Financial distress refers to the inability of people and companies to meet their financial obligations.
In fact, a survey from Bankrate.com said that 50% of people making between $25,000 and $75,000 tend to “worry a lot” about their finances. With bankruptcies and foreclosures rising at double-digit rates, it’s no wonder many are in financial distress .
But what are the top reasons that cause financial distress? According to information gathered from many other credit counseling agencies across the country, the top five causes are:
By understanding the main causes of financial distress, you can start to make plans to address them.
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