It is not uncommon to find yourself facing debt that you know you can't afford to pay off. Many people end up in financial trouble because of a divorce, an illness, a job loss or something else outside their control. But others end up buried in debt and consider bankruptcy because they aren't living within their means.
It's no secret that millions of Americans are struggling to keep up with their student loan payments. It's not just recent graduates or young people who are dealing with this problem. In the U.S., according to Forbes:
According to NPR News, the Weinstein Company Holdings LLC is filing for bankruptcy. In the aftermath of disgraced Hollywood mogul Harvey Weinstein's rapid downfall, the production company, founded by Weinstein and his brother, has not been doing well.
No individual or business is immune to financial struggles and problem debt. Recent news about Remington Outdoor Company, the famous gun maker founded in 1816, filing for bankruptcy illustrates the point.
Most of us would like to have more stuff, enjoy a more luxurious life and take nicer vacations, but there's one problem: We don't have enough money to get and do all the things we may want. Living beyond our means, whatever they may be, can lead us into serious financial stress.
Every homeowner wants to pay their mortgage on time. But things can happen to us that cause financial trouble and make it difficult to stay out of problem debt. Illness, divorce, job losses and business problems are examples of hardships that can lead to missed mortgage payments and fears about foreclosure.
One of the worst things about being in debt is having to deal with harassment -- and embarrassment -- from creditors and the bill collectors who work for them. From threatening letters to nasty phone calls, this harassment can be very stressful, especially when you may already be going through a difficult time.
We’ve talked about celebrity bankruptcies in previous blog posts. Many of our readers like this topic because it illustrates clearly that we all go through hard times in our lives. It normalizes and validates their experience of stress and anxiety as it relates to problem debt that can afflict anyone, even the super-wealthy and exceedingly famous.
Back taxes can be very problematic. Being in debt with the IRS -- or a state, county or municipal authority, for that matter -- can lead to miserable consequences like payroll garnishment, liens and bank levies, sometimes when you least expect them.