In 2017, there were 789,000 bankruptcy filings, which were the second-lowest since 1990. That compares to the 1.6 million filings in 2010 in the aftermath of the Great Recession. However, the decline in bankruptcy filings hasn't been uniform for all age groups. Older...
Chapter 13
The reasons why credit card debt is so common
Credit cards can be powerful financial tools when individuals in Tennessee use them properly. However, they can be debt traps for those who use them too frequently. One of the allures of a credit card is that it allows a person to spend more than he or she makes in a...
Credit card debt levels increase in 2018
According to a report from NerdWallet, the average American household carries $7,000 in revolving debt. That is up from $6,081 in 2017, and this figure is important because it is a more accurate indicator of a person's financial health. Tennessee residents and others...
Consumer debt and cost of money on the rise
Analysts from LendingTree examined the rates of spending in November and predicted that the credit card balances of Americans would increase by at least 5 percent before the end of 2018. When the balances of credit cards rise, so does the cost of the associated debt...
Credit card debt on the rise
People who are struggling with debt in Tennessee are not alone. The Household Debt and Credit report indicates that debt tied to credit cards rose by $14 billion during the second quarter of 2018 in the U.S. The average annual percentage rate on credit card debt is...
Creating a debt repayment strategy
Household debt for those living in Tennessee and throughout the country increased by $63 billion in the first quarter of 2018. That was the 15th straight quarter in which household debt increased. Accruing debt may make it harder to achieve long-term financial goals,...
When debt settlement could make more sense than bankruptcy
Filing for bankruptcy is often a prudent path to take for Tennessee residents who are struggling to make ends meet, but it is not the only way to escape unmanageable debt. It sometimes makes more sense to avoid the consequences of a bankruptcy by negotiating directly...
The debt gap between men and women
The wage gap between men and women is a continuing problem in Tennessee and other states. However, there is also a statistical disparity between men and women when it comes to debt. Data from Comet Financial shows that women carry more debt on average than men for...
Avoiding credit card debt
Many debtors in Tennessee who are struggling to pay their bills cut their credit cards to avoid overspending. While this may seem like a smart way to avoid new debts, credit cards can be an asset for those trying to rebuild credit. The key to not getting in trouble...
Credit card debt settlements aren’t always ideal
It may be possible for Tennessee consumers to settle credit card debt for less than what they owe. However, it is important to consider the potential consequences of doing so. For example, a debt settlement may only be available to those who can show evidence of a...