This is the real reason most Americans file for bankruptcy

This is the real reason most Americans file for bankruptcy
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WED, FEB 13, 2019
YOUR WEALTH
Editor’s Note
When we think about consumer debt, we usually envision someone going on a wild shopping spree and maxing out their credit cards, basically living above their means. But the real reason a majority of Americans wind up in financial trouble is medical debt.

The high costs of health care makes the United States the most expensive place in the world to get sick. With so many Americans struggling to pay their medical bills, it’s no wonder that a new study found that 66.5% of all bankruptcies in this country were tied to medical issues.

Insurance apparently fails as a safety net for many people. Health plans often require hundreds or thousands of dollars in out-of-pocket payments — costs that can create financial troubles for the many households living paycheck to paycheck.

Sadly, a big reason so many people wind up in debt over medical issues is that they don’t have adequate savings to cover an unexpected cost. Even those with insurance are vulnerable in the face of a costly injury or illness. Without ample savings, they are taking on some big risk.

For more great stuff like this, please follow me on Twitter @jimpavia and check out CNBC’s Financial Advisor Hub.

5b44bafc1696f.jpg Jim Pavia
@JIMPAVIA
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CONTRIBUTORS
5b460bc98c1ce.png Sharon Epperson
@sharon_epperson
5b44bc0e4b20b.jpg Josh Brown
@ReformedBroker
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