The facts presented in a CNBC report are staggering: 66.5% of all bankruptcies are related to medical issues – either paying the bills or losing paychecks because of time off the job with an injury or illness.
You have so much debt that you're not sure where to turn. It all feels overwhelming. You start looking into your options, but you don't actually start the process through debt consolidation programs, bankruptcy or anything else.
You were tired of dodging creditors' calls and lying awake at night worried about all the debts you couldn't pay. You decided that it was time to file for Chapter 7 bankruptcy in order to get some relief.
If you've ever followed finance guru Suze Orman, you know that she always steers people away from taking out loans against their retirement accounts. Well, hold on to your hat, because Orman is advocating just that for desperate furloughed workers who are running out of fiscal options.
This week, approximately 800,000 furloughed government workers missed the first of what could potentially be multiple paychecks until the government reopens. For many of these individuals and their families, it spells nothing short of utter disaster.
Most people don't have a clear understanding of exactly how debt consolidation loans work. Having this information can help you avoid ending up in a worse financial situation than you are in currently.
What's the absolute number one topic you don't want to discuss with your family or friends? Religion? Politics? Sex?
The days of the debtor prison in America are long over -- in theory. In reality, aggressive bill collectors are finding ways to use the legal process to criminalize being too poor to pay a bill.
Northern Ohio residents who have run up mountains of medical bills after a serious illness or accident can find themselves buried under debt. People who never let themselves get behind on a bill suddenly find themselves inundated with collection notices and threats from creditors.
If you're a Medina resident struggling with debt obligations, you are far from alone. It's frustrating to get hassled by creditors, which is why it is prudent to avoid running up debts in the first place.