Being pushed further into debt because of health problems can be one of the most hopeless situations to be in. Mounting medical bills are often accompanied by a loss of pay due to the inability to work. While many people blame the economy in Tennessee, health care and doctor’s fees, there are several facts that are not well-known.
When consumers in Tennessee purchase things on credit, those purchases are generally subject to interest. Credit users make monthly payments, some of which goes to paying off the purchase or loan itself and some of which represents interest paid to the lender. What interest rate a person receives can be subject to a few different variables. One of those is based on the interest rate set by the Federal Reserve.
When considering whether or not to take a new job, many people in Davidson look at not only the salary offered but also the benefits. Standard benefits include health insurance, retirement plans and paid vacation or other time off. In order to entice new employees, companies are now looking to add another benefit to the mix: assistance with repaying student loans.
If you live in Tennessee and are struggling with your finances, student loans may be part of your problem. You may be aware that there are loan forgiveness programs being offered by the federal government that can help alleviate some of that financial burden. However, you may not be aware that the amount of your loan that is forgiven is taxable.
With the holiday shopping season in full swing, credit card offers abound from Tennessee retailers and credit card companies alike. One of the perks that many of these stores offer is something called deferred interest. While it sounds like that might be a good thing to advantage of, there are some risks associated with it that you may wish to be aware of.
Most people in Tennessee who pursued a higher education likely relied on student loans in order to be able to afford college. While such loans are key in allowing many people to attend college who would not otherwise be able to, those people are then left with large amounts of debt that must be repaid after graduation. For those who graduated in 2016, the average amount owed is $37,172, according to Business Insider.
In the face of a coming Trump administration, the New York Times writes that Richard Cordray, director of the Consumer Financial Protection Bureau, "braces for a reckoning" amid Republican lawmakers' calls for a change in leadership structure - or outright elimination of the young federal agency altogether.
If you live in Davidson and are considering whether or not to share a credit account, there a few things you should be aware of so that you can make an informed decision. As with many financial situations, there are both pluses and minuses involved. If you have had issues with money in the past, such as debt that went into collection or a bankruptcy, it is especially important that you understand the repercussions of having more than one person on a credit card account.