With Interest Rates at All-Time Lows, Tennessee Bankruptcy Offers an Alternative Way to Save
Today's low interest rates are ideal for borrowers. The only problem? Many of us aren't in the market to purchase a home or buy a new car right now.
With most Americans struggling with rising prices and overwhelming credit card, consumers are looking for ways to save money - not spend it.
Unfortunately, the majority of CDs and money markets are offering less than one percent interest - not even enough to stay ahead of inflation.
Today's low interest rates can be a scary prospect for consumers hoping to save up for buying a home, sending the kids to college, or retiring with a modest income.
But while we lament over rock-bottom rates, many of us are simultaneously paying high interest rates on our growing credit card debts. That just doesn't make sense, say Atlanta bankruptcy lawyers.
By simply lowering debt - and the amount you're forking over in interest each year - it may be possible to increase your savings rate, no matter how stingy your bank.
If you're currently making minimum payments on credit card debt, you could be stuck paying interest for decades. Increasing your monthly payment on the card with the highest interest rate can substantially reduce the amount of time it takes to pay down your most costly debt - and, thus, the amount of money you'll put toward interest over time.
Of course, lowering credit card debt is easier said than done, especially in today's economic climate. That's where Chicago bankruptcy often comes in.
By filing for bankruptcy in Tennessee, Atlanta, or Chicago, it's possible to reduce your debt obligations, making the bills more manageable. With the burden of debt lightened, many consumers find they are better able to make payments on the mortgage, student loans, utilities, and other necessary bills.
Here's another bankruptcy bonus: While filing for bankruptcy will lower your credit score initially, it also paves the way for you to begin rebuilding credit by relieving debts. So when you are ready to borrow money to buy that home or help your kids with school, you'll likely enjoy a lower interest rate.
With Atlanta bankruptcy, you can improve the future of your finances - and your family.
Is debt keeping you from moving forward? Our bankruptcy attorneys in Chicago, Atlanta, and Tennessee can help determine whether bankruptcy is the right solution. Call the DebtStoppers Bankruptcy Law Firm at 800-440-7235 to schedule your complimentary personal debt analysis today.
More Blog Entries:
Atlanta Bankruptcy May Offer Freedom for Growing Number of Young Adults Forced to Move In With Parents: June 2, 2012
As Georgia Families' Median Wealth Suffers Post-Recession, Atlanta Bankruptcy Offers a Powerful Solution: June 13, 2012
Additional Resources:
Sorry Savers: Interest Rates Set Record Lows, John Waggoner, USA Today