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Why are so many people in Wisconsin in debt?

On Behalf of | Sep 27, 2019 | Debt Management |

Perhaps you grew up in a household where it was taboo to discuss finances. Maybe your parents told you it isn’t polite to tell people how much income you earn or to talk about debt. However, many people in Wisconsin have learned that it can not only be helpful to talk to others about their finances but may also be a key factor in obtaining much-needed debt relief and laying the groundwork to restore financial stability down the line.

If you’re currently struggling with serious financial debt, you’re definitely not alone in your struggle. Many Wisconsin residents can relate to your situation. Even if you have a savings account, an unexpected financial emergency can quickly throw your finances off track. That’s why it pays to learn about debt relief programs, such as bankruptcy, ahead of time.

Is one or more of these issues the cause of your debt?

While your situation is not going to be exactly like your neighbor’s, friend’s, co-worker’s or anyone else, you may indeed find that you can relate to some of the issues on the following list that often cause people throughout the state to fall into debt:

  • The unspoken competition between neighbors still exists nowadays. If you make purchases to “keep up with the Joneses,” it can land you in serious financial debt.
  • Maybe you do not have adequate insurance coverage and have been hit hard by medical expenses because of an urgent health situation.
  • Have you resorted to using credit as cash to help pay bills? This is a common cause of serious debt for Wisconsin residents and others.
  • If you’re one of many people who showed up for work only to unexpectedly be told your services were no longer needed, it’s understandable that unemployment has sparked financial problems in your life.
  • Perhaps you loaned a loved one or friend a substantial amount of money and he or she never paid you back. This can cause financial debt from which it is difficult to recover.

Everyday family needs can throw finances out of whack as well. Your kids are getting older, playing sports, joining other activities that require fees and more, and you are simply having trouble making ends meet. It happens. What has caused your financial distress is not as important as what types of resources are available to help you restore financial stability.

To whom should you turn for advice?

It’s often helpful to speak to family members or friends who have successfully overcome similar financial problems in the past. Then again, if your friend is always “in the red” you may want to explore other options for seeking guidance and support to help overcome financial problems.

Many people say they were able to resolve debt and work toward stronger financial futures after asking experienced bankruptcy law attorneys to review their cases and offer recommendations for solutions.


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