As someone who is struggling with debt, it’s important for you to know that you’re not alone. Many people in America struggle with debt every day. There is a large amount of medical debt, credit card debt, student loan debt and mortgage debt that affect people from all walks of life.
Medical debt is a major burden for a portion of Americans. According to one study, approximately 21 percent of Americans carry medical debt. This doesn’t seem like many overall, but medical debt is one of the major reasons that people end up with personal bankruptcies in the United States.
Other forms of debt impact Americans as well. For example, around 32 percent of Americans owe on their automobiles, while around 25 percent owe on their student loans. Student debt has been totaled at over $1.3 trillion dollars, which shows why it’s having such a major impact on the personal and financial decisions of those in America today.
Mortgage debts are also a concern. Mortgages make up most of the debts in the United States. In 2017, that debt is expected to hit at least $13 trillion. Add to this the fact that most Americans are in debt and you can see that combined with all other types of debts, people truly need help to get their finances back into balance.
If you’re struggling with debt, know that there are solutions to your problem. Depending on the situation, you could qualify for debt-reduction through bankruptcy, consolidation or other methods. Your attorney can talk to you more about what to do if you’re struggling with debt.
Source: America Closed, “American Debt Rises in 2017: Mortgage Debt Biggest Burden,” John Whitefoot, Oct. 24, 2017