Lets say that, for years and years, you are perfectly healthy. You work hard and play hard, but you also make sure that your health doesn't suffer as a result. One day, you get a sudden pain in your stomach that pops up every once and awhile. Then it starts becoming more frequent, followed by the pain increasing to the point where you know you can't put off a doctor's visit much longer.
When you accrue a lot of debt, debt collectors will do everything in their power -- and, sometimes, even things they aren't supposed to be in their power -- to get the money from you. They will call you and send you letters. They may even try contacting family members to learn of your whereabouts. All told, it can amount to a very stressful time for the person who is in debt.
Some Arkansas residents may not know that there are different types of bankruptcy that an individual can go through. The two most common, though, are Chapter 7 and Chapter 13. These bankruptcies allow the filer the chance to get out of debt, but the way in which that may be achieved depends on the bankruptcy.
It is easy to think that people who carry significant credit card debt are bad with their money. Many people may assume that these debt carriers simply can't curb their personal spending habits, or that they can't recognize when they need to save their money for a more important time.
Did you know that the total amount of student debt in this country has reached $1.2 trillion? That figure represents a total that is nearly double the amount of credit card debt in the country ($0.68 trillion) and far surpasses the amount of auto loan debt in the country ($0.86 trillion). As if those figures aren't staggering enough, the $1.2 trillion in student debt -- which represents the 2013 total -- is more than triple the amount of student debt this country had just eight years ago in 2005 ($0.36 trillion).
There is some uplifting news in the world of credit card debt -- if you can believe that. Gallup performed a random credit card poll on 1,026 adults. There were some crucial findings from this poll, the first of which is that 29 percent of Americans do not own any credit cards, which is the highest rate since 2001. In addition, the average number of credit cards that a card-carrying American owned is 3.7, which is less than what was reported in 2001.