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Posts tagged "expenses"

Wiping out credit card debt with a Debt Management Plan


Managing finances can be frustrating for many Tennessee residents. Some people have to spend more money than they make, due to low-paying jobs or unexpected expenses, and others simply aren't good with money. These situations can cause significant credit card debt. The first step to managing debt is seeking assistance from a credit counselor. When this doesn't work, many consumers may consider a Debt Management Plan (DMP.) Read on to learn more about this option.

Manage credit card debt in 2015 with these tips


Now that the holidays have come and gone, Tennessee residents may be feeling the pinch financially. Christmas spending, along with unemployment, medical expenses and other financial challenges in 2014 may have left their credit cards maxed out. Resolve to pay off credit card debt this year with these tips.

What causes credit card debt? It's not always bad money skills


Many Tennessee residents may have friends or family members who are in debt and automatically think it's because of poor money management. While this may be true for some consumers, it's not always the case. In fact, many individuals with significant credit card debt are actually frugal spenders and are in their situation due to circumstances beyond their control.

No emergency savings = high 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.