What would consumers give up in exchange for debt relief?

Dealing with the burdens of debt can be a harrowing process. With credit card debts surpassing the $1 trillion mark, it is an unfortunate reality for many individuals in Tennessee. Financial struggles can have a devastating impact on one’s life and leave a person in desperate need of debt relief. Recent studies indicate that consumers would go to great measures to obtain relief, but some of these measures may be unnecessary.

Results from a recent survey indicated that more than 30 percent of consumers would consider giving up access to social media outlets for up to a year in pursuit of debt relief. Some even went as far as claiming they would give up the family pet for financial stability. Although it might seem extreme, nearly 7 percent of those surveyed also stated they would give up a kidney if it meant all their credit card debts would be eliminated in the process.

When facing high levels of debt, taking things to the extreme might not be the answer. More than half of those surveyed also admitted they had not considered implementing a strict budget, while nearly 80 percent say they carry a constant balance on credit card accounts. Prior to making hasty decisions that could impact one’s life, a person who is facing substantial monetary challenges could benefit from seeking guidance on the outlets of relief available.

Individuals who are constantly dealing with high levels of debt may wish to pursue debt relief, but they might need guidance in forming a strategy to achieve their goals. A bankruptcy attorney can help a person in Tennessee better understand all the available outlets for relief and their potential outcomes. This type of guidance could help a person prepare to pursue the relief required and begin working back toward financial piece of mind.