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New study shows majority of consumers under pressure

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.

Part one of the survey simply asked consumers to rate their financial position: eighty percent concluded they were in need of a "major overhaul." Ten additional true or false questions asked specifics about credit card balances, arguments in the home about money, consideration of bankruptcy, maxed out credit cards, denial, missed payments, bill collectors, unemployment and lack of savings.

The majority of consumers believed that they would benefit from professional assistance and advice regarding their finances. Advisers and other professional financial planners agree that seeking assistance can help consumers get back on track before it is too late.

If overwhelmed by debt and unable to get ahead, remember that you do have options. When stressed by debt, the important thing to remember is that you have options and there is assistance available. The worst thing to do is ignore your debt, stuff bills in drawers, ignore creditor calls, and try to move forward without handling your finances. The sooner you take control, the sooner you can get back on track and start saving.

Millions of Americans pursue debt relief strategies, including Chapter 7 and Chapter 13, both legal ways to reduce and eliminate unwanted debt.

Source: Collections and credit risk, "Large majority of consumers report trouble managing finances," May 1, 2012.

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