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When it comes to their finances, many Americans are barely keeping their heads above water and are just one car repair, broken bone or another major cost away from economic ruin. Debt can just keep piling up, and before a person knows it, they in too deep and filing for bankruptcy is the only way to get out rid of your debts and get back on better financial footing.
A little debt is always good for your credit rating, but sometimes we over-leverage our credit or unintentionally accumulate more debt than we can handle. It’s easy to get into debt that soon becomes overwhelming. So, what causes most debt in the U.S?
The Top Six Causes of Debt in U.S.:
1) Medical-related expenses
2) Reduced income
3) Unemployment
4) Credit card debt
5) Divorce
6) Unexpected expenses such as a car repair or major home repair.
Above is just a list of the most common reasons you can find yourself in debt. You can get relief from other debts, not on the list. You should speak with a bankruptcy specialist to see if you qualify for Chapter 7, Chapter 11, or Chapter 13 bankruptcy?
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