Student debt is a source of major financial burden for younger generations of Americans. Total student debt stands at $1.4 trillion divided among more than 44 million borrowers as of 2017, and total liabilities are expected to keep rising. Nearly 11 percent of accounts are in default or 90 days delinquent, meaning a significant amount of borrowers are having trouble with their payments. It's nearly impossible for individuals in Kentucky and around the country to discharge their student loan debt in bankruptcy.
The biggest credit card myth
According to the Census Bureau, more than 183 million Americans have credit cards. This makes credit cards so prevalent that 70.2 percent of all American households rely on them. With that being said, any individual in Kentucky looking to get a credit card needs to know two things: what their credit score is and how they can make it better. Unfortunately, there is a lot of misinformation that circulates around when it comes to that second question.
3 mistakes to avoid when you are considering bankruptcy
If you have accumulated debt that surpasses what you are able to pay, it can be overwhelming to navigate your options and try to find the best solution to the problem. Bankruptcy is one solution many people in Kentucky consider. In fact, according to the Courier-Journal, Kentucky has one of the highest bankruptcy rates in the country.
