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?
Homeowners in Tennessee who are experiencing financial difficulty and are worried about foreclosure may consider seeking relief through bankruptcy. Though filing for personal bankruptcy is not a solution for everyone having trouble making mortgage payments, the process provides many consumers with the financial protection they need.
In the United States, deployed military service members are entitled to certain rights with regard to secured and unsecured debt. Under the Servicemembers Civil Relief Act, deployed soldiers are entitled to a reduced credit card debt interest rate during deployment, and deployed military personnel cannot be foreclosed on for a missed mortgage payment.
Rising student debt throughout the nation is not only a burden to individuals who are not making the income to pay off the debt. As the cost of college and university rises, student-loan debt is becoming a drag on the housing market. Where students used to get jobs and purchase homes, they are now living with the burden of loan debt.
The troubled economy continues to affect many people in Tennessee and in other places all across the country. In October, more than 75,000 homes nationwide were sold in foreclosure. In Tennessee alone, more than 2,500 homes were in foreclosure, but it appears that help is on the way for some homeowners struggling to make their monthly mortgage payments.