Jeffrey M. Rosenblum, P.C.
A Fresh Start

Common financial challenges faced in today's world

It's not hard for people to find themselves in a heap of debt these days. Not much has really changed from the past as credit cards have been around for decades. If anything, debt has been easier to accrue ever since the dawn of online shopping. Here are some of the common financial challenges people are faced with in the world today.

Living for today is a big financial problem that too many people face. This is when non-retired individuals do not have retirement savings in place. This can include the lack of a 401(k), pension, or other type of savings account. Living for today is never a good idea, especially since you never know when you might need a chunk of money for an emergency.

Poor purchasing is another common financial issue faced by millions of people across the country today. Many people will come into a little bit of money, such as a raise, inheritance, or other windfall and not know what to do with the money. They might make a poor purchase, such as a car or new home, and find themselves in a very difficult situation within a matter of months.

And, of course, the most common financial hardship out there today is the accumulation of too much debt. This happens naturally by overspending, by having too much in student loans, acquiring a mortgage out of your price range, and even accumulating medical bills.

Do you have trouble managing your finances in Long Island? Has this led to the accrual of unmanageable debt? You should speak with an experienced bankruptcy law attorney to discuss your situation and figure out if filing for Chapter 7 bankruptcy is your best option.

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