Economic struggles can cause Tennessee consumers to experience financial challenges. Reduced income can make it difficult to stay on top of credit card payments. This can lead to creditor harassment, which cannot only be embarrassing, but annoying as well. Creditors may try to do some shady things - such as making threats or calling in the middle of the night - but despite your situation, you do have rights as a debtor. There are some things creditors can and cannot do to get you to pay your credit card debt.
Although some Tennessee residents use their credit cards wisely, many tend to splurge on daily expenses. Then, when the bill comes, they can barely make the minimum payment. This leads to a vicious cycle of high credit card debt. Compounding this situation is the occasional emergency - the car breaks down, the dog has to go to the vet or a personal item is stolen and has to be replaced. Because these consumers lack the savings to pay these unexpected bills, they use their credit cards.
Mortgage debt, medical debt, student loan debt -- these are the kinds of debt that people are willing to talk about. These debts hit Tennesseans from almost every walk of life. But there is another and more common example -- credit card debt. Yet a recent survey suggests that Americans are less likely to mention their credit card debt woes in casual conversation. Why?
People from all walks of life end up needing debt relief, but a recent article focuses on women whose debt problems have spiraled out of control for a variety of reasons, not the least of which is student loan debt.
Credit card debt often occurs from unexpected financial difficulties, such as medical bills or unemployment, and can result in people receiving harassing phone calls from debt collectors. Filing for bankruptcy can be an effective method of stopping these phone calls. The following story on national credit card debt will interest readers in Cleveland.
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.
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.
For most consumers, overwhelming debt is usually the compounding of denial, credit card use, and an unexpected event that leaves them crippled. With the looming national debt crisis, the collapse of the mortgage market, and the widespread economic downturn, it is time to face reality and take hold of your finances. An honest assessment of your debt can help you regain financial stability and secure long-term independence from your creditors.
In a tragic case that demonstrates the aggressive tactics taken by creditors, a man continues to be harassed to pay the debts of his dead son who was killed in a rollover accident within months of graduating from college. The bereaved father has received notices, phone calls and threats from creditors who claim he is still obligated to pay.
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.