A medical emergency can easily cause a person to fall into a hole of debt that he or she cannot seem to climb out of. In addition, other life emergencies can cause people to rely on their credit cards since they don't have enough money in the bank. Credit cards often are people's only resorts in a crisis; the problem is that credit card debt itself can lead to a personal financial crisis as well. A person who feels consumed with debt naturally may look for debt relief in the easiest and quickest way possible in Pennsylvania.
Not properly addressing debt can actually destroy marriages and families because of the stress caused by it. A few Americans strive to get rid of their debt simply by working extra hard to pay it off. Otherwise, simply paying the minimum payment on a credit card means that a person could end up paying on the debt for a couple of decades.
A higher interest rate equals more money paid out during this period of time. The average household in America has more than $15,000 in credit card debt. In addition, the average household has nearly $149,925 in mortgage debt.
Being in debt is a common experience among Americans, including those in Pennsylvania. However, if people are in a situation where they see no way of getting rid of their debt and feel out of control, debt relief is possible through a personal bankruptcy filing. Bankruptcy often is a rapid, responsible and simple way to eradicate mounting debt so that a person can financially breathe again and move forward with his or her life.
Source: NBC News, The Long, Grueling Road: Getting Out of Debt, Linda Federico-O'murchu, March 14, 2014