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Bankruptcy: A pay later mindset could lead to financial strain

On Behalf of | Jan 31, 2019 | Bankruptcy

There are many individuals in Ohio and across the nation who live with the mentality that purchasing a new car or home is as simple as taking out a loan. While at the time, one may be fully capable of making the required payments on the loan, and thus may feel there is little risk involved. Unfortunately, this mindset of buy now and pay later might not always be so care-free, and such decisions have left many individuals in pursuit of the relief provided by bankruptcy.

Consumers take on new debts under a variety of circumstances. A promotion at work may leave a person shopping for a new house or automobile and searching through loan options to make the purchase possible. Even if one has little built up in the way of savings, a person may feel that the sudden increase in income makes such an endeavor possible.

Unfortunately, one might not always pay heed to the risks involved with a similar decision. Without a safety net, many consumers might be at risk of suffering substantial financial strain in the event of an emergency. The sudden loss of a job or a visit to the hospital for treatment of a medical condition are just two examples of scenarios in which a person could start to have trouble keeping up with monetary obligations.

While experiencing financial hardships can be intimidating, individuals in Ohio who are facing high levels of debt may benefit from knowing they have options. Those who wish to know more about how best to pursue debt relief could choose to speak with a bankruptcy attorney for advice. An attorney can examine a client’s financial situation and assist in forming a strategy to pursue relief through the necessary outlets.



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