Causes of Debt

CAUSES EDEBT MEDICAL EXPENSES PAST DUE Madical Bi 61% 45% PAST DUE ST DUE 41% Medical Bill Percent of medical bills that Of workingage Americans either have medical bill problems orare currently paying off medical debt. cause personal bankruptcies in the United States. Percent of Americans who actually have health insurance. Americans Without Health Insurance U.S. W Health Care Premiums (20 2006) 100% 87 B0% 40% ここ U こ U 3.8% MM UJ しこ 2000 2001 2002 2003 2004 2006 YEAR Increased Health Care Premiums Increased Wages -1Mil Medically Bankrupt Families Out-of-Pocket Medical Bills PAST DLE Medical PAST DUE With private insurance averaged $17,749 S $22,658 S $4 Started out with insurance but lost it With no insurance averaged $26,971 S DIVORCE EXPENSES Adds to Each Person's Debt U.S.Census Bureau Divorce Rate Credit Issues 1stMarriage 2nd Marriage 3rdMarriage 401(k) Loss 50% 63% 73.5% Lawyer Fees Court Fees Accountant Fees These figures do not include actual assets settled and divided. Depends on the length of the process. The fees for required financial statements could average $250 per hour. $10,000-$30,000 $2,000 avg. $5,000 or more STUDENT LOANS Number of Students vs. Number ofColleges VS. -1Mil DAO1,000 Increasein College Tuition Student Loan Debt Credit Card Debt %24 900% 1978 2013 $900 bil $856.5 bil 14101 $25,000 Avg. Student 66% Loan Debt College students graduate with student loans. 14% Default within 3 Years f ladvantageccs Advantage CREDIT COUNSELING SERVICE www.advantageccs.org /advantageccs %INCREASE