Tennessee ranks 46th in credit card debt in the US. It has an estimated average credit card debt of $5,564 per person. The state has an average credit score of 666 (and nothing ominous should be read into this), with 17% population with declining credit.

The Volunteer State has a lot going for it. It has no state income tax. It continues to take jobs and people away from the high tax cities of the northeast. Tennessee is winning and with lower taxes now coming out of DC, this state should continue to fly high.

The median household income of Tennessee in 2016 was $47,275. This was $8,500 less than the national average.

The state’s financial health is good, says a TIA study in 2016. The state has more assets than debt unlike California and New York which are falling apart and have been struggling for years. It had a tax payer surplus of $ 2,100. They received a “B” rating in an analysis of its financial health and tax payer burden.

Tennessee has a cost of living that is cheaper than many other states in the US. Grocery, transportation, utilities, and health care are moderately expensive. Housing is cheaper than most other states in the US.

Personal Loans for Holiday (Christmas) Shopping

Holidays are seasons of extreme expenditure. Food, shopping, gifts, entertaining guests, etc. can be quite expensive.

Borrowing credit from various cards, at varying interest rates, can become a problem when repaying the cards. To avoid missing out on payments, or having delayed payments, you can take out a personal loan.

Personal Loans in Tennessee

Personal loans are easily available. You can apply for just the amount you want. You can negotiate on the interest rate, based on your credit score. Since the interest rate and term are fixed, repayment can be budgeted.

Personal Loans for Cosmetic Surgery

Health insurance may cover some expenses. But, several insurance providers do not cover cosmetic surgery for many reasons – most of them being very obvious.

In such cases, you can apply for a personal loan. Personal loans are easily available. You will know in a couple of hours if you will qualify for the loan. After approval, you can get the money in 24 hours.

Since these are planned expenses, you can budget the monthly payments, based on your ability to repay. You can also negotiate on the interest rate of the loan if you have a good credit score.

Loans can be unsecured signature loans or secured loans. Unsecured loans may have a higher interest rate than secured loans.

Consequences of Non-Payment

The statute of limitations on written contracts in Tennessee is 6 years. This means that non-payment of a signature loan may allow the lender to take you to court within 6 years. A domestic or foreign judgment has a time of 10 years.

In case of a secured loan, a non-payment will lead to the lender possessing the collateral.