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Debt Consolidation
TENNESSEE
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Tennessee Residents Face Financial Challenges

If you’re struggling with debt and looking for a way out, the providers of CareOne Debt Relief Services® want to help. Because many of us have been in debt ourselves, we have the understanding and experience needed to provide you with customized resources and solutions.

Every day we hear from customers all over the country, and we know that many people are working hard to meet the economic challenges facing the nation. In Tennessee, it’s no different; there’s both good and bad news when it comes to debt statistics. On the positive side, our internal data shows that the average number of individual debts reported by Tennessee residents seeking relief decreased 30% from 2010 to 2011 and was 29% lower than our national average. More good news: the average amount of debt reported is also down 14% year over year, and is 19% lower than our national average.

Unfortunately, there are some troubling figures as well. Our data reveals that the majority of Tennessee residents seeking debt relief are women, a number that has increased 5% from 2010 to 2011. The number of residents in search of debt relief who claimed one or more dependants is staggering: up 81% from 2010 to 2011.

There are several factors that may be contributing to the escalation in debt relief requests. The current unemployment rate is 8.1%, on par with the national average and the 18th highest in the nation1. According to the U.S. Census, 16.5% of Tennesseans are living below the poverty level and the median household income is 20% lower than the national average2. The state is among the nation’s leaders when it comes to bankruptcy filings, coming in third out of all 50 states with over 46,000 filings in 20113. Additionally, the average amount of personal credit card debt is $6,3114. For younger Tennesseans the debt burden can be even greater, The Project on Student Loan reports that 46% of students have student loan debt and the average amount owed is over $19,0005. It’s no wonder that our data shows the number of debt relief seekers in Tennessee who are between the ages of 18 to 24 increased 28% from 2010 to 2011.

At CareOne, we understand that debt can be caused by different circumstances, and we know that each customer needs a unique solution, one that is customized to fit their situation and their budget. If you think debt consolidation might be the right choice for you, call us to discuss your options. We’ll provide a complimentary, no-obligation debt analysis to help you choose a customized action plan to get you back on track as soon as possible.

View our article about debt in Memphis for more information on debt in Tennessee.

For further information on debt in other Southern states see West Virginia, North Carolina, South Carolina, Georgia, Florida, Kentucky, Mississippi and Alabama

 

1 Bureau of Labor Statistics, http://www.bls.gov/web/laus/laumstrk.htm/
2 U.S Census, http://quickfacts.census.gov/qfd/states/47000.html
3 CreditCards.com, http://www.creditcards.com/credit-card-news/state-us-bankruptcy-filing-statistics-1276.php
4 CNN Money, http://money.cnn.com/news/storysupplement/economy/credit_card_debt/index.html
5 Project on Student Loan Debt, http://projectonstudentdebt.org/state_by_state-view2011.php?area=TN
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