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What are some of the leading causes of debt concerns?

On Behalf of | Feb 13, 2024 | Bankruptcy Law

Many individuals may feel that taking steps to cultivate a healthier financial future is a vital aspect of life, but sometimes things might not turn out as intended. There are a multitude of situations in which individuals in Maryland may encounter prolonged periods of financial hardship and sometimes there may be little one can do to keep similar issues at bay. While addressing some of the leading causes of debt could help some find ways to stave off the risks thereof, it could also be helpful to know what steps to take should the unthinkable occur. 

Leading causes of debt 

According to studies, one of the most prevalent causes of financial strain stems from loss of income. Loss of employment is just one example of an issue that could cause a person to lose sources of income. Medical expenses also continue to be a source of monetary strain for many. Even those who carry health insurance policies may struggle to keep up with similar obligations at times. 

Researchers also indicate that overspending continues to be a leading cause of debt concerns for many consumers. Credit card debt is also a prevalent source of monetary unrest and the ease of access and use of similar lines of credit may also contribute to overspending. Studies state that rising costs of housing and mortgage loans have also placed significant financial pressure on many individuals. 

Options for financial relief 

Regardless of how it happens, encountering overwhelming debt concerns can prove a devastating experience. When similar issues arise, individuals in Maryland who wish to protect their financial futures might consider speaking with a bankruptcy attorney for aid in carefully evaluating all their available options for debt relief. This could prove integral to helping a person prepare to make informed choices about his or her situation and create a strategy with which to seek relief from the trials of debt.