“3 Common Causes of Debt That Aren’t Entirely Your Fault & Ways to Break Free”
Here’s a scary fact: 13% of Americans believe they’ll be in debt forever. That’s like a never-ending financial rain cloud! But imagine this – our national debt is about $14 trillion. It’s an astronomical number, like buying 37 million family houses.
However, debt isn’t always a lifetime sentence. It can be like a quick rainy day, as long as we stick to our budget and focus on repaying it. Take student loans, for example. Even though they get us in the red at first, smart planning can help us overcome it.
There are other debt-causing factors too, like the rising medical costs that grow faster than our income. Going through something like a work injury could cripple your finances, especially without legal backup. Fortunately, in many instances, you’re not alone dealing with these debts. You can significantly reduce or even shake them off sometimes.
Did you know marriage sometimes affects your debt situation? Some couples are unaware about “community property debts.” In case of a divorce, these debts are split between the partners. You don’t always have to shoulder the entire burden. So, if you’re going through a divorce, don’t forget to get a solid lawyer who can help you with this. You can find more information about it [here](https://www.hutsonlaw.org/).
Remember, only nine U.S. states plus three others (Alaska, South Dakota, and Tennessee) follow these rules. So, if you’re in any of the others, and your spouse tries to load their debt on you, you can absolutely refuse. In this case, a good legal advisor can ensure your spouse’s debt stays their responsibility, unless it’s tied to shared marriage assets.
However, watch out for stuff like joint credit card debts, as they could bounce back to you. But, you can get your name off the account if your spouse is qualified to manage it on their own.
What about when your health insurance cover is lacking? It’s worth checking out alternatives. Some insurers might not cover your specific health needs, leading to additional medical costs. For instance, if you’re dealing with diabetes, find an insurance that offers the best plans for your needs. Switching insurers could drastically cut down your medical debt. You can find more about this [here](https://www.benzinga.com/money/best-health-insurance-diabetics/).
In conclusion, figuring out how to reduce or eliminate unjust debt can be a financial lifesaver. Always remember: you may not have to pay every penny of your debt!
So, spread the word to anyone you think could benefit from these tips. Because better financial planning equals a better life.