Like many people in Tennessee, you may have one or more credit cards currently in your wallet. The only way to truly avoid getting into credit card is to not use them in the first place. Yet, when used responsibly, credit cards can help you afford certain purchases and can help you increase your credit score.
In a September 2016 Senate hearing, Sen. Elizabeth Warren grilled Wells Fargo CEO John Stumpf about the bank's strategy of cross-selling - selling additional products to existing customers, such as mortgages or credit lines - and how this strategy ultimately led to an ongoing investigation and millions in fines levied by the Consumer Financial Protection Board, with more likely to come.
The cost of medical services is a source of concern for many Tennessee residents. High insurance premiums, large out-of-pocket expenses and unexpected bills all put a strain on people’s wallets. Therefore, it may be distressing to hear that the costs of medical care are rising at an alarming rate.
In most situations, it is probably not in your best interest to put any charges for medical care on your credit card. The only exception would be if it is a small amount or it is for something routine like a copay and you know you will be able to pay it off right away. Medical debt is somewhat unique compared to other kinds of debt and you can most likely find another solution without having to rely on credit.
Many Tennessee residents use credit cards for purchases, whether for everyday needs like food or gas or for large items such as electronics. In fact, according to the Los Angeles Times, over 70 percent of consumers in the United States own at least one credit card and there are approximately 500 million total cards in circulation.
Last month, two professors wrote an article for the New York Times about federal lawmakers' "bankruptcy-for-banks" bill, in which they opine that the bill is sound but needs fine-tuning.
For many people facing bankruptcy in Tennessee, student loans are a major source of debt. However, student loan debt is dischargeable only in very limited circumstances. Often times, students are left with the burden of paying back loans for the education that was supposed to help them get ahead.
The overall outlook for foreclosures is improving all over the country. According to 24/7 Wall St., in June 2015 the total number of homes in foreclosure throughout the United States was 507,000. That number has dropped more than 25 percent, bringing the current total to 375,000. This decrease in foreclosures, along with a rise in home prices, may indicate that the housing market is strengthening.
If you are worried about your finances, you are in the same boat as many other people in Tennessee. In fact, according to GOBankingRates, over the last five years, rates of stress related to finances are on the rise. Interestingly, according to a recent survey, the cause of people’s financial stress actually varies from state to state.