Why People Get into
Trouble with Debt
More than 1.4 million individuals
filed for bankruptcy in 2001, a significant increase from the 316,000
individuals who filed in 1981. That means lots of people are mired in
debt. In some cases, they could not control the causes of their debt.
However, in some instances they could have.
|Many people get into serious debt because they:
- Experienced financial stresses caused by unemployment, medical
bills or divorce.
- Could not control spending, did not plan for the future and
did not save money.
- Lacked knowledge of financial and credit matters.