One of the most telling signs of the health of the economy is the amount that consumers are spending. A positive sign is that people are spending more, with retail and food purchases topping out at over $700 million at the beginning of this year. This represents a 0.6% increase, which may not seem significant, but it indicates a rise in consumer confidence. You may also be someone who is spending more than you were at this time last year.
If you are spending more now than you were in the past, you may find that your financial situation is quickly becoming more than you can effectively manage. Your debt may be spiraling out of control, and you may not be able to maintain payments. If this is happening to you, it will be beneficial for you to learn about the legal options you have to deal with your debt once and for all.
A rise in household debt
You may be one of many Tennessee consumers that has debt. It is not uncommon to have liabilities in the form of medical debt, credit card debt, mortgages, personal loans and more. However, it is easy for these obligations to become unmanageable after even just one missed payment, especially for balances that accumulate interest. Statistics may indicate that this is a growing concern for many with household debt rising to over $17 trillion. One of the main reasons for this rise is the increase in personal or household purchases.
Experts suggest that increased spending could be a sign in economic confidence. Statistics say that consumers carry an average balance of just under $6,000 on their credit cards, and almost half say that they would use an increase in income to pay down their balances. Credit card debt is particularly dangerous as it can quickly spiral out of control due to drastic interest rates that balloon or accumulate.
A way out of debt
For some, bankruptcy is a practical and effective way to get out of debt. This process allows many to deal with certain types of balances, such as credit card debt or medical debt. If you are unsure of whether this step would be helpful for you, you may find it beneficial to seek the insight of an experienced professional who can offer you insight into all of the options available for your situation.
