The recent economic downturn broadly illustrated that even fiscally responsible Americans may find themselves struggling mightily with their finances from time to time. Individuals may find themselves on the brink of foreclosure or filing for bankruptcy for any number of reasons. For example, the number one reason why Americans currently file for personal bankruptcy is overwhelming medical debt tied to unexpected illness or injury. No matter what kind of job you hold or what kind of life you lead, the fact of the matter is that you may end up struggling with overwhelming debt at some point, despite your best efforts to stay on top of your finances.
Not long ago we discussed the possibility of debt relief for homeowners whose home equity has increased while the property was in foreclosure. If you are in this situation, then you may be able to stop foreclosure by selling the property at market value. You can read more about the matter in our previous post, "Real estate rebound may render some foreclosures unnecessary."
We have previously written about the fact that unpaid medical debt is now the number one reason why Americans file for personal bankruptcy. Overwhelming medical debt can be uniquely frustrating, as it only adds to the stress caused by illness and injury. In order to heal, patients need rest and calm. When debt collectors are calling incessantly, it is difficult to achieve that necessary and healing rest.
Student loan debt has been a significant source of discussion across the country and on this blog. This isn't surprising, especially considering that average student debt loads are climbing to new levels. The problem, for many people, is that payments are simply too high relative to monthly income.
For many people, going to the doctor or hospital isn't a pleasant experience. No one wants to deal with medical issues, but oftentimes it's necessary to take action. Concerns about paying for medical visits and treatments only compound this stress. Thankfully, a new set of medical billing rules created by the federal government and medical industry could help ease the pressure created by health care expenses.
Health care has been one of the most popular topics of discussion over the last few years. Everyone knows that the cost of receiving medical care is rising, which is a major problem for many families. In fact, a report from USA Today points out that medical debt is the number one reason why people seek the relief of bankruptcy.
The holidays are typically one of the most enjoyable times of year. People often make the time to gather with friends and family to celebrate and enjoy one another's company. At the same time, debt can also become a pressing concern during the holiday season.
The effects of the most recent economic recession were far reaching. People from every corner of the country and walk of life were impacted by downturns in the financial and real estate markets.
A person can feel a tremendous amount of pressure when he or she knows that bills are beginning to stack up. In this situation, it may not be clear what to do or who can be trusted. As recent action by the Federal Trade Commission shows, some organizations may try to take advantage of people in this situation.
By itself, debt isn't necessarily a bad thing. Many Massachusetts residents probably don't have the cash on hand to purchase something like a house or car, so they take out a loan and follow a budget in order to make monthly payments. These transactions help the economy grow and individuals build assets.