If you are like many people in Tennessee, and throughout the U.S., who are struggling with debt, it is likely that credit card balances contribute to your financial difficulties. According to Nasdaq.com, approximately one out of every three adults in the U.S. reported that their households carry credit card debt from one month to the next in 2014. Dealing with this type of debt may seem like an insurmountable challenge. However, there are a number of options available, which may help you to eliminate your credit card debt.
The choice to file a bankruptcy is never easy. You have to consider multiple factors before you file to determine if bankruptcy is the correct solution to your financial woes. If you are feeling buried under the weight of your debts, bankruptcy may present the best way to take care of your debts and regain your economic well-being, but you need to assess some elements that will affect the efficacy of the bankruptcy and your eligibility to file.
Some Tennessee consumers may enter the New Year with overwhelming debt. Many consumers get swept away by the multitude of exciting product offers over the holidays and overspend despite their good intentions not to do so. This may lead to consumers giving in to the aggressive marketing of payday loans. However, payday loans typically go hand-in-hand with excessive interest rates, and consumers end up with the dilemma of whether to first pay their credit card debt or the payday loans.
Tennessee consumers may agree that the time approaching the holidays is the time when their resistance to credit card spending is at its lowest. As if that is not enough pressure, store assistants use all their skills to pressure consumers into taking on store-issued credit cards. However, for many consumers, additional cards could mean extra stress related to credit card debt. A recent study showed that almost a third of shoppers were bullied by cashiers in an effort to convince them of the advantages of branded credit cards, and many of those consumers succumbed to the pressure and took on such cards.
Many Tennessee residents like credit cards because they are more convenient than carrying around cash or a checkbook. They can also help raise your credit score and protect your purchases.
Most everyone understands the importance of having a good credit score. The better your score the better access you are likely to have to getting the funds you need at interest rates you can handle.
It was not very long ago that we published an article about the challenges many in Tennessee face. Even though the recession was formally declared over quite awhile ago, the article noted that many Americans still struggle. And many have found themselves on the wrong side of a court order that has resulted in them seeing their wages garnished by a creditor.
A bankruptcy will affect your credit score, but there are things that you can do to re-establish good credit.