Tennessee’s state debt is running at about $5.9 billion.
Sure, that may sound like bad news. But Tennessee’s $5.9 billion in debt is actually the lowest of any state in the US. In fact, it’s lauded as “good news” and a sign of fiscal responsibility.
Would the same be said for your household?
Debt isn’t relative for individuals struggling to pay the bills. Just because your next door neighbor owes thousands of dollars more than you doesn’t protect you from wage garnishment.
Even if you owe a relatively tiny medical debt, you can receive harassing creditor phone calls that threaten your work and home life. And the longer you let that debt sit, the worse off you’ll usually be.
Back to Tennessee. Because its debt is low compared to other states, it may not seem as important to fix. However, $5.9 billion is still something. It’s still a sign of overspending; and it’s still not the sign of a balanced budget.
Unchecked debt doesn’t just magically go away. Knowing your debt is serious will help you fix it before it’s too late.
If you need help with debt you can’t pay, contact us today to talk with an attorney for free.