There’s good debt in Pennsylvania, and then there’s bad debt. Good debt, such as a mortgage, eventually leads to an asset once the debt is paid in full. When it comes to credit card debt, on the other hand, a person typically ends up paying more than necessary for a purchase over the long haul without getting any more benefit from doing so. People are generally aware that credit card debt is worth targeting first when trying to get out of debt.
For members of the 2014 graduating class in Pennsylvania, now is the time to start looking for work. Many will face the reality of having to begin paying on their student loans in the fall as well. Those who have credit card debt along with college debt may feel overwhelmed. Bankruptcy, however, may help the person to regain a sense of control over what appears to be a dire financial situation.
People in Pennsylvania generally have some control over their lives: For instance, they can choose who to marry, where to live and what career to get. However, one thing a person can’t control is whether he or she falls ill. Learning that one has cancer or other serious conditions can be upsetting, and finding out how much medical debt one has to accrue in order to get the necessary treatments can be even more unsettling. Unfortunately, many more families today than ever before are unable to pay their medical bills upfront due to health plans with high deductibles; in their cases, bankruptcy might prove to be an advantageous option.
When things are going well at the job and at home, a person may feel on top of the world. However, in an instant, that job may be taken away, or a person may fall ill and rack up thousands of dollars of medical debt. When debt gets out of hand, bankruptcy is a helpful option in some cases in Pennsylvania.
For the average consumer, finances and debt constitute some of the greatest stresses in life. However, debt may be a much larger issue for one person versus another. Those who are facing a sizable amount of debt may benefit from either a Chapter 7 or Chapter 13 bankruptcy filing in Pennsylvania.
Credit card debt may feel like the Ghost of Christmas Past. The purchases made on one’s credit card during the latest holiday season and at other times of the year might continue to haunt the individual for a long time. People in Pennsylvania might not know how to obtain debt relief, but they may find hope in the legal avenue of bankruptcy protection.
Going to college is often seen as a good thing: With a degree, a person's job options increase, and the person may enjoy higher earning power. However, going to college can also been viewed in a negative light if a college graduate leaves campus with tens of thousands of dollars in student loans. It's natural to want debt relief in this type of situation in Pennsylvania.
The amount of money owed on credit cards today actually has decreased since the recession in 2008. However, Americans as a whole have more than $850 billion in revolving debt, which mostly includes money owed on credit cards. People in Pennsylvania might feel that their debts are swallowing them up, and they may seek debt relief, which is possible through the legal avenue of personal bankruptcy in our state.
When people are asked how much they weigh or how old they are, they naturally may be shy about divulging this information in Pennsylvania. However, a new Internet poll shows that people generally are even more embarrassed about revealing how much debt they have and if they are likely in need of debt relief. They are also leery about discussing their credit scores.
Credit card debt is a huge burden for many people in the United States, but now student loan debt is now taking the lead in terms of the amount owed. Young college graduates are overwhelmingly troubled about their college debt and truly desire debt relief. This certainly could have a negative impact on the economy in Pennsylvania and throughout the country over the next several years.