• Home
  • Our Mission
  • Meet The Team
  • Testimonials
  • Blog
  • Contact
  • Call Us Today: (615) 264-5695

Bankruptcy Law Attorney Hendersonville TN - Erickfox

Eric Fox is experienced in Bankruptcy Law, Chapter 7 Bankruptcy, Chapter 13 Bankruptcy, Debt Negotiation and Estate Planning Law cases in Hendersonville TN.

  • Bankruptcy
  • Debt Negotiation
  • Family Estate Planning

March 12, 2014

Student Loan Debt Cripples Young People In Tennessee

Young Americans are in a difficult economic spot at the moment. With the end of the Great Recession, they may have an easier time finding jobs in Tennessee, but these jobs do not offer the same promise that they once did. Additionally, many 20 and 30-somethings are dealing with massive amounts of student loan debt. In fact, 40 million Americans have outstanding student loans. In total, these people own more money — $1.2 trillion — than any other type of consumer debt, with the exception of mortgages.

In a shaky economy, it’s no wonder that many of these people are having a difficult time paying back these debts. In fact, 15 percent of people with federal student loan debt have defaulted on the loan payments within the first three years of them becoming due. This is somewhere around 600,000 borrowers who cannot afford to make their federal student loan payments. Experts agree that these numbers are likely higher for those with private student loan debt.

Student loans have had other negative effects on the American economy. Young people are delaying contributing to retirement accounts, are being forced to live at home with their parents and cannot purchase other consumer goods. As a result, lawmakers are trying to come up with solutions to the growing student loan crisis.

However, until a solution is found, many young people find themselves in need of debt relief. Even with a strict budget, many cannot afford to pay for all of their necessities. Tennessee residents in this position should understand that debt management and debt relief options may be available. Depending on the specifics in each case, people may be able to eliminate some or all of their debt.

Source: USA Today, “The long-term impact of student-loan debt,” Pooja Bhatia, Mar. 3, 2014

Article by Eric Fox / Collections, Debt / attorney, bankruptcy, bankruptcy attorney, bankruptcy proceeding, budget, Chapter 13 bankruptcy, Chapter 7 bankruptcy, consumer debt, credit card debt, debt, debt management, debt relief, debtor, foreclosure, fox law, gallatin, hendersonville, law, law firm, law office of eric k fox, lawyer, personal injury, property, struggling with debt, Student loan, sumner county, tennessee Leave a Comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Categories

  • Bankruptcy
  • Chapter 13
  • Chapter 7
  • Collections
  • Debt
  • Foreclosure
  • Personal Injury
  • Retirement
  • Uncategorized

Archives

  • January 2022
  • August 2020
  • July 2020
  • March 2018
  • December 2014
  • November 2014
  • October 2014
  • September 2014
  • August 2014
  • July 2014
  • June 2014
  • May 2014
  • April 2014
  • March 2014
  • February 2014
  • January 2014
  • July 2010
  • June 2010

Fox Law

Whitehall Building
103 Hazel Path Court, Suite 6
Hendersonville TN 37075

Monday - Thursday: 8AM - 5PM
Friday: 8AM - 3:30PM
Weekend and Evening Hours by request
Local Phone: (615) 264-5695
Fax: (615) 264-5655
Email: eric@ericfoxlegal.com

Practice Areas

  • Bankruptcy
  • Debt Negotiation
  • Family Estate Planning

About Us

  • Our Mission
  • Meet The Team
  • Testimonials
  • Contact

Connect

FB icon
Linkedin icon
Google plus icon

Bankruptcy Attorney - Erickfox
Bankruptcy Attorney Hendersonville TN - Erickfoxn
Debt Relief - Erickfox
Estate Planning Hendersonville TN - Erickfox

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

This website is not intended to constitute legal advice creating an attorney-client relationship.


© Copyright 2015 The Law Office of Eric K. Fox · Website Design by StorySellers