 With the struggling economy, many people are finding themselves deep in credit card debt. Therefore, consumers are forced to turn to debt consolidation in order to get control of their finances. However, before a person decides to consolidate their credit card debt, they need to be aware of the credit... |
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Living with debt is by no means easy. There’s the constant concern of living paycheck to paycheck and the never ending issue of covering monthly bills and living expenses. While most of us pride ourselves on being self-sufficient, it’s hard to ignore that we all sometimes live well beyond our means.... |
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Tennessee is a state that has always had a higher percentage of Chapter 13 bankruptcy filings than the rest of the country, and although this is the case, it was affected just like every other state by the radical reforms made to the bankruptcy law. Under the new bankruptcy law, the biggest change is that more consumers are being forced to file Chapter 13 instead of the preferred Chapter 7 route. Congress did this in hopes that it would deter people from filing since Chapter 13 is widely acknowledged to be difficult to manage since it requires the debtor to turn over their disposable income to the courts for a period of three to five years. Now, thanks to the new laws, consumers who earn more than the median income in Tennessee can very well be turned down from declaring Chapter 7 bankruptcy. The following is the median income information for Tennessee as of 2006: 2-person families: 44,764 3-person families: 51,860 4-person families: 60,143 5-person families: 54,808 6-person families: 51,178 7-or-more-person families: 54,209 Want to learn more about your bankruptcy options? Submit a form today and PayingPaul.Com can match you with a credit card debt service for a risk free consultation about programs to reduce your monthly payment and help you get out of debt. You can also check out some of our other resources that deal with Tennessee debt & credit matters: Tennessee Consumer Credit Counseling Services Tennessee Bankruptcy Laws Tennessee Debt Collection Bankruptcy Filings in Tennessee 2004: 60,574 2005: 65,360 2006: 31,406 Tennessee has a very high bankruptcy rate historically. There are a myriad of reasons for this and much debate centers around this issue. Some debt experts argue that this is a testament to the fact that bankruptcy is more socially acceptable in Tennessee than in other areas. They point to the fact that Chapter 13 bankruptcy was actually originally implemented in the 1938 Chandler Act after intense lobbying from prominent Tennessee politicians and lawyers. Other experts point to the fact that the county with the highest bankruptcy rate, Shelby county, is located near a prominent casino in Mississippi. Despite the historical tendency of some Tennessee consumers to seek debt relief through bankruptcy, the new laws in 2005 caused a precipitous drop in the number of filings in the state. The overall number of people who declared bankruptcy declined by more than 50 percent between the year 2005 and 2006. |
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Credit is a useful tool and when handled responsibly allows us to obtain credit cards, loans for homes, cars and other big ticket items. The better we handle our credit, the better the terms that are offered to us from lenders including higher credit lines and lower interest rates.
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The dismal economy is having an adverse effect on people around the globe with millions facing tremendous amounts of debt. For many, escaping their debt seems like a far off dream but it doesn't have to be! By applying a few simple guidelines to your spending habits, you can begin to reduce credit card... |