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What is the top cause of financial stress for Tennesseans?

On Behalf of | Sep 1, 2016 | Credit Card Debt

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.

Paying off debts was reportedly the biggest financial worry of people living in Tennessee. Given that the average amount of credit card debt in the state is $5,492, this is not surprising. That number is actually lower than the national average of $5,700. However, it is still a substantial amount for many people so it is understandable if paying it off is keeping you awake at night.

The survey gave people multiple options to choose from when picking what worried them most. Being able to pay your rent or mortgage ranked lowest on the list of what stresses people out. Paying off debt was overwhelmingly the most popular response, while the second most common worry was not having enough money saved up for retirement. Coming in third was a lack of emergency savings.

Another worry some people expressed was being able to afford to pay for education. Some people fretted about not have a stable source of income, while others simply wished for a more high-class lifestyle. Whatever the cause of your financial stress, there are always steps you can take to try to improve your situation so that bankruptcy and other extreme measures can be avoided.


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