With the coronavirus still going on, many people in Tennessee are still experiencing financial setbacks as a result. To avoid going through these yourself, there are a few tips you can follow to improve your finances and manage potential financial setbacks. Whether you are dealing with extensive debts or too many bills at once, there are ways you can effectively protect your finances in 2020. If you ever need further financial guidance, feel free to talk to a Tennessee bankruptcy attorney for answers.
MANAGING YOUR TENNESSEE DEBT IN 2020
Tennessee debt can spring from several sources that range from credit cards to Tennessee student loans. The good news is that student loan servicers are providing exceptions to students struggling due to the coronavirus situation. Do not be afraid to contact your student loan servicer to ask questions and take advantage of these coronavirus exceptions while you still can.
You can also file for consolidation for all your federal student loans to turn them into a Direct Consolidation Loan with a more manageable interest rate. This means you do not have to deal with multiple interest rates and once and you can pay off your loan in a cleaner and simpler manner. Many students experience lower monthly payments as a result of other repayment plan options.
Some downsides and risks to student loan consolidation is a higher overall interest rate, the potential loss of benefits like loan cancellation, and fewer opportunities for interest rate discounts. In the end, you have to decide whether loan consolidation is the smart financial move for you given your current situation. Consider whether consolidating credit card debt could also help you.
FINANCIAL TIPS AMIDST CORONAVIRUS SETBACKS
There are also several Tennessee coronavirus financial tips you can follow to increase your finances and decrease your chances of losing money. Having an emergency fund is often put to the side, especially during financial times like this. However, an emergency fund can save you when you become unexpectedly sick or your car breaks down.
To help build your Tennessee emergency fund and your overall finances, you can also take on odd side jobs. There are hundreds of online remote jobs in 2020, partially due to the coronavirus, that you can do on the side while still working at your current job. A little extra money on the side can go a long way.
Anytime you find yourself struggling with bills, do not panic. You can contact your lenders and other creditors to explain your situation and see what options they have available for you. The same thing can be done for your credit cards. Doing this might open the door to extensions and better payment plans.
BANKRUPTCY LAWYER IN CHATTANOOGA, TN
Maintaining your finances during the coronavirus can be challenging. Try reaching out to our legal team in Chattanooga, Tennessee, and North Georgia if you have any questions related to bankruptcy. Contact Tom Bible Law at (423) 690-7712 to talk to a Bankruptcy lawyer in Tennessee for a free consultation today. You can find our team of Tennessee bankruptcy lawyers in Chattanooga, Kingsport, and Tullahoma.