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.
Many people eagerly await pay day. For those living under tight financial conditions, losing a portion of a paycheck means that meeting basic expenses for rent and groceries might be impossible. Many people, unfortunately, can face wage garnishment from creditors if they fall behind on bills, which can put them in an even tighter financial bind.
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.
For many people, the idea of graduating from college seems to open up a whole host of possibilities. People pursue college degrees in order to begin a solid career path. With the realities of a recovering economy and job market, however, eager graduates may find it tough to find a job that pays adequately.
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.
As a teenager, Aaron Carter wooed crowds of his peers. He gained fame for a handful of pop hits, in addition to being the younger brother of Backstreet Boys star Nick Carter. Years later, as a 25-year-old man, Aaron Carter is dealing with some serious financial issues that have caused him to make moves to get his finances in order.
Education is often a very valuable investment. Making the decision to attend school either as an undergraduate or graduate student takes a lot of careful thought and planning, however. One of the biggest components of deciding to go to school is financing. There are a lot of forms of student aid available, but loans are often an inevitable part of the equation. In order to receive a loan, it's typically necessary to meet credit requirements.
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.