Tennessee is home to Great Smokey Mountains National Park, Jack Daniel’s world-famous whiskey distillery, and the Bristol Motor Speedway, but it’s impossible to talk about the state without mentioning its main cultural export: music. Memphis was integral to the development of blues and rock ‘n’ roll, while Nashville was (and is) the global epicenter of country music. Millions of excited tourists flock to Graceland, Dollywood, and the Ryman Auditorium each year.
It’s not just visitors that are attracted to Tennessee. The state currently boasts around 7 million residents and that number is expected to grow to over 7.5 million by 2025. That’s significant for a state that had only 6.3 million residents as recently as 2010. With that said, the population isn’t the only thing on the rise in TN. According to a recent Tennessee Business Leaders Survey, 43% of respondents either raised prices or were planning to raise prices to combat inflation.
As living in Tennessee got more expensive, many people turned to consumer debt to cover the costs. The average Tennessee credit card holder currently has an outstanding debt of roughly $5,688. This is slightly below the national average, but that number doesn’t tell the whole story. According to the most recent census, TN’s median household income is around $10,000 below the national average. As more and more borrowers get trapped in a minimum payment cycle, alternative methods for Tennessee debt relief are gaining relevance.
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