Consumer Credit Counseling Comments on "Tightening" of Credit Grip

The Partnership's Consumer Credit Counseling Director, Charles Hixon, commented in a recent Chattanooga Times Free Press article that "credit is going to be much harder to get and more expensive when you get it", referring to the recent financial crisis on Wall Street and throughout the American economy. Read the Article picked up by iStockAnalyst.com.

Mr. Hixon also added that perhaps the credit tightening isn't all bad, considering many Americans have been "rewarding themselves with...expenses they can't afford". This statement is supported especially in Tennessee, where we have the country's most bankruptcies, per capita.

Some individuals and families have indeed been living beyond their means with no idea what the repercussions would be on their financial stability and their family. However, some were laid off from their jobs and used credit as a crutch to help them through the tough financial struggle of unemployment, or were injured and used credit to help balance medical bills with everyday living expenses. Still many are barely getting by on minimum wage with families to support and are simply unable to make ends meet.

There are countless individuals and families locally who have accrued large debts they cannot pay back, for whatever reason. This financial strain not only threatens the stability of their credit scores and bank accounts, but the stability of their families. Financial stress can affect families on many levels - creating a toxic atmosphere full of anxiety, stress and depression. So what can be done to correct the situation?

Consumer Credit Counseling offers a solution both to those who are already in debt, trying to recover, and those who are in danger of losing their financial stability. This local, nonprofit, face-to-face counseling program provides free budgeting counseling as well as services provided by accredited counselors who can help most families repay their debt and regain their financial freedom from collectors. Think you might need their help? Give them a call at (423) 490-5620 or visit http://www.mycreditcounselors.com/ to learn more and to set up your appointment today.