The credit card bill is coming due again and many Tennessee residents, low on funds, pay only the minimum payment. They may have a few thousand dollars in a saving account, but they don't want to touch that because it's earning interest. However, it's important for credit card users to do the math and see how credit card interest compares to the interest they're earning in their savings account. More than likely, they are earning much less in their savings account.
Many Tennessee residents have heard the news about the chemical spill that left 300,000 West Virginians without drinking water. Businesses in the area were forced to close for several days. Even schools had to be shut down and residents could only use their water to flush toilets. The company blamed for the spill has been sued by multiple businesses. However, the company is protected from lawsuits - for now - because it filed for business bankruptcy.
Many Tennessee residents have heard stories of celebrities and others with significant wealth filing for bankruptcy. For some, it may be hard to understand how someone who makes millions of dollars a year can end up broke. However, it is often the same issues that can plague both those with significant assets and those without. Regardless of the reason, however, bankruptcy can be an option for all people facing mounting debt.
Tennessee is the home of many country music acts. Many talented folks come there in search of fame and fortune. However, the two are not always linked. Even those who have reached celebrity status have trouble paying the bills. Case in point: country singer Eddie Montgomery, who has recently filed for Chapter 7 bankruptcy.
Even though the holidays are over, the credit card debt for many Tennessee consumers continues on for months or even years. It's the gift that keeps on giving. Instead of continuing to pay 20 percent interest or more on a card in which the balance never seems to go down, consumers try other options such as debt consolidation loans and switching to new credit cards with zero percent introductory financing. But are these good ways to reduce credit card debt without negatively affecting credit scores?