During the economic downturn the country has experienced over the last several years, many residents of Cleveland have got deeper into debt than they intended. Those who are currently feeling the burden of credit card debt may feel helpless due to debt collector harassment. It's important for anyone in this situation to understand their legal rights to better protect themselves and their families.
Credit cards are a primary payment choice for many Americans. Credit card debt, however, can often become overwhelming when families fall on hard times. Understanding the many elements of debt negotiation and management can help families recover from debt and regain financial stability.
If someone is facing overwhelming debt, Chapter 7 bankruptcy may be an option. Financial challenges can affect people from all walks of life, including those who claim to be finance savvy.
With rising cost of medical care and the unexpected debts that accumulate for both the insured and uninsured, it is no surprise that medical bills are a leading contributor to credit card debts. Average consumers turn to their credit card if they go through an unexpected financial loss caused by divorce, job loss, or injury. Now a survey shows that medical expenses are a leading cause of credit card debts in Tennessee and nationwide.
The Fair Debt Collection Practices Act (FDCPA) was established in 1978, however, it has not been amended to meet the needs of modern consumers. Now the Massachusetts attorney general is paving the way towards amendments that may benefit debtors in Tennessee and nationwide.
Struggling to manage a mortgage, bills, and unexpected costs can impact any family. Whether you are in a high-income earning tax bracket or you are unemployed, no one seems to be immune from the difficulties of managing finances in Tennessee and nationwide. A new study shows that eighty percent of consumers felt that their finances were out of control and in need of a major overhaul.
Medical debt is one of the most common forms of financial stress for consumers in Tennessee and nationwide. Even with health insurance, families can suffer unmanageable debt after an unexpected illness or injury. Hospitals and medical service providers will often turn these debts over to medical collections companies.