To Repair Finances, Consumers Must Take Pragmatic Approach to Cutting Costs, Filing for Tennessee Bankruptcy
American consumers are traditionally pessimistic about the national economy. Yet when it comes to our own economies - our family finances - we can be optimistic to the point of default.
From mounting credit card debt to missed mortgage payments, today's average consumer faces big financial troubles. But when it's time to fix our finances, we tend to take baby steps.
We chalk the money problems up to a temporary issue, like those unexpected car repairs or that bigger-than-anticipated medical bill. We optimistically hope for a solution, such as that pay raise our boss mentioned last year. We might make a few budget tweaks here and there, but for the most part we continue spending as usual, using credit cards to cover the gap between income and expenses.
Before long, our credit cards are maxed out, our house is on the verge of foreclosure, and that raise that we were holding out hope for never came through.
Half-baked solutions produce half-baked results. If you want to overcome overwhelming debt, it takes more than wishing and hoping - it takes action.
As our Tennessee bankruptcy lawyers point out, businesses routinely get themselves into financial difficulty. And when they do, the management team doesn't sit around second-guessing themselves, feeling embarrassed or hoping for things to get better. They make cold-blooded, calculated decisions that produce big results fast.
If a current strategy isn't working, businesses change course. This could mean downsizing, cutting costs, or filing for Tennessee bankruptcy - or "reorganization," as the business world likes to call it.
Consumers have a tendency to take bankruptcy personally. It's why many folks wait to file until we're out of all other options - and money. But by viewing Tennessee bankruptcy as a business decision, not a reflection of character, many consumers could finally attain control over debt.
A mortgage modification or budget adjustment may be able to save a few hundred dollars a month, at best. Our Tennessee bankruptcy clients routinely save thousands of dollars each month - and have the ability to stop foreclosure, repossessions, and harassment by bill collectors.
Big problems take big solutions. If you're buried in credit card debt or behind on your mortgage, bankruptcy may be the answer.
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Children of Homeowners May Suffer Most in Tennessee Foreclosures: April 24, 2012