Frequent Causes of Debt
Anyone, regardless of income, can have financial problems.
Financial difficulties can be a result of an abrupt
loss of income, unforeseen expenses or unrestrained
spending. People facing a money dilemma undergo immense
stress that can affect their job performance and personal
relationships. The most frequent causes of debt are:
- Overuse of credit cards - Our “buy now, pay later”
society has produced at least one generation of in-debt
Americans. Every household in America has nearly 10
credit cards, pushing the majority of those cardholders
into extensive revolving debt.
- Job Loss/Unemployment/Reduced Income
- Monthly installment payments
- Mismanaged spending
- Divorce
- Medical bills
- Overdue taxes
- Disability/Major Illness
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