The South is a place known for good cooking, generous people and warm weather. As someone who lives in Tennessee, you understand the principle of southern hospitality and helping people however and whenever you can. Unfortunately for some who live in the southern states, this may mean carrying a lot of credit card debt as well.
You may find yourself hopelessly behind on your own credit card bills. You may not know how you will ever really catch up or how you can get your balances down to the point where debt collectors will stop calling you. If you are struggling with this particular type of financial problem, you are not alone. While it can feel overwhelming and hopeless, there could be a way out.
Understanding the problem
A recent study ranked the states with the most credit card debt, and nine of the 10 were southern states. There is clearly a regional issue regarding this type of balance and the inability to manage payments effectively. It is possible that many people in this area of the country have lower income levels, which would mean they would not be able to afford to pay down balances as quickly or as easily as others.
Even without an exceptionally high income, many people can pay down some or all of their credit card balances. The key lies in lowering expenses and increasing income – perhaps by getting a second job or taking other steps to free up more money each month. This works for some people, but it may not work for you. You could be struggling as a result of things far beyond your control, such as a job loss or medical emergency.
Your financial future
With credit card debt comes high-interest rates. Your balance can quickly accumulate beyond your control after just a few missed payments. It can catch you by surprise how far behind you are. Before long, you may start getting phone calls from debt collectors or receiving notice of actions like wage garnishment.
You have options. In some cases, the beneficial choice for people who are struggling with credit card debt is filing for bankruptcy. This process allows an applicant to deal with certain types of unsecured debt in a reasonable and organized manner. If you are behind, this could be your way out. An assessment of your case can help you see if you are eligible and how to move forward with this step.