Using the Internet, locate a source that identifies the number of personal bankruptcies that have occurred in the United States during a relatively recent time period. Locate and report the results of Internet (or other) sources that assess the role played by credit card debt in relation to personal bankruptcies declared. What are the general conclusions regarding the effects of credit card debt upon bankruptcy filings? Do you believe that credit card debt is the only cause of bankruptcy? Are there any additional factors that can lead a consumer to make a personal bankruptcy decision?
From 2010 to 2016, personal bankruptcies fell by over 50%. Credit card debt can play a fairly big role in the decision to file, but the handful of people/couples I know actually filed for medical expenses. Many bankruptcies are caused by unexpected and enormous medical debt.
