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Helping good people through bad times

April 2014 Archives

Credit card incentives turn out to be major cause of credit debt

Credit cards bring the convenience of purchasing without cash whenever a consumer feels the need to buy something. A simple swipe of a plastic card lets Americans everywhere, including in Tennessee, conveniently purchase whatever they want - from shoes to bags to dinners at fancy restaurants - whenever they want. From those purchases, most credit card companies issue points, bonus, cashback offers and rebates that help the consumer keep using the card - and keep adding to their credit card debt.

A solution for Tennesseans to end the vicious cycle of debt

Most Chattanooga, Tennessee, residents usually prefer long-term financial goals to short-term ones. However, Americans are not applying this principle when facing emergency expenses that may ruin a monthly budget. Short-term, unsecured loans called "payday loans" are offered to cash-strapped, credit-damaged consumers who have no recourse but to finance one of these loans for high interest rates and fees. For Tennessee residents, payday lending companies offer a short-term financial solution that can be reliable when the borrower needs cash quickly.

Bankruptcy can be an ally when it comes to financial challenges

When residents of Chattanooga, Tennessee, hear about a person filing for Chapter 7 bankruptcy, some may think that the person simply has failed to properly manage his or her money. For this reason, personal bankruptcy and debt relief options have negative connotations for many people. However, bankruptcy is not the enemy, because it has the ability to save an individual from mounting credit card bills and even medical debt. Bankruptcy may be an advantage nowadays, considering that the economy remains subject to financial challenges.

Payday loans prove harmful to most borrowers

Many Tennessee residents live on tight budgets. Their incomes must cover basic expenses, including food, utilities and fuel for vehicles. Often, no amount of money is left over for savings. Sometimes monthly incomes of even average wage employees cannot cover these expenses; if there are unexpected bills such as those that accompany medical emergencies, financial disaster may be just around the corner. In many places, payday lenders offer short-term loans to those who most need cash quickly.

Kenneth C. Rannick, P.C.
4416 Brainerd Road
Chattanooga, TN 37411

Phone: 423-954-7180
Phone: 423-624-4002
Fax: 423-624-0509
Chattanooga Law Office Map