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March 2016 Archives

Medical debt a problem even for those with health insurance

The number of people in America living with crushing medical debt is staggering, with recent estimates putting 42 percent of individuals spending most or all of their personal savings on medical expenses. Experts point out that people in Washington tend to have financing options for many other areas in their lives, but that is not the case for medical debt. Bills related to medical care tend to create a much larger burden on consumers.

Millennials aren't filing bankruptcy because of spending habits

The image of financially inept young adults is a popular one in most forms of the media. Many people in Washington cannot be blamed for holding on to this idea of big-spending young adults who ultimately land themselves in bankruptcy due to nothing other than irresponsible actions. However, real life paints a much different picture, and many Millennials actually have a firm grasp on their finances, giving further credence to what most people already know -- bankruptcy is usually the result of extenuating life circumstances that are often beyond people's control.

Consumer debt out of control? We can provide the help you need

The devastating emotional impact of enormous amounts of debt tends to get overlooked. Far too often, the focus is instead placed on how a person managed to accrue that much debt without a clear plan to go forward and pay it back. This mentality completely overlooks the uncontrollable circumstances that tends to lead to high rates of consumer debt, such as medical emergencies, job losses and even deaths in the family. With the stress of these life events that are already fueling debt, harassing phone calls from creditors can only make things worse.

Consumer debt differs between Baby Booms and Millennials

While Millennials and Baby Boomers go into debt in very different areas, they might still be headed for the same outcome, according to a recent report. Overwhelming amounts of debt can come from a variety of sources, including medical bills, credit card debt and unimaginable student loans. These two generations might enter into different types of consumer debt, but the need for debt relief is often the same.