Despite wide sweeping reforms in the world of health insurance, medical debt apparently continues to burden a significant number of people in Washington. Even people who have otherwise reputable health insurance are not immune to the world of threatening phone calls over unpaid hospital bills. A veteran with the U.S. Navy says he was forced to file for bankruptcy over medical debt that he said the VA refused to help pay.
Even with the economy on the uptick, credit card debt continues to burden Americans in increasingly higher amounts. One estimate puts the amount of this type of debt at $60 billion by the end of 2015. For Washington consumers, the projected 5 percent increase in credit card debt could tip the scales of financial stability and put some in desperate need of debt relief.
Rarely do Washington residents make the decision to file for bankruptcy easily. However, as bills accrue and harassing calls are received throughout the day, a discussion about bankruptcy may become necessary. Fortunately, we understand that deciding how to handle personal debt requires considerable thought. For that reason, we will take the time to ensure that you have the information that you need before choosing bankruptcy as a debt relief solution.
Some tragedies in life are simply unavoidable, no matter how many safety precautions a person may take. Unfortunately, emergencies can push people in Washington into mountains of debt that don't have any foreseeable end. Medical debt in particular can be especially devastating to those who are struggling to pay off their debt.
There are some things that money cannot buy, such as happiness and family relationships. Most other things in life come with a cost, including healthcare. Many Washington families struggle with medical debt in addition to other ongoing expenses.
Most people in Washington and across the United States are probably already aware of the burgeoning problem of student loan debt that many college-age adults and teens may be facing. Since student loans can't be discharged through bankruptcy, they may not be a driving force that causes students to file for bankruptcy. Instead, credit cards may play a more prominent role in that decision.
Washington residents work hard to provide for their families and maintain an acceptable credit rating. However, no matter how well-prepared a family may be, medical debt can often undo all that had been accomplished. New changes in the way credit is scored may actually help some of these families.
As a result of the recent economic difficulties in our nation, many Washington residents may be struggling to cope with growing expenses and other financial obligations. Possibly compounding their troubles could be crippling credit card debt, which many have incurred as a result of trying to make ends meet during the recession. An online publication has put forth some suggestions to try to help consumers reduce their debt burden.
A federal agency, the Consumer Financial Protection Bureau, may soon be working to change some of the fees and time constraints associated with so-called pay advance loans. After being deluged with complaints from consumers regarding these types of loans, the agency believes that new guidelines may be needed in order to prevent people from being bogged down with relentless debt. In the meantime, residents of Washington who may be searching for debt relief could possibly benefit from the information that has been published about this particular loan product.
Many Washington residents may be wondering how bankruptcy can be a viable option for them, but they are concerned about the long-term effects that it may have on their personal finances. Some consumers may not realize that filing for bankruptcy does not actually have to hinder their ability to purchase a home. In fact, bankruptcy may be one of the best ways to achieve debt relief.