Many people living in the Cleveland area are struggling with credit card debt. Often, people use credit cards to make it through a tough financial stretch only to find themselves unable to pay the debt later on. For many Tennessee residents, credit card debt is a cycle. They simply spend more than they make and get trapped servicing debt they can't afford. It's important for these people to understand the law and how it may be able to help them resolve their situation.
The reason so many Americans face such high debt is that, on average, they spend $1.10 for every $1.00 they earn. Credit card companies spend billions of dollars on research to understand how to separate people from their money. These same companies also invest heavily in advertising. For example, research has shown that people are more likely to keep their first credit card longer than their other cards, so credit card companies offer college students free gifts to try to secure a first-time card user. This kind of marketing occurs regardless of whether college students are in a position to pay their debts.
Many couples say that fights over money troubles are a reason they get divorced. Struggles with debt also contribute to the recidivism rate among criminals because they fall back into criminal behavior over money concerns. These facts illustrate just how stressful having heavy debt can be.
People throughout Tennessee are facing an overwhelming credit card situation, but those who have been saddled with such debt do have options, no matter how desperate the situation may feel. Because credit card debt is considered unsecured debt, filing for bankruptcy is a viable means of relief for those who qualify. Taking the time to understand how the law will affect one's specific situation is a solid step in the direction toward debt relief.
Source: examiner.com, "Save Your Marriage in 2013, Get Out of Debt!" Tobin Crenshaw, Jan. 12, 2013