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Debt Consolidation in Tennessee

Paying off debt is no easy task and is one that requires time and most importantly expendable income. Unfortunately, the longer it takes to pay off a debt, the more you end up paying in interest and before you know it you can find yourself with a growing mountain of bills. During the recession, which hit Americans hard and came more or less out of the blue, many households found themselves taking a cut in wages or in the worse cases unexpectedly losing their jobs all together. For established households with monthly bills, children to feed and mortgages to pay the affect was catastrophic. Debt consolidation benefited many people across the country, helping them through the hardest times. The gravity of the situation was felt all over the country and Tennessee was no exception.

According to surveys and reports from USA Today, the average Tennessee household owes $42,378 in personal debt. While this figure seems like an incredible amount of debt to allow to build-up, it is worth considering that this figure is significantly below the national average of $53,850. This total is an amalgamation of a wide variety of amounts and types of debt, typically including mortgages, auto loans and credit card bills, but of course every household is different. It is generally believed that approximately 70% of personal debt is the mortgage, which some experts believe shouldn?t be counted as negative debt at all, as it is a form of loan that benefits each homeowner in the long run. It's also worth remembering that any household or individual resident of Tennessee with numerous kinds of debt may be able to take advantage of debt consolidation, which allows all existing loans and debts to be grouped together and treated as one lump sum. The primary benefit of this is that it often means reduced monthly payments.

Quality of life in Tennessee is considered to be high, with the mild climate, low cost of living and excellent variety of city, small town and farm life. Approximately 44% of Tennessee is farmland and as such agriculture is a very important part of the economy. The top revenue generators in the agriculture sector include beef cattle, chickens, soy bean products and cotton. The manufacturing of raw products such as those mentioned as well as a great deal more livestock and crops generate further income for the state Tennessee.

 

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Debt Consolidation In The News

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Published:  Mon, 17 Sep 2018 19:39:00 GMT



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Zimbabwe's Options for Sovereign Debt Relief

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DeVos Proposal Makes Student Loan Relief In Fraud Cases More Difficult

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