Taking A Closer Look Into Debt In The United States
From consumer fraud to the cost of college to medical bills, debt is hugely common all throughout the United States. As a matter of fact, consumer debt alone had exceeded $4 trillion by the time that we reached the June of 2019. In the more than half of a year that has transpired since, this number has unfortunately only continued to grow. Sadly, this issue is one that has impacted people all throughout the country, including families. Within the United States, as a matter of fact, it has been estimated that more than 85% of all families (around 87%, to be just a bit more precise) are now in debt, though the amount of debt will certainly vary – sometimes by a quite a lot – from family to family.
Millennials are also facing a good deal of debt, thanks primarily to credit card usage and student loans. Student loans in particular contribute to debt a great deal, as their interest rates make them incredibly difficult to pay off. Many people find that they owe more in student loans years after graduating college (and making payments to them) than they actually did right after graduation. And with the cost of college continuing to climb and climb as time passes on, more people are needing to take out more in student loans than ever before. Sadly, student loans alone account for more than $1.5 trillion of the above mentioned consumer debt. If nothing is done to lower the cost of college or mitigate the interest rate of student loans, this number will certainly only keep climbing higher and higher with the passage of time.
Credit card debt is also very prevalent in the United States. Nowadays, almost everyone has at least one credit card that they use, as credit card usage can help to build up a good credit score, which can be important for buying a home, buying a car, or even just renting. Having a good credit score makes much in life easier – or even just obtainable in the first place. But it’s far too easy to put more on your credit card than you can easily pay off, especially if you are living with a very small budget. Like many other loans, credit card loans will accrue interest the longer you wait to pay them off, meaning that you only begin to owe more and more as time passes on. Unfortunately, this can lead to more debt than many can easily pay off, something that can even lead to filing for bankruptcy. Credit card debt alone also accounts for more than $1 trillion of all consumer debt, at least in the United States.
Consumer fraud can also lead to debt. Sadly, consumer fraud impacts the lives of people throughout the United States. Fortunately, however, consumer fraud help exists in a number of forms. Primarily, you should seek consumer fraud help from a skilled consumer fraud attorney who has provided consumer fraud help for a number of different consumer fraud cases. Consumer fraud help from a law firm specializing in consumer fraud and even in matters such as fair debt collection can help to mitigate the impact of consumer fraud on your life. Consumer fraud help can also come from a debt settlement lawyer, who can provide you with relief from the unfair debt that consumer fraud has left your with – providing consumer fraud help in the best way. In the most ideal cases, consumer fraud help will lead to debt relief.
And still there are more cases of debt and more root causes behind it. For many people, medical debt is a defining factor in their life. The costs of healthcare in this country are sky high, something that makes it difficult for many people to afford their medical bills. If they do not have medical insurance (or good medical insurance, for that matter) this is something that becomes even more impossible. Unfortunately, this is a reality that is all too true for people all throughout the country. Ultimately, some people will even forgo the healthcare that they need because they know that they wouldn’t be able to pay the bill.