especially high-interest credit card debt, can lead to a cycle of minimum payments and trying to pay off the balance. This might make saving, investing, and other financial goals harder.
Losing a job or having your income cut may quickly destabilize your finances. It may make bills, loans, and living expenditures difficult to pay.
Medical costs, auto repairs, and house maintenance might strain your budget and require you to use credit or loans.
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Inability to pay your mortgage or rent might lead to foreclosure (for homeowners) or eviction (for renters), which can damage your housing and credit score.
Health difficulties and emergencies might result in large uninsured medical costs. These fees add up rapidly and strain your wallet.
Failure to save enough for retirement might cause financial trouble in your later years. Get started investing for retirement early to guarantee you can maintain your lifestyle once you retire.
Asset split, alimony, and child support can be complicated. Lawsuits can sometimes cause unforeseen financial hardships.