When people think of debt, they think of expensive vacations, glittery jewelry and designer clothes.
People are not getting into debt because they are silly and shallow. Medical debt is one of the biggest causes of bankruptcy in the United States. One stay in the hospital can leave a person with tens of thousands of dollars of debt. When that happens, it is easy to see how savings can be spent and debts can overwhelm a family budget.
Another cause of debt is starting a small business. Many small businesspeople use their credit cards to pay their bills during the early days, when there are only a few customers.
Debt doesn’t just happen to bad people. It happens to a lot of hard-working Americans after just a few unfortunate events.
During the first week, I blew a tire. I received two traffic tickets. Then I dropped my cell phone off of a balcony, sending it to electronics heaven. I had very little money left after the move, but I had enough saved to get the car working again, and to replace the cell phone. During the second week in my new home, I lost my job, and suddenly I was in a new place with no income, and very little savings.
There are many complicated reasons for debt. When getting into credit card debt, or other kinds of debt, people can feel ashamed. Not necessary. For debt relief options, phone Axsmith Law LLC at (202) 285-5415.