Featured Discussion: Common Reasons You May Be in Debt

I work to pay my bills. I am widowed as of 2014. I was able to get out of debt and had credit cards after my spouse passed away, but once I no longer had roommates I had to pay for everything on my own I realized I had been living out of a reasonable amount of debt. Since then my credit cards and charge cards have all gone to collections. I cannot pay them off because no matter how much I budget I still struggle.

Not using a budget and not having an emergency fund I am just now starting

Am i able to file bankruptcy by chance?

I’m older now and see clearly that getting in debt is Devils claws that keep you from living a better life. Stuff will not make you happy. Debt free will.

My debt on credit cards resulted from a need to seek reversal of my wife’s painful Pancreatic Cancer which lead to her death in 2005. I tried in the US & in Germany. Had to use my credit cards! Seeing her suffer was horrible. My credit score was no issue or of concern to me. Now, there r reversal methods which doctors did not share in 2005.

I turned 30 this year and finally paid off my only credit card. I have a couple medical bills but my debt is my student loans. About $24,000 worth. I deferred after graduation and am still able to based on income. I got a new job and I’m afraid with my income now, I will have to start paying on them. It’s not that I don’t want to, but my income increased just enough to afford health insurance, where before I wasn’t covered (thus the medical bill debt).

Is debt consolidation a thing when it comes to student loans? I’m wondering since I took out both subsidized and unsubsidized loans each year, if combining them (or at least the ones with the high interest rate) with debt consolidation company for a lower interest rate is even possible?

I’m curious as to how people pay off student loans when they are stretched so thin anyway. I have a budget I stick to very strictly and I apply to multiple jobs daily, and like I said, I’ve been able to find a job with a little higher pay, but it’s still not enough. I don’t have a car payment, I don’t have a cell phone contract, I rent a room and just pay a flat rate for board and utilities. Even if I wanted to spend my money, I work too much to go do it.

I don’t know enough about debt/student loans to know the best option for me. I will say that I do put 5% of paycheck into 401K because my company matches up to 5% and I haven’t saved at all for my retirement yet. Should I stop allocating that 5%, or half maybe?, toward 401k and redirect that money to my loans? Seems like the only solution if debt consolidation with lower monthly payment is not an option.

I didn't see listed what I think is a common reoccurring factor that another frequent reason is individuals having children way too early in there lives. There are people with kids who haven't established themselves as adults, and successfully obtained being able to self sustain. Often in these situations the bulk of the responsibility ends up landing on the grandparents. A lot of these young parents are unemployed, government assisted, and file to receive considerable returns by claiming kids that the government provided for, and done after going a whole year without contributing a single tax dollar.

I spend and don’t keep up with what I spend