Debt relief is a big deal in the 21st century. The recession that began ten years ago wiped out a lot of people's savings and took away some people's homes. A surge in private-sector activity in education and health care has brought more changes that seem to take money out of the pockets of ordinary New Hampshire residents.
Bankruptcy often comes as a relief to the people who apply for it. The word is often associated with some sort of failure, but an application is a success after a long road of dealing with creditors and protecting assets at risk. The protection of bankruptcy can help individuals and businesses alike get a fresh start.
Debt is a problem that reached historic levels in the last decade. The collapse of the subprime mortgage market triggered a massive recession that dried up the economies of several jurisdictions, including New Hampshire. Residents of the Granite State may expect to carry more than the national average of several types of debt.
Citizens of New Hampshire have a level of debt per capita higher than the national average. Although the Granite State offers many young people chances to advance their careers, debt can hold them back to a level that their entire career is affected. This is why people must be smart about debt as soon as they know they will face it.
People in New Hampshire owe more than most Americans per capita, which leads the personal bankruptcy rate in the Granite State to experience occasional highs. Two of the types of debt that are most likely to lead to bankruptcy are student debt and medical debt. One of the prices of New Hampshire's educated population is a higher incidence of student debt.
People in New Hampshire have more debt than people in many other states, with student debt and medical expenses leading the reasons that some are pushed into red ink. In some cases, bankruptcy may be the best way to start over with a clean slate, but it is often the last stop on a long road with options for people to get out of debt.
People in New Hampshire live free, but they also owe more than the average American. Financial stress and piles of debt can unnecessarily complicate someone's goals.
It's official. You are worried about debt. If you are not, someone nearby certainly is. A study of financial stress showed that New Hampshire residents are suffering emotional stress because they are concerned about paying back debts. The only financial stress equal to debt is worrying about not being able to afford a life-event emergency.
Debt is often part of the American experience for professionals and seniors. Students start their lives with costly educations, and many people begin their golden age with new medical expenses to resolve. When debt gets out of control, we often need help. Some in New Hampshire may be getting it before long.