According to a 2015 report by the Pew Charitable Trusts, a whopping 80 percent of Americans are living in debt. Data provided by the New York Federal Consumer Credit Panel provides more insight into the types of debt that Americans are carrying as well as the ages of these debt-carrying Americans.
Should you file for bankruptcy?
Millions of Americans are in debt. In fact, according to a 2015 report by the Pew Research Center, 89 percent of individuals ages 36 to 51 and 86 percent of individuals ages 20 to 35 are in debt. From a home mortgage and student loans to credit card and medical debt, many individuals age 50 and younger will spend the rest of their lives attempting to pay off debt.
An alarming number of Americans struggle with medical debt
There's a saying related to the belief that if you don't have your health, you don't have anything. This saying is likely to resonate with anyone who has ever experienced a health emergency or is struggling to deal with and manage a chronic health condition. Whether an individual is forced to undergo emergency surgery after a serious car accident or a scheduled procedure to clear blocked heart arteries, the involved costs are likely to be both physically and financially taxing.
Hope for individuals trapped in a cycle of debt
A job loss, health emergency or unexpected car repair can result quickly result in an individual accruing thousands of dollars in debt. For the millions of Americans who struggle each month to pay the bills, it’s easy to become overwhelmed and to feel hopeless. While it’s often very easy to fall behind and accrue debt, high interest rates make it exceedingly difficult to pay down or off debt.
Struggling with student loan debt? How bankruptcy can help
According to the Institute for College Access & Success, 69 percent of public and nonprofit college graduates have student loan debt, the average amount of which totals in excess of $28,000 per student. Combined, U.S. college graduates have accrued massive amounts of student loan debt to the tune of $1.2 trillion dollars.
The odds of an IRS tax audit, according to income
Filing taxes can be stressful, particularly for small business owners and self-employed individuals. Yet nothing compares to the anxiety and hassle often induced from an IRS audit.
