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Financial literacy a big problem for many Americans

A recent study found some troubling news when it comes to how much many Americans understand about their finances. The study found that when faced with a five question test of basic questions about finance, two-thirds of people failed to get at least four answers correct, according to Fortune. While it may seem logical to assume that many people would have learned some harsh lessons about money from the Great Recession, it does not appear to be true considering the number of people who can successfully pass the five question test has actually fallen 5 percent since 2009.

Dealing with both student loans and credit card debt

Both student loan debt and credit card debt are huge problems for many people in North Carolina. While all kinds of debt are stressful, it appears that these two types of debt are particularly worrisome to those to have them. According to the Christian Science Monitor, a recent survey indicated that of 25 percent of people who have credit card debt also have student loan debt. In addition, of those people who have student loan debt, 65 percent are stressed about their finances.

Millennials are taking a different approach to debt

The Great Recession has apparently affected the millennial generation in a way that has made them wary of taking of on debt. This is particularly true when it comes to credit card debt. According to a recent survey of young adults, only one third of respondents indicated that they had a credit card reports Fox Business.

What is zombie debt?

You may have heard the phrase “zombie debt” used but are unsure of what it means or what it refers to. Often times, debts are sold by the original lender to a debt collection company for a fraction of what they are worth. That company, or any company it subsequently sells your debt to, then comes after you for the amount even though you though were unaware of the debt or the statute of limitations for collecting the debt has passed. Thus, these debts are given the moniker zombie debts since it is as if they have risen from beyond the grave to haunt you.

Unsecured vs. Secured loans

Having a lot of debt can be overwhelming, and if you are considering a North Carolina bankruptcy, the process may seem intimidating. At Wootton & Wootton, P.C., we know that you want things to go as smoothly as possible. Therefore, understanding the different types of debt can be helpful in coming to terms with your finances and moving forward with the bankruptcy process.

The unexpected costs of becoming a parent drive some into debt

Welcoming a new child into the world is a joyous and momentous occasion. While holding a new baby for the first time can fill a person’s heart with joy, many North Carolina parents may not realize that having a baby can also leave their bank account empty. Even if efforts are made to put aside money before the baby is born, sometimes that cannot be enough to stave off going into debt reports Forbes.

Spending above one’s means spells big trouble

Celebrity is easy to come by these days, and as a society we are inundated with images and stories of how famous people spend their time and their money. Add to that the temptation to covet the things friends and family members possess, and the potential to incur unnecessary debt looms large. That is especially troubling considering more than two-thirds of people are already in debt according to NBC News. However, when it comes to paying off that debt, 30 percent of borrowers have no plan on how to do so.

What are some of the reasons that people go bankrupt?

If like many people in North Carolina, you are struggling to pay your bills, you may be wondering about bankruptcy and what drives people to file for it. According to the Huffington Post, more than 1.5 million Americans file for bankruptcy each year and their reasons for doing so are likely due a number of contributing factors.

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