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Withbankruptcy filingsup from last year, GOBankingRates broke down various factors contributing to this surge.
Read on to see if youre at risk of filing.
Of those, business filings rose by 33.5%, while personal (non-business) filings were 15.5%.
But now, thats not an option.
If you werent running a solid, sustainable business, youre in trouble.
In addition, Musson said rising interest rates also contributed to increased bankruptcy filings.
People file bankruptcy when they cant repay their debts, Musson said.
Even fixed-rate debt that was taken on in the past few years is higher than it had been.
But they open up a cycle of living on credit.
Morgan said BNPL programs are often used for multiple purchases, which increases the amount of consumer debt.
Smart Money Moves
Paying off expensive debt like high car payments can also help.
Car loan payments are on the rise and for longer periods of time, Morgan said.
Were seeing 72-month and 84-month car loans, when 48 to 60 months used to be common.
Besides housing, a car loan tends to be an individuals highest monthly expense.
In short, the best recommendation is the simplest: Live within your means, Barna said.
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