, which set forth maximum interest rates that can be charged on loans between private parties. However, certain lenders, such as banks and other loan companies, are exempt from these limitations on interest. Often times, banks sell debts to debt collection companies, which then pursue payment from the borrower.
If you are going through, or have been through, a bankruptcy, the thought of taking on a student loan may seem overwhelming. However, like many Tennesseans, it may be the only way to pay for yours or a loved one’s college education. With a little bit of strict saving and planning, you may be able to minimize the amount of debt you have to take on through student loans.