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American Consumer Credit Counseling Reveals the Hidden Reasons Why Consumers File for Bankruptcy
Date:4/9/2013

(PRWEB) April 09, 2013

Most people think of bankruptcy as an avoidable problem that results from lavish spending habits, but that isn’t usually the case. The most common cause of bankruptcy is medical bills, which account for almost half (42 percent) of all filings and which almost always result from crises that are beyond a person’s control according to a study conducted by ClearBankruptcy.com.

Nor is it the case that bankruptcy affects only the uninsured. More than three quarters (78 percent) of people who file for bankruptcy because of medical bills have health insurance, according to a 2009 Harvard University study. In addition, medical-related bankruptcies skyrocketed in the last decade, increasing by nearly 50 percent from 2001 to 2007.

“There’s no reason that seeking treatment in a hospital should lead to out-of-control debt, but that’s the unfortunate reality for millions of Americans every year,” said Steve Trumble, president and CEO of American Consumer Credit Counseling. “It’s very difficult to save up to pay medical bills, because you usually have no warning before an illness or an injury hits. And the cost of care is simply too high for many people to manage.”

After medical bills, the most common cause of bankruptcy is unemployment, which accounts for 22 percent of all filings.

“Like medical emergencies, unemployment often strikes without warning, making it impossible for consumers to prepare for the impending financial hardship,” Trumble says.

According to a study conducted by ClearBankruptcy.com, the most common causes after unemployment are credit card bills (15 percent) and divorce (8 percent). Unexpected disasters (7 percent) rounds out the top five.<
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