Having high balances on one’s credit card can put a lot of financial stress on a person. Many things could lead to a person facing this situation. One is carrying a credit card debt for a long time, given the high interest rates that can apply to credit card balances.
It’s no secret that student loan debt is a prominent credit issue today. In fact, it is arguable that the amount of student loan debt in America is outpacing credit card debt. This is likely because a greater number of students are taking out loans from private lenders.
Medical debt has reigned supreme as the number one financial burden that leads to bankruptcy filings. A 2016 study revealed that approximately 43 million or 20 percent of American adults faced challenges in covering healthcare costs, including those who have insurance coverage.