Causes of debt

CAUSES EDEBT MEDICAL EXPENSES 61% PAST DUE 41% ST DUE 45% Medical Bill Percent of medical billa that cause personal bankrupteies in the United States. Of working age Americans either have medical bill problems or are currently paying off medical debt. Percent of Americans who actually have health insurance Americans Without Health Insurance U.S. Wages vs. Health Care Premiums (2000-2006) 3.8% YEAR Increased Health Care Premfuums S Increased Wages -1 Mil Medically Bankarupt Families Out-of-Pocket Medical Bills With private insurance averaged $17,749 S Started out with insurance but lost it $22,658 S With no insurance averaged $26,971 S DIVORCE EXPENSES Adds to Each Person's Debt U.S. Census Bureau Divorce Rate Credit Issues 1st Marriage 2nd Marriage 3rd Marriage 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. DAO1,000 Increasein College Tuition Student Loan Debt Credit Card Debt 1978 900% 2013 $900 bil $856.5 bil $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