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Debt relief tips for a Tennessee fresh financial start

With the holidays fast approaching, many Tennesseans are probably thinking about what they want to buy. Unfortunately, others are thinking the opposite because they can no longer afford purchasing gifts because they are struggling with debts. Nevertheless, there are ways to finally achieve debt relief.

First is to get angry about the situation. Angry, in the sense that one is riled about living life in a state of constant financial difficulty and about the possibility of retiring broke despite working hard all the time.

Second is to stop spending. This may seem like an oversimplification, but it is the most basic way to stop the financial bleeding. Start by not shopping unnecessarily and selling things not needed to get extra cash.

Third, cut up credit cards. A lot of people struggle with credit cards so an easy solution is to literally cut them up. It is better to use cash, since a Tennessean can actually feel the pinch if cash is spent or a debit card is used.

Fourth is to avoid big loans. Car loans, in particular, can be very expensive so only buy what can be comfortably handled. Start paying off debts from the smallest to the largest. For example, pay off credit cards with the smallest amounts and the highest interest rates and then work your way to the largest debts. Once the card is paid, close it. Despite these "baby steps," this process results in immediate progress.

Finally, do not lose a sense of hope. Many Tennesseans may become disheartened as they struggle for debt relief, but hope provides the drive to get back on financial track. In situations when debts are overwhelming, filing for bankruptcy, such as Chapter 7 or Chapter 13, may keep hope alive.

Source: WCPO, "David Ramsey's 9 tips to get out of debt," John Matarese, Nov. 21, 2014

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

Phone: 423-954-7180
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