An article from Time Magazine highlights the rising debt of Americans in 2014.
Overall debt levels rose at the fastest rates seen since 2007, according to a new study by the Federal Reserve of New York
And on an individual level, many Americans are in a precarious financial position. According to a survey released Tuesday by the financial monitor Bankrate.com, 28% of Americans have more credit card debt today than they have in a savings fund. That means that if one quarter of Americans even wanted to use their savings to pay off their debts at this moment, they wouldn’t be able to.
If your debt has become overwhelming and your interest rates have spiked due to missed payments, bankruptcy may be a viable option to rid yourself of the burden and start over.